Registration number:
Loney Stewart Holland LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2021
Loney Stewart Holland LLP
Contents
Limited liability partnership information |
|
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
Loney Stewart Holland LLP
Limited liability partnership information
Designated members |
RA Loney SA Holland AC Stewart |
Registered office |
|
Accountants |
|
Loney Stewart Holland LLP
(Registration number: OC404601)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Members’ other interests |
|||
Members' capital classified as equity |
40,000 |
40,000 |
|
Other reserves |
|
|
|
456,001 |
412,881 |
||
456,001 |
412,881 |
||
Total members' interests |
|||
Equity |
|
|
|
456,001 |
412,881 |
Loney Stewart Holland LLP
(Registration number: OC404601)
Balance Sheet as at 31 March 2021 (continued)
For the year ending 31 March 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Loney Stewart Holland LLP (registered number OC404601) were approved by the
.........................................
Designated member
.........................................
Designated member
.........................................
Designated member
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2021
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and the requirement of the Statement of Recommended Practise ''Accounting by Limited Liability Partnerships' (issued January 2017).
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Loney Stewart Holland LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Going concern
Since the coronavirus “Covid-19” pandemic continues to impact the economy, the partners continue to review the level of capital required and the expected trading levels for the next twelve months. Following this review and in conjunction with performance post year-end, the partners consider there to be little impact on the LLP’s ability to act as a going concern.
Revenue recognition
Turnover represents fee income chargeable to clients for professional services provided during the period inclusive of direct expenses incurred on the client assignments but excluding VAT. Turnover is recognised to the extent that the LLP obtains the right to consideration received or receivable, excluding discounts and rebates.
Legal services provided to the clients during the year which, at the balance sheet date, have not been invoiced to clients are recognised as turnover based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the enagagement. Turnover recognised in excess of amounts invoiced to the clients is recognised as Accrued Income. Recoverable expenses yet to be invoiced are recognised as Unbilled Disbursements.
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)
1 |
Accounting policies (continued) |
Members' participating interest
Members' participation rights are the rights of a member against the LLP that arise under the Members' Agreement (for example, in respect of amounts subscribed, contributed, remuneration and profits).
Profits are divided after a decision by the LLP, so that the LLP has an unconditional right to refuse payment and profits are claimed as an appropriation of equity rather than as an expense. They are shown as available for discretionary divison among members.
Other amounts applied to members, for example interest and capital balances, are treated in the same way.
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLPs perspective, either a financial liability or equity, in acccordance with FRS102. A members participation right results in a liability unless the right to any payment its discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example capital, are treated as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such a right, such amount are classified as liabilities.
Under the Members' Agreement profts are allocated after the approval of the financial statements.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)
1 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Office equipment |
33% Straight line |
Fixtures and fittings |
33% Straight line |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)
1 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)
Operating profit |
2021 |
2020 |
|
Depreciation |
|
|
Particulars of employees |
The average number of persons employed by the limited liability partnership including members during the year was
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
|
Cost |
|||
At 1 April 2020 |
|
|
|
Additions |
|
|
|
At 31 March 2021 |
|
|
|
Depreciation |
|||
At 1 April 2020 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2021 |
|
|
|
Net book value |
|||
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)
Debtors |
2021 |
2020 |
|
Trade debtors |
133,257 |
135,179 |
Amounts due from members |
212,366 |
215,289 |
Unbilled disbursements |
1,945 |
2,426 |
Prepayments and accrued income |
26,754 |
27,184 |
374,322 |
380,078 |
Creditors: Amounts falling due within one year |
2021 |
2020 |
|
Trade creditors |
|
|
Other taxes and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Reserves |
Other reserves includes the profit divided between the members after the decision by the LLP in the accordance with the Members' Agreement. Therefore the LLP has an unconditional right to refuse payment.
Commitments |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £