Paddle & Cocks LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 31 March 2020
Registration number: OC419377
Paddle & Cocks LLP
Contents
Members' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Paddle & Cocks LLP
Members' Report
Year Ended 31 March 2020
The members present their report and the unaudited financial statements for the year ended 31 March 2020.
Principal activity
The principal activity of the limited liability partnership is the provision of legal services.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
Members are permitted to extract drawings based on their individual issued fees which have been settled, less a 30% retention to meet the expenses of the LLP.
New members are required to subscribe to a minimum level of capital and in subsequent years, members are invited to subscribe to further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members with the exception of goodwill capital which is at the discretion of the LLP.
Small companies provision statement
This report has 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.
Approved by the members on
.........................................
A E V Cocks
.........................................
P A Paddle
Paddle & Cocks LLP
Balance Sheet
31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Other amounts |
34,467 |
11,903 |
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Members’ other interests |
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Members' capital classified as equity |
130,000 |
130,000 |
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164,467 |
141,903 |
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Total members' interests |
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Loans and other debts due to members |
34,467 |
11,903 |
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Equity |
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164,467 |
141,903 |
For the year ending 31 March 2020 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships.
The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (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.
Paddle & Cocks LLP
Balance Sheet
31 March 2020 (continued)
These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, and the option not to file the Profit and Loss Account has been taken.
The financial statements of Paddle & Cocks LLP (registered number OC419377) were approved by the members and authorised for issue on 30 November 2020. They were signed on behalf of the limited liability partnership by:
.........................................
A E V Cocks
Designated member
.........................................
P A Paddle
Designated member
Registration number: OC419377
Paddle & Cocks LLP
Notes to the Financial Statements
Year Ended 31 March 2020
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 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in 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 Paddle & Cocks LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the
provision of legal services excluding VAT.
Services provided to clients during the period which at the balance sheet date have not been invoiced to clients, have been recognised in turnover. Turnover recognised is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
Members' remuneration and division of profits
Profits are automatically allocated to members. They are therefore shown as "Members' remuneration
charged as an expense" in the Profit and Loss account in the relevant year. To the extent that they
remain unpaid at the year end, they are included within "Loans and other debts due to members" in
the Balance Sheet.
Unallocated profits and losses are included within Other Reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
other taxes policy
Paddle & Cocks LLP
Notes to the Financial Statements (continued)
Year Ended 31 March 2020
1 |
Accounting policies (continued) |
Goodwill
The positive goodwill reflects internally generated goodwill in which the members have agreed to recognise as an asset and to depart from FRS 102 1A to reflect the commercial arrangements between the members. Furthermore the members have agreed the internally generated goodwill is not amortised in accordance with FRS 102 1A but instead reviewed annually for impairment.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
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:
Asset class |
Depreciation method and rate |
Financial instruments
Classification
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cashflows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:
Bank loans
Short term debtors and creditors
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Paddle & Cocks LLP
Notes to the Financial Statements (continued)
Year Ended 31 March 2020
Intangible fixed assets |
Goodwill |
Total |
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Cost |
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At 1 April 2019 |
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At 31 March 2020 |
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Amortisation |
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At 31 March 2020 |
- |
- |
Net book value |
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At 31 March 2020 |
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At 31 March 2019 |
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Tangible fixed assets |
Computer equipment |
Fixtures and fittings |
Total |
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Cost |
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At 1 April 2019 |
413 |
96 |
509 |
At 31 March 2020 |
413 |
96 |
509 |
Depreciation |
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At 1 April 2019 |
138 |
24 |
162 |
Charge for the year |
137 |
18 |
155 |
At 31 March 2020 |
275 |
42 |
317 |
Net book value |
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At 31 March 2020 |
138 |
54 |
192 |
At 31 March 2019 |
275 |
72 |
347 |
Paddle & Cocks LLP
Notes to the Financial Statements (continued)
Year Ended 31 March 2020
Debtors |
2020 |
2019 |
|
Trade debtors |
19,724 |
18,706 |
Prepayments and accrued income |
11,573 |
3,320 |
31,297 |
22,026 |
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
31,297 |
22,026 |
Creditors: Amounts falling due within one year |
2020 |
2019 |
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Bank loans and overdrafts |
5,000 |
5,000 |
Trade creditors |
9,181 |
1,940 |
Taxation and social security |
11,009 |
7,425 |
Accruals and deferred income |
3,000 |
3,066 |
28,190 |
17,431 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Creditors: Amounts falling due after more than one year |
2020 |
2019 |
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Bank loans and overdrafts |
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Analysis of other amounts |
2020 |
2019 |
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Money owed to members by the LLP in respect of profits |
34,467 |
11,903 |