Registered Number:
OC305854
FISHER JONES GREENWOOD LLP
UNAUDITED
FINANCIAL STATEMENTS
PAGES FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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FISHER JONES GREENWOOD LLP
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CONTENTS
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Notes to the Financial Statements
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FISHER JONES GREENWOOD LLP
REGISTERED NUMBER:
OC305854
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BALANCE SHEET
AS AT
31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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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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Provisions for liabilities
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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- 1 -
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FISHER JONES GREENWOOD LLP
REGISTERED NUMBER:
OC305854
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BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
1 July 2021
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................................................
A G Fisher
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................................................
P J Fowler
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The notes on pages 3 to 11 form part of these financial statements.
Fisher Jones Greenwood LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
- 2 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Fisher Jones Greenwood LLP is a Limited Liability Partnership, incorporated in England and Wales. The company registration number is OC305854 and the address of the registered office is 1a Charter Court, Newcomen Way, Severalls Industrial Park, Colchester, England, CO4 9YA.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The
LLP
, and the
Group
headed by it, qualify as small as set out in
section 383 of the Companies Act 2006
and the parent and
Group
are considered eligible for the exemption to prepare consolidated accounts.
The business continues to be affected by certain restrictions imposed on its activities relating to the spread of coronavirus. The impact of the coronavirus will continue to have a significant effect on the economy during 2021. The Members continue to monitor the effect of coronavirus, and its related uncertainties, and forecasting indicates that liabilities will continue to be met as they fall due. For this reason the Members have adopted the going concern basis in preparing the financial statements.
- 3 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Costs billed but not paid at the year end date are included within trade debtors on the balance
sheet. Work carried out at the year end which has earned a right to consideration but has yet to be billed has been accounted for as amounts recoverable on contracts within turnover and debtors. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of turnover can be measured reliably;
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it is probable that the LLP will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by Section 1A of FRS 102.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
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5 to 10 years straight line/over the lease term
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
These accounts will form part of the basis of assessment for 2020/2021. The profits adjusted for tax purposes will be allocated according to the agreed profit sharing ratios for the accounting period.
The members' current accounts reflect their individual shares of income tax and class 4 NIC liability arising on partnership income to 2019/2020 and the first payment on account for 2020/2021, based upon information available at present. All known prior year adjustments are charged/(credited) to the partners' current accounts when applicable.
- 6 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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Members' participation rights
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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 or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated 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 shown as Iiabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under the partnership agreement and interest on capital balances, are treated in the same way as alI other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. No restrictions or limitations exist on the ability of members to reduce the amount of members' other interests.
In the event of winding up the amounts owed to members in respect of profits rank parri passu with other unsecured creditors whereas amounts in respect of the capital balances would then be repaid on any surplus on the remaining assets over the liabilities of the LLP.
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The average monthly number of employees, including directors, during the year was
133
(2020 -
141
)
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- 7 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Improve-ments to property
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Charge for the year on owned assets
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Investments in subsidiary companies
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- 8 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Amounts recoverable on contracts
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Bank loans and overdrafts
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Other taxation and social security
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Amounts owed to former members
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Creditors: Amounts falling due after more than one year
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Amounts owed to former members
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- 9 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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The dilapidations provision represents the future liability in respect of premises held on operating lease
agreements.
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- 10 -
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FISHER JONES GREENWOOD LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Falling due after more than one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Commitments under operating leases
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At 31 March 2021 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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- 11 -
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