Registration number:
Umbrella Accountants LLP
for the Year Ended 30 June 2021
Umbrella Accountants LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Umbrella Accountants LLP
Limited liability partnership information
Designated members |
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Members |
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Registered office |
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Accountants |
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Umbrella Accountants LLP
(Registration number: OC360021)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
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Fixed 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/(liabilities) |
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( |
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Net assets/(liabilities) attributable to members |
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( |
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Represented by: |
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Members’ other interests |
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Other reserves |
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( |
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22,590 |
(298) |
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Total members' interests |
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Equity |
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( |
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22,590 |
(298) |
For the year ending 30 June 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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
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 Umbrella Accountants LLP (registered number OC360021) were approved by the
Umbrella Accountants LLP
(Registration number: OC360021)
Balance Sheet as at 30 June 2021 (continued)
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Umbrella Accountants LLP
Statement of Changes in Members’ Interests
At 30 June 2021
Equity |
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Other reserves |
Total equity |
Total |
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Members' interest at 1 July 2020 |
(298) |
(298) |
(298) |
Members' remuneration charged as an expense |
(5,033) |
(5,033) |
(5,033) |
Profit for the financial year available for discretionary division among members |
27,921 |
27,921 |
27,921 |
At 30 June 2021 |
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22,590 |
22,590 |
Equity |
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Other reserves |
Total equity |
Total |
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Members' interest at 1 July 2019 |
14,902 |
14,902 |
14,902 |
Members' remuneration charged as an expense |
(21,790) |
(21,790) |
(21,790) |
Profit for the financial year available for discretionary division among members |
6,590 |
6,590 |
6,590 |
At 30 June 2020 |
( |
(298) |
(298) |
Umbrella Accountants LLP
Notes to the Financial Statements for the Year Ended 30 June 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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 Umbrella Accountants 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
After Reviewing the partnership's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
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
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
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:
Umbrella Accountants LLP
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
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Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Office Equipment |
25% reducing balance |
Fixture and Fittings |
25% reducing balance |
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.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Umbrella Accountants LLP
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 July 2020 |
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At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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Charge for the year |
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At 30 June 2021 |
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Net book value |
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At 30 June 2021 |
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At 30 June 2020 |
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Stocks |
2021 |
Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
109,390 |
140,353 |
Creditors: Amounts falling due within one year |
2021 |
2020 |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Umbrella Accountants LLP
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
Related party transactions |
Summary of transactions with entities with joint control or significant interest