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Company No: OC322059 (England and Wales)

LEWIS & PARTNERS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

LEWIS & PARTNERS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

LEWIS & PARTNERS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2022
LEWIS & PARTNERS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2022
DESIGNATED MEMBERS M J Clarke
S Gevertz
B S Lewis
S D Lewis
S M Raingold
REGISTERED OFFICE 35 Ballards Lane
London
N3 1XW
England
United Kingdom
REGISTERED NUMBER OC322059 (England and Wales)
CHARTERED ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
LEWIS & PARTNERS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
LEWIS & PARTNERS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 6,186 45,722
6,186 45,722
Current assets
Debtors 4 1,342,411 1,184,767
Cash at bank and in hand 3,202,852 1,607,202
4,545,263 2,791,969
Creditors
Amounts falling due within one year 5 ( 235,747) ( 255,818)
Net current assets 4,309,516 2,536,151
Total assets less current liabilities 4,315,702 2,581,873
Creditors
Amounts falling due after more than one year 6 ( 4,255) 0
Net assets attributable to members 4,311,447 2,581,873
Represented by
Loans and other debts due to members within one year
Other amounts 4,310,447 2,580,873
4,310,447 2,580,873
Members' other interests
Members' capital classified as equity 1,000 1,000
1,000 1,000
4,311,447 2,581,873
Total members' interests
Loans and other debts due to members 4,310,447 2,580,873
Members' other interests 1,000 1,000
4,311,447 2,581,873

For the financial year ending 31 March 2022 the LLP 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.

Members' responsibilities:

The financial statements of Lewis & Partners LLP (registered number: OC322059) were approved and authorised for issue by the Board of Directors on 15 August 2022. They were signed on its behalf by:

M J Clarke
Designated member
LEWIS & PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
LEWIS & PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lewis & Partners LLP is a limited liability partnership, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regimeand the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The entity only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Income Statement.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Members' participation rights

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, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position 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 Statement of Financial Position within 'Members' other interests'.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the LLP during the year 5 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2021 359,173 359,173
Additions 2,275 2,275
At 31 March 2022 361,448 361,448
Accumulated depreciation
At 01 April 2021 313,451 313,451
Charge for the financial year 41,810 41,810
At 31 March 2022 355,262 355,262
Net book value
At 31 March 2022 6,186 6,186
At 31 March 2021 45,722 45,722

4. Debtors

2022 2021
£ £
Trade debtors 397,703 212,025
Prepayments and accrued income 940,438 968,552
Other debtors 4,270 4,190
1,342,411 1,184,767

5. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 107,424 8,849
Other creditors 33,490 61,373
Other taxation and social security 94,833 185,596
235,747 255,818

6. Creditors: amounts falling due after more than one year

2022 2021
£ £
Other creditors 4,255 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

Capital commitments are as follows:

2022 2021
£ £
Contracted for but not provided for:
330,000 441,392

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
- within one year 111,392 111,392
- between one and five years 218,608 330,000
330,000 441,392