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REGISTERED NUMBER: OC316217
Coltman Warner Cranston LLP
Filleted Unaudited Financial Statements
31 December 2021
Coltman Warner Cranston LLP
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
18,930
22,221
Current assets
Debtors
5
577,309
376,133
Cash at bank and in hand
417,799
285,692
--------
--------
995,108
661,825
Prepayments and accrued income
38,535
37,352
Creditors: amounts falling due within one year
6
579,475
378,032
--------
--------
Net current assets
454,168
321,145
--------
--------
Total assets less current liabilities
473,098
343,366
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
7
363,098
233,366
Members' other interests
Members' capital classified as equity
110,000
110,000
Other reserves
--------
--------
473,098
343,366
--------
--------
Total members' interests
Loans and other debts due to members
7
363,098
233,366
Members' other interests
110,000
110,000
--------
--------
473,098
343,366
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 December 2021 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Coltman Warner Cranston LLP
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the members and authorised for issue on 6 September 2022 , and are signed on their behalf by:
L. Coltman
D. Davoile
Designated Member
Designated Member
Registered number: OC316217
Coltman Warner Cranston LLP
Notes to the Financial Statements
Year ended 31 December 2021
1.
General information
The LLP is registered and trading in England and Wales with company number OC316217 . The address of the registered office is Unit 3 The Innovation Village, Cheetah Road, Coventry CV1 2TL.
2.
Accounting policies
Basis of preparation
The financial statements have been prepare on historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the LLP and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all 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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income 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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Fixtures & Fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The LLP only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the LLP considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 11 (2020: 10 ).
4.
Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
2,951
18,203
101,816
122,970
Additions
208
647
855
------
-------
--------
--------
At 31 December 2021
2,951
18,411
102,463
123,825
------
-------
--------
--------
Depreciation
At 1 January 2021
413
17,560
82,776
100,749
Charge for the year
59
160
3,927
4,146
------
-------
--------
--------
At 31 December 2021
472
17,720
86,703
104,895
------
-------
--------
--------
Carrying amount
At 31 December 2021
2,479
691
15,760
18,930
------
-------
--------
--------
At 31 December 2020
2,538
643
19,040
22,221
------
-------
--------
--------
5.
Debtors
2021
2020
£
£
Trade debtors
568,935
361,848
Other debtors
8,374
14,285
--------
--------
577,309
376,133
--------
--------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
15,259
Trade creditors
92,200
37,727
Social security and other taxes
47,406
48,821
Other creditors
424,610
291,484
--------
--------
579,475
378,032
--------
--------
7.
Loans and other debts due to members
2021
2020
£
£
Amounts owed to members in respect of profits
363,098
233,366
--------
--------