Symons, Gay & Leland LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC352053 (England and Wales)
Symons, Gay & Leland LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Symons, Gay & Leland LLP
Balance Sheet
As at 31 March 2023
31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,970
3,431
Current assets
Work in progress
135,123
113,869
Debtors
5
45,699
29,013
Cash at bank and in hand
209,907
211,911
390,729
354,793
Creditors: amounts falling due within one year
6
(46,900)
(52,380)
Net current assets
343,829
302,413
Total assets less current liabilities
345,799
305,844
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
331,513
291,558
Members' other interests
8
Members' capital
14,286
14,286
345,799
305,844
Total members' interests
8
Loans and other debts due to members
331,513
291,558
Members' other interests
14,286
14,286
345,799
305,844
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
Symons, Gay & Leland LLP
Balance Sheet (Continued)
As at 31 March 2023
31 March 2023
Page 2
For the financial year ended 31 March 2023 the limited liability partnership 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 limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 9 October 2023 and are signed on their behalf by:
09 October 2023
S. Wilson - McMahon
E. Leland
Designated member
Designated Member
Limited Liability Partnership Registration No. OC352053
Symons, Gay & Leland LLP
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Limited liability partnership information
Symons, Gay & Leland LLP is a limited liability partnership incorporated in England and Wales. The registered office is 91a South Street, Romford, Essex, RM1 1PA.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT.
1.4
Members' participating interests
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Symons, Gay & Leland LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33.3% Straight Line
Computer equipment
33.3% Straight Line
1.6
Stock and work in progress
Work in progress is accounted for as a matter progresses and is stated at realisable value.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The partnership only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
14
15
3
Members' remuneration
2023
2022
Number
Number
The average number of members during the year was
3
3
Symons, Gay & Leland LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
3
Members' remuneration
(Continued)
Page 5
2023
2022
£
£
Remuneration to members charged as an expense
329,643
346,902
Remuneration representing a division of profit is included in the allocation of profit figures in note 8.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
154,917
Depreciation and impairment
At 1 April 2022
151,486
Depreciation charged in the year
1,461
At 31 March 2023
152,947
Carrying amount
At 31 March 2023
1,970
At 31 March 2022
3,431
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,358
25,205
Other debtors
3,341
3,808
45,699
29,013
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
39,350
44,830
Other creditors
7,550
7,550
46,900
52,380
Symons, Gay & Leland LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
540
540
The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.
8
Reconciliation of Members' Interests
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
members' interests
Members' capital (classified as equity)
Other amounts
Total
Total 2023
£
£
£
£
Amount due to members
291,558
Members' interests at 1 April 2022
14,286
291,558
291,558
305,844
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
329,643
329,643
329,643
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
14,286
621,201
621,201
635,487
Drawings
-
(289,688)
(289,688)
(289,688)
Members' interests at 31 March 2023
14,286
331,513
331,513
345,799
Amounts due to members
331,513
331,513
Symons, Gay & Leland LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
8
Reconciliation of Members' Interests
(Continued)
Page 7
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
members' interests
Members' capital (classified as equity)
Other amounts
Total
Total 2022
£
£
£
£
Amount due to members
181,131
Members' interests at 1 April 2020
14,286
181,131
181,131
195,417
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
346,902
346,902
346,902
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
14,286
528,033
528,033
542,319
Drawings
-
(236,475)
(236,475)
(236,475)
Members' interests at 31 March 2021
14,286
291,558
291,558
305,844
Amounts due to members
291,558
291,558
9
Loans and other debts due to members
2023
2022
£
£
Analysis of loans
Amounts falling due within one year
331,513
291,558
331,513
291,558
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
10
Control
The LLP is controlled by its members.
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