Cambridge Safety LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC301862 (England and Wales)

Unaudited Financial Statements for the Year Ended 5 April 2020

for

Cambridge Safety Limited Liability

Partnership

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

96,746

96,526

CURRENT ASSETS

Debtors

6

6,161

8,405

Cash at bank

100,386

53,110

106,547

61,515

CREDITORS

Amounts falling due within one year

7

90,116

51,227

NET CURRENT ASSETS

16,431

10,288

TOTAL ASSETS LESS CURRENT LIABILITIES

113,177

106,814

CREDITORS

Amounts falling due after more than one year

8

53,524

61,248

NET ASSETS ATTRIBUTABLE TO MEMBERS

59,653

45,566

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

59,653

45,566

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

59,653

45,566

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5 April 2020.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 August 2020 and were signed by:

Mrs J S Cambridge - Designated member

1.	STATUTORY INFORMATION

Cambridge Safety LLP is registered in England & Wales.

The address of the registered office is unit 10 Swan Court, Forder Way, Cygnet ark,

Hampton, Peterborough. PE7 8GX.

The financial statements are prepared in sterling, which is the functional currency of the

entity.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A 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' issued in January 2017 (SORP 2017).

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by

the revaluation of certain financial assets and liabilities measured at fair value through

profit or loss.

Revenue recognition

The turnover shown in the income statement represents amounts invoiced during the year,

exclusive of VAT, and adjusted for any amounts invoiced in advance of the services being

delivered.

Tangible fixed 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:

Fixtures & Fittings - 25% reducing balance

Motor Vehicles - 25% reducing balance

Equipment - 33% reducing balance

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are recognised in the

statement of financial position as assets and liabilities at the lower of the fair value of the

assets and the present value of the minimum lease payments, which is determined at the

inception of the lease term. Any initial direct costs of the lease are added to the amount

recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the

outstanding lease liability using the effective interest method. Finance charges are

allocated to each period so as to produce a constant rate of interest on the remaining

balance of the liability.

Pension costs and other post-retirement benefits

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.

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'.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the

recoverable amount being estimated where such indicators exist. Where the carrying value

exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are

also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable

amount of an individual asset, an estimate is made of the recoverable amount of the

cash-generating unit to which the asset belongs. The cash-generating unit is the smallest

identifiable group of assets that includes the asset and generates cash inflows that largely

independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to

the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the

arrangement constitutes a financing transaction, where it is recognised at the present value

of the future payments discounted at a market rate of interest for a similar debt instrument.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2019 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 6 April 2019

78,394

99,729

21,411

199,534

Additions

5,621

23,995

4,176

33,792

Disposals

(78

)

(16,905

)

(2,072

)

(19,055

)

At 5 April 2020

83,937

106,819

23,515

214,271

DEPRECIATION

At 6 April 2019

72,007

16,824

14,177

103,008

Charge for year

2,189

21,480

2,493

26,162

Eliminated on disposal

(48

)

(9,922

)

(1,675

)

(11,645

)

At 5 April 2020

74,148

28,382

14,995

117,525

NET BOOK VALUE

At 5 April 2020

9,789

78,437

8,520

96,746

At 5 April 2019

6,387

82,905

7,234

96,526

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 6 April 2019

and 5 April 2020

-

82,824

-

82,824

DEPRECIATION

At 6 April 2019

-

6,902

-

6,902

Charge for year

61

18,981

187

19,229

At 5 April 2020

61

25,883

187

26,131

NET BOOK VALUE

At 5 April 2020

(61

)

56,941

(187

)

56,693

At 5 April 2019

-

75,922

-

75,922

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.20

5.4.19

£

£

Trade debtors

4,263

6,193

Prepayments

1,898

2,212

6,161

8,405

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.20

5.4.19

£

£

Hire purchase contracts

7,724

5,961

Trade creditors

10,637

5,915

Taxation and social security

8,360

1,458

Other creditors

63,395

37,893

90,116

51,227

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5.4.20

5.4.19

£

£

Hire purchase contracts

53,524

61,248

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up the amounts included in "Loans and advances other debts

due to members" will rank equally with unsecured creditors.