PET&R LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC362388 (England and Wales)

Unaudited Financial Statements

for the Year Ended 5th April 2020

for

PET&R LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

7

DESIGNATED MEMBERS:

P R Hammond

Mrs L E Hammond

REGISTERED OFFICE:

6 Fen Moor Close

Hemlington

Middlesbrough

Cleveland

TS8 9RQ

REGISTERED NUMBER:

OC362388 (England and Wales)

ACCOUNTANTS:

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

FIXED ASSETS

Tangible assets

4

34,060

3,567

CURRENT ASSETS

Debtors

5

8,502

8,767

Cash at bank and in hand

39,580

55,948

48,082

64,715

CREDITORS

Amounts falling due within one year

6

13,365

5,747

NET CURRENT ASSETS

34,717

58,968

TOTAL ASSETS LESS CURRENT LIABILITIES

68,777

62,535

CREDITORS

Amounts falling due after more than one year

7

10,248

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

58,529

62,535

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

58,529

62,535

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

58,529

62,535

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 5th 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 26th October 2020 and were signed by:

P R Hammond - Designated member

Mrs L E Hammond - Designated member

1.	STATUTORY INFORMATION

PET&R LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Taxation

Taxation on partnership profits is solely the personal responsibility of individual members. Consequently neither taxation nor related deferred taxation arising in respect of the partnership is accounted for in these financial statements. All distributions made to members are made net of income tax; such amounts retained for members' tax liabilities are paid to HM Revenue and Customs by the partnership, on behalf of the individual members, when this tax falls due. These amounts retained for tax are treated in the financial statements in the same way as other profits of the partnership and so are included in 'Members other interests' or in 'Amounts due to members' depending on whether or not division of profits has occurred.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 6th April 2019

951

-

5,375

6,326

Additions

271

36,150

195

36,616

At 5th April 2020

1,222

36,150

5,570

42,942

DEPRECIATION

At 6th April 2019

561

-

2,198

2,759

Charge for year

88

5,383

652

6,123

At 5th April 2020

649

5,383

2,850

8,882

NET BOOK VALUE

At 5th April 2020

573

30,767

2,720

34,060

At 5th April 2019

390

-

3,177

3,567

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

Motor

vehicles

£

COST

Additions

36,350

At 5th April 2020

36,350

DEPRECIATION

Charge for year

5,383

At 5th April 2020

5,383

NET BOOK VALUE

At 5th April 2020

30,967

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/20

5/4/19

£

£

Trade debtors

6,341

6,793

Other debtors

2,161

1,974

8,502

8,767

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/20

5/4/19

£

£

Hire purchase contracts

7,234

-

Trade creditors

219

721

Taxation and social security

4,964

4,106

Other creditors

948

920

13,365

5,747

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5/4/20

5/4/19

£

£

Hire purchase contracts

10,248

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

5/4/20

5/4/19

£

£

Hire purchase contracts

17,482

-

The hire purchase agreements are secured on the assets to which they relate.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank as unsecured creditors in relation to other creditors.

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of PET&R LLP for the year ended 5th April 2020 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of PET&R LLP, as a body, in accordance with the terms of our engagement letter dated 9th August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of PET&R LLP and state those matters that we have agreed to state to the members of PET&R LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that PET&R LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PET&R LLP. You consider that PET&R LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PET&R LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

26th October 2020