Gibson McKerrell Brown LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO300798 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Gibson McKerrell Brown LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J M Cordery

Gibson McKerrell Brown Services Ltd.

REGISTERED OFFICE:

14 Rutland Square

Edinburgh

EH1 2BD

REGISTERED NUMBER:

SO300798 (Scotland)

BANKERS:

Clydesdale Bank

83 George Street

Edinburgh

EH2 3ES

FIXED ASSETS

Intangible assets

4

299,811

349,779

Tangible assets

5

7,161

12,261

306,972

362,040

CURRENT ASSETS

Debtors

6

179,202

173,483

Prepayments and accrued income

236,253

170,260

Cash at bank and in hand

2,257

504

417,712

344,247

CREDITORS

Amounts falling due within one year

7

350,397

350,969

NET CURRENT ASSETS/(LIABILITIES)

67,315

(6,722

)

TOTAL ASSETS LESS CURRENT LIABILITIES

374,287

355,318

CREDITORS

Amounts falling due after more than one year

8

20,547

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

353,740

355,318

LOANS AND OTHER DEBTS DUE TO MEMBERS

353,740

355,318

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

353,740

355,318

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 30 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 29 January 2021 and were signed by:

J M Cordery - Designated member

1.	STATUTORY INFORMATION

Gibson McKerrell Brown LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of Chartered Accountants and Registered Auditors.

Intangible assets

Intangible Fixed Assets (Goodwill) are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Amortisation is calculated, using the straight line method, to amortise the depreciable amount of the assets to their residual values over their estimated useful lives as follows:

Goodwill - 10 years on cost

Amortisation and impairment losses are charged to the Statement of Comprehensive Income within administrative expenses.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of the intangible assets, the amortisation is revised prospectively to reflect the new expectation.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

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

Plant and machinery - 25% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEE INFORMATION

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

499,684

AMORTISATION

At 1 May 2019

149,905

Charge for year

49,968

At 30 April 2020

199,873

NET BOOK VALUE

At 30 April 2020

299,811

At 30 April 2019

349,779

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

97,615

Additions

2,887

Disposals

(17,700

)

At 30 April 2020

82,802

DEPRECIATION

At 1 May 2019

85,354

Charge for year

3,442

Eliminated on disposal

(13,155

)

At 30 April 2020

75,641

NET BOOK VALUE

At 30 April 2020

7,161

At 30 April 2019

12,261

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

164,064

141,427

Other debtors

15,138

32,056

179,202

173,483

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans and overdrafts

41,301

65,870

Trade creditors

288,912

279,666

Taxation and social security

17,422

3,161

Other creditors

2,762

2,272

350,397

350,969

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans

20,547

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.20

30.4.19

£

£

Within one year

53,114

26,597

Between one and five years

90,823

75,167

143,937

101,764

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.20

30.4.19

£

£

Bank overdrafts

36,763

55,970

Bank loans

25,085

9,900

61,848

65,870