Hammond Surveyors LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC377397 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2021

for

Hammond Surveyors LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

G M Hammond

M L Hammond

REGISTERED OFFICE:

Lymedale Business Centre

Hooters Hall Road

Lymedale Business Park

Newcastle-u-Lyme

Staffordshire

ST5 9QF

REGISTERED NUMBER:

OC377397 (England and Wales)

FIXED ASSETS

Intangible assets

4

47,250

-

Tangible assets

5

56,443

14,335

Investments

6

1,500

1,500

105,193

15,835

CURRENT ASSETS

Debtors

7

124,284

29,225

Cash at bank

207,101

101,606

331,385

130,831

CREDITORS

Amounts falling due within one year

8

150,050

36,473

NET CURRENT ASSETS

181,335

94,358

TOTAL ASSETS LESS CURRENT LIABILITIES

286,528

110,193

CREDITORS

Amounts falling due after more than one year

9

46,519

50,938

NET ASSETS ATTRIBUTABLE TO MEMBERS

240,009

59,255

MEMBERS' LOANS AND OTHER DEBTS

12

240,009

59,255

TOTAL MEMBERS' INTERESTS

Members' loans and other debts

12

240,009

59,255

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 31 August 2021.

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 22 January 2022 and were signed by:

G M Hammond - Designated member

1.	STATUTORY INFORMATION

Hammond Surveyors LLP is registered in England and Wales. 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements cover the LLP as an individual entity and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on a going concern basis on the assumption that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members have made this assessment with regard to the LLP’s current and expected performance.

Particular consideration has been given to the impact of the Coronavirus on the LLP's ability to operate for the foreseeable future. In arriving at this assessment of the going concern status of the LLP, the members have ensured the LLP has the reserves and cash available to continue in business.

Turnover

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

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and when all of the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will received the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Usually, turnover from the sale of services is recognised over the period of instruction.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property portfolios are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Tax provisions

Taxation on the profits of the LLP is solely the liability of individual members. Therefore income tax arising in respect of the LLP's profit is not included in these financial statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Property

portfolios

£

COST

Additions

52,500

At 31 August 2021

52,500

AMORTISATION

Amortisation for year

5,250

At 31 August 2021

5,250

NET BOOK VALUE

At 31 August 2021

47,250

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2020

-

4,606

39,016

11,723

55,345

Additions

26,212

742

32,284

2,370

61,608

Disposals

-

-

-

(1,212

)

(1,212

)

At 31 August 2021

26,212

5,348

71,300

12,881

115,741

DEPRECIATION

At 1 September 2020

-

1,838

27,795

11,377

41,010

Charge for year

6,553

1,108

10,876

963

19,500

Eliminated on disposal

-

-

-

(1,212

)

(1,212

)

At 31 August 2021

6,553

2,946

38,671

11,128

59,298

NET BOOK VALUE

At 31 August 2021

19,659

2,402

32,629

1,753

56,443

At 31 August 2020

-

2,768

11,221

346

14,335

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

Motor

vehicles

£

COST

At 1 September 2020

14,016

Additions

32,284

At 31 August 2021

46,300

DEPRECIATION

At 1 September 2020

6,132

Charge for year

10,042

At 31 August 2021

16,174

NET BOOK VALUE

At 31 August 2021

30,126

At 31 August 2020

7,884

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2020

and 31 August 2021

1,500

NET BOOK VALUE

At 31 August 2021

1,500

At 31 August 2020

1,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

9,971

14,535

Other debtors

114,313

14,690

124,284

29,225

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,566

2,500

Hire purchase contracts (see note 10)

10,706

2,981

Trade creditors

8,766

3,194

Taxation and social security

21,551

23,967

Other creditors

99,461

3,831

150,050

36,473

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

38,079

47,500

Hire purchase contracts (see note 10)

8,440

3,438

46,519

50,938

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

27,500

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

10,706

2,981

Between one and five years

8,440

3,438

19,146

6,419

Non-cancellable

operating leases

2021

2020

£

£

Within one year

888

960

The amount charged to the statement of profit or loss in respect to operating leases for the year was £9,091 (2020 - £7,495).

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

19,146

-

12.	MEMBERS' LOANS AND OTHER DEBTS

In the event of an insolvent winding up the members will rank pari passu with other unsecured

creditors of the LLP.

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £293 (2020 - £591) were payable to the fund at the balance sheet date and are included in creditors.