Armstrong Foulkes LLP - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: OC385318 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

Armstrong Foulkes LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

AFSOL Limited

R H Armstrong

REGISTERED OFFICE:

Cleveland Business Centre

Watson Street

Middlesbrough

TS1 2RQ

REGISTERED NUMBER:

OC385318 (England and Wales)

ACCOUNTANTS:

Anderson Barrowcliff LLP

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

FIXED ASSETS

Intangible assets

4

30,000

60,000

Tangible assets

5

18,651

10,878

48,651

70,878

CURRENT ASSETS

Work in progress

31,374

40,032

Debtors

6

335,299

334,619

Cash at bank and in hand

555,114

326,785

921,787

701,436

CREDITORS

Amounts falling due within one year

7

115,062

96,553

NET CURRENT ASSETS

806,725

604,883

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

855,376

675,761

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

855,376

675,761

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

855,376

675,761

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 September 2017.

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 of Part 15 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 small LLPs.

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 on 18 December 2017 and were signed by:

R H Armstrong - Designated member

1.	STATUTORY INFORMATION

Armstrong Foulkes 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 £ sterling rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated. The LLP adopted

FRS 102 for the first time in the current year, resulting in an effective transition date of 1st October 2015. No

significant adjustments arose upon transition to FRS 102.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill capitalised has arisen from the retirement of a former partner amortised on a straight line basis over its

useful economic life of five years.

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.

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.

Improvements to property

-

over the period of the lease

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

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.

Income recognition

Income has been recognised in accordance with UITF40 and revenue has been included in turnover as

contractual activity has progressed, except where fees are contingent on events which have not occurred at the

balance sheet date.

Work in progress

Work in progress is calculated based on fees billed during the year reduced to cost. No members time is

included.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2016 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

150,000

AMORTISATION

At 1 October 2016

90,000

Charge for year

30,000

At 30 September 2017

120,000

NET BOOK VALUE

At 30 September 2017

30,000

At 30 September 2016

60,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2016

6,649

8,573

23,271

38,493

Additions

-

-

18,154

18,154

At 30 September 2017

6,649

8,573

41,425

56,647

DEPRECIATION

At 1 October 2016

6,642

4,384

16,589

27,615

Charge for year

-

1,711

8,670

10,381

At 30 September 2017

6,642

6,095

25,259

37,996

NET BOOK VALUE

At 30 September 2017

7

2,478

16,166

18,651

At 30 September 2016

7

4,189

6,682

10,878

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

282,445

292,278

Amounts recoverable on

contracts

10,815

8,833

Other debtors

5,607

-

Prepayments

36,432

33,508

335,299

334,619

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

3,497

5,170

Social security and other taxes

6,032

3,194

VAT

64,033

50,888

Other creditors

-

10,000

Accrued expenses

41,500

27,301

115,062

96,553

8.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

4,568

34,820

Between one and five years

8,396

-

12,964

34,820

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2017

2016

£

£

Amounts owed to members in respect of profits

855,376

675,761

Falling due within one year

855,376

675,761

Loans and other debts due to members rank after all unsecured creditors in the event of a winding up. No legally

enforceable protection is afforded to any creditors.