Couchmans LLP Filleted accounts for Companies House (small and micro)

Couchmans LLP Filleted accounts for Companies House (small and micro)


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REGISTERED NUMBER: OC348442
Couchmans LLP
Filleted unaudited financial statements
30 November 2017
Couchmans LLP
Statement of financial position
30 November 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
5
16,941
13,553
Current assets
Stocks
205,662
222,601
Debtors
6
1,229,025
1,219,665
Cash at bank and in hand
258
1,737
-----------
-----------
1,434,945
1,444,003
Creditors: amounts falling due within one year
7
( 1,102,113)
( 968,303)
-----------
-----------
Net current assets
332,832
475,700
---------
---------
Total assets less current liabilities
349,773
489,253
Creditors: amounts falling due after more than one year
8
( 280,000)
( 330,000)
---------
---------
Net assets
( 69,773)
( 159,253)
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
69,773
159,253
-------
---------
Members' other interests
Other reserves
-------
---------
69,773
159,253
-------
---------
Total members' interests
Amounts due from members
(258,160)
(128,205)
Loans and other debts due to members
9
69,773
159,253
Members' other interests
---------
---------
(188,387)
31,048
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 30th November 2017 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Couchmans LLP
Statement of financial position (continued)
30 November 2017
These financial statements were approved by the members and authorised for issue on 28 August 2018 , and are signed on their behalf by:
Mr N Couchman
Designated Member
Registered number: OC348442
Couchmans LLP
Notes to the financial statements
year ended 30th November 2017
1.
General information
The principal activity of the company during the year was the provision of legal services . The company is a limited liability partnership, which is incorporated and registered in England (company number OC348442 ). The address of the registered office is Suite 225, 2 Lansdowne Row, London, W1J 6HL.
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 preparation
The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The members have noted that at the year end the company had a deficit on its balance sheet of £188,387. The accounts have been prepared on a going concern basis as the LLP disposed of its trade and goodwill after the year end which will enable the LLP to continue to meet its liabilities as they fall due for at least 12 months from the date of approval. Further information about the disposal is shown in note 11.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Work on hand at the balance sheet date is included in the accounts as Amounts recoverable on contracts at selling price, being the value of the right to receive consideration in respect of that work based on its stage of completion. Revenue in respect of matters which are contingent upon the successful outcome of litigation are included at the estimated time value of work done to the balance sheet date.
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'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible 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.
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:
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 9 (2016: 9 ).
5.
Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1st December 2016
132,848
132,848
Additions
9,035
9,035
---------
---------
At 30th November 2017
141,883
141,883
---------
---------
Depreciation
At 1st December 2016
119,295
119,295
Charge for the year
5,647
5,647
---------
---------
At 30th November 2017
124,942
124,942
---------
---------
Carrying amount
At 30th November 2017
16,941
16,941
---------
---------
At 30th November 2016
13,553
13,553
---------
---------
6.
Debtors
2017
2016
£
£
Trade debtors
560,118
677,208
Other debtors
668,907
542,457
-----------
-----------
1,229,025
1,219,665
-----------
-----------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
191,420
218,900
Trade creditors
212,604
185,604
Social security and other taxes
227,434
149,085
Other creditors
470,655
414,714
-----------
---------
1,102,113
968,303
-----------
---------
The bank overdraft is subject to a fixed and floating charge over the assets of the LLP .
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
280,000
330,000
---------
---------
The loan is subject to a floating charge over the assets of the LLP .
9.
Loans and other debts due to members
2017
2016
£
£
Amounts owed to members in respect of profits
69,773
159,253
-------
---------
10.
Related party transactions
The LLP was under the control of the designated members for the year ended 30 November 2017. Included in loans and other debts due to members is £195,604 (2016 - £204,842) representing capital due to a corporate member. An individual member of the LLP is a director and shareholder of this corporate member. During the period the company was invoiced £30,000 (2016 - £30,000) by a corporate member in respect of consultancy fees.
11.
Post balance sheet events
On 23 January 2018 the LLP sold its trade and goodwill to Charles Russell Speechlys LLP.