watson burtof Lip AW FIRM Watson Burton LLP Report & Financial statements for the year ended 30 April 2016 Registered No. OC306105 COMPANIES HOUSE 3.1 JAN 207 EDINBURGH FRONT, DESK ce iwi 03 COMPANIES HouseWatson Burton LLP Financial statements for the year ended 30 April 2016 MEMBERS & ADMINISTRATIVE INFORMATION Designated members Grama DoRea RJPamer Prise In adi othe above T Ha cxased to bea member on 3st Juy 2015, G Fay ceased io bea member on the 280 ‘August 2035, Henderson & P Tate ceased tobe membars onthe 3st October 2015, Reglatered Office 4 StJamee Gate Neweastle upon Tyne “Tyne & Wear Neg9 1¥0 ‘Auditor RSM UK Audit LLP 4 StJames Gate Neweastle upon Tyee ‘Type & Wear NEI 4a0 Loyd Bank 102 Grey St Newcastle upon Tye E99 151 Page?Watson Burton LLP. Financial statements for the year ended 30 April 2016 watlprurgobue MEMBERS REPORT Members report ‘The Members presents he repr together withthe acted franca statements of Watson Burton LLP for he year ended 300 Apel 2018, Principal activ: ‘The pra acy of Watson Burton LLP the powsion of igs! services. Mombers rawings, contributions 1 repayments Non-ssignted members paripte in he firs posto an eet whic it predetermined at he tart of each Sinancil year. Designated members prtipate flyin the remaining pros and share the sks of he business. Al osignated members sutscabe to he fem’ capi -Anincil member's capita equireentis ed o tet membership sus and he Snancing equremants othe fm, “There is no oppetunty for appreciation of the capil subscrbed. st 9 incoming members nvoduze thei cata par, 3 ling members are repaid he capa at pa “Te fs ravings pole Ist alow each member to draw 3 proportion of tal profit share in weve monty instalments wit te balance of tei profits. neo tax retention. being pid once the annual ancl statement for tat Year Mave been formalyadosted ty the members. All payments are made subject othe cash requirements cf he business. Tax retzntons ae paid oH Revenue & Customs on behalf of he members wih any excess beng released to membars 236 appropri Designated members ‘The folowing designated members have hel ofc since 1st May 2015 cGraham Hat (eigned 31st Jy 2018) DBReit Gary resigned 266 August 2015 RJ Palmer | Henderson eslanes 31st October 2035) Padmore P Tate (eslgned 3st October 2015) ‘Statement of diclosure to auditor Sotaras he members are aware, there sno evan automation of ic he autos are unaware, Adon, ‘the members have taken al he necessary steps that they ought o have then as mbes in order to make themselves ‘sar ofa relevantaudt infromation and to eetabse hat the auditors are aware of tha informa. ‘Auditor RSM UK Aut LLP was appolnied on 8th December 208. ‘A resolution (re) appoint RSM UX Aust LLP, Chartered Accountants as autor wil be propoeod at the menor ‘sens meeting RiPliny Richard Palmer For and on behalf of Watson Buton LLP 0m Janvary2017 Page 3Watson Burton LLP Financial statements for the year ended 30 April 2018 water bur [MENOERSRESPONSIDLITIS IN THE PREPARATION OF FINANCIAL STATEMENTS ‘The members sre responsible for prepraing the Annual Repor and the Faria statement in sccrdance wih sppleabelaw and epuations Limited Libity Parmersips (Accounts and Au) Appiation of Companies Act 2008) Repustions 2008 (he 2008 equations) requres he members 1 prepare nancial stern for each Sancta war Under tat lw the members have elects to prepaeine inane statement in aocotance wan Untes Kingdom GenerlyAcceptea Accounting Practice (Unies Kingdom Accoung Standards and aplcable ev). Under ne 2008 requatons, the members must not approve the nail stems unless they ar sled nat toy ‘ea tue and far ew of te slate of afar of te parnership anda the proto sso he patersip or at pesos In preparing thse rarcalstatment, the members are required i 1) Selec sutatie accounting poses and then apply them consistent, 2) Make judgements and estimates hat are reasonable and prudent. 5) Prepare the Snail statment onthe going concern basis unless is inaporopate to presume that he parersnp ‘wil continue in business, ‘Under the 2008 Raguatons the members are responsible for keping adequate accounting eco that ae suficient fo ‘show ane exis he partners ansacions or sacose wih reasonable eecuracy at anytime the tana poston ‘ofthe partnership and to enable hem oensire that the nancial statements comply withthe requirements of ose Regulatons. They ae also responsible for sfepuaring the asses ofthe panership and hence fr taking reasonable ‘ps fo the prevention and detection of aud and cher wrgulries, “The members are responsbie forthe mainerance and inegrty ofthe corporate an franca nromaten incuded on ‘he partnership's webste. Legsiaton inthe Und Kingdom govering the preperation and eisseriation of Francal ‘Satemns may dif fom lepton in cer jursscons ‘Those responsiiiis are exercised by the designated members on behalf of the mbes.INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WATSON BURTON LLP Opinion on financial statements We have audited the financial statements on pages 6 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland. In our opinion, the financial statements: * give a true and fair view of the state of the limited liability partnership's affairs as at 30 Apri 2016 and ofits profit for the year then ended; * have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and ‘Audit (Application of Companies Act 2006) Regulations 2008. ‘Scope of the audit of the financial statements ‘A description of the scope of an audit of financial statements is provided on the Financial Reporting Counci's website at http://www frc.org.uk/auditscopeukprivate Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 applied to limited liability partnerships requires us to report to you if, in our opinion: * adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or ‘+ we have not received all the information and explanations we require for our audit; or Respective responsibilities of members and auditor ‘As explained more fully in the Members’ Responsibiities Statement set out on page 4, the members, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsiblity is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors, This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liabilty partnerships by the Limited Liabilty Partnerships (Accounts and Augit) (Application of Companies Act 2006) Regulations 2008, Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for ‘ur audit work, for this report, or for the opinions we have formed. tno bkk wr Steven Cleugh (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 1St James’ Gate Newcastle upon Tyne NE1 4AD qi Toauacy 2olF PagesWatson Burton LLP Finan statements for the year ended 30 April 2016 INCOME STATEMENT FOR THE YEAR ENDED 30TH APRIL 2016 te 2016 e Tumover 1 gases Otter externa charges Sta coats, 4 Gees) Depreciation esata) (ter operating charges @sors7s) Operating Prot 2 pa07T Inlret receivable and similar income 3 12,560 Interest payabe and smi charges 3 (52017) @9as7) Profit fo the financial year before members remuneration & Profi hares ‘Members remuneration charged as an expense Profit forthe financial year avalabe for discretionary division among members 20137 ‘The Proto year aes rom he parerahips contig operations. Paee6 2015 (4526486) (65.090) 901.226) ee 520 49.140) (93.320) (46.382) esseWatson Burton LLP Financial statements for the year ended 30 April 2016, | [STATEMENT OF FINANCIAL POSITION AS AT 30TH APRIL 2016 | Nate 2018 2015 | f ‘ Fixed assets | Tangible assets 7 eas coat ! Current assets i ‘Stock workin progress : 20050 ! Debtors 289,128 i (Cash at bank and in hand 3277 3306,382 Creditor: amount falting due within one year 1334.96) Net current asote 251,908 1,488,307 “Total assets less curren bios 15023 +ys2s,08 Creditors: amounts falling due aftr more than one year to ___(oa20) (204522) Provisions for Kaitos and charges " (6.000) (158,000) Post retrement payments to former members "e.000) Tee.o00y Net asetsatributaie to members ee Represented by Loans and other debts due to members within one year Members’ capil clasifed asa tabity 730,000 941,000 ‘ter amounts 2402 223.185 io2402 7164105 Total members interests Amounts due fromm members (184.383) (207,654) Loans and other debts cue to members 302,402 41364,185 618.010 956.531 ‘Te franca stators on pages 6 to 17 wore approved by the members and arse for sve on 300 anuary 2017 and are signed on hor behalf oy RrLmer Richard Palmet Senior Copa Member For and on behalf of Watson Suton LLP Page 7Watson Burton LLP Financial statements for the year ended 30 April 2016, ix Dur [RECONCILIATION OF MEMBERS’ INTERESTS FOR THE YEAR ENDING 20TH APRIL 2016, est Members ‘Copia (classtles Omer seco) Amounts Tota ‘Amounts de to members 943.000 223,185 1,194,185, ‘Amounts due rom members 0079s ors Balance att May 2015 BHO 15551 986.531 Draws 0 70937 70037) Profit forte fnaclal year avalible for cescretonary © aorgir2onsi7 Gusion amongst amber: Members interest forte year Tare aay ar (capt roduces ° ° ° Repayments of capil (951.000) (181,000) Repayment of bt o ° 0 Drawings a ° o (ter movernens oats et s08 (ai. 600) 108 60.800) Amounts due to members 790900 12402 azo “Arounts due fem members 084303) 184.399 Balance at 30% Apri 2016, 790.000 (174.990) 618010 "Non-dsignatea members paricipte inthe ms profs fo an exten which spre etemined ah stat of each oan yest. Accordingly ther share of pois is allocated nthe curent year. ‘The reining profi are alecaed to members’ al he cscetion ofthe senor managing capital members and spp revorpectvey tothe members cent accounts. Accrsingy, hee is no automatic Sion of profs ameng designates ‘members athe Balance sheet date, Asa result the balance of profs svalable fr dvsion amongst the designated members the balance sheet date ie Iced mn members oer nterests. Alocated profs in excess of members ravings ae classed 25 amounts cue to members. Where members éravings have exceeded ter current account balance this values shown seperately a8 debe and as amounts dv Fer members in the balance sheet, embers ther interes rank afer unsecured credtors, nd loans and other debs aus to members rank pa pau wih unsecured creditors inte event of a winding up. The amount of capa each member i required to subscribes determined by the fee membership deed, A member may only wshsraw capital when hee she ceases tobe # member. PagesWatson Burton LLP Financial statements for the year ended 30 April 2016, jm ju RECONCILIATION OF MEMBERS" INTERESTS FOR THE YEAR ENDING 30TH APRIL 2015, Dest Momeers Casi (cases Ober seaes) —Arounts Tota € « € ‘Amounts due to mambers 1.209.000 1.182.209 2481380 ‘Amount du rom members ° ° Balanco at it ay 2014 Taee oo Tea De Tas Orang © (izs8.016 (1.238018) Profi forthe franca yar aveiabie fr ceseretonary © 74705 174,705 ison amongst members Members interest forte oar cr Ee capt ivoduces 40000 40.000 Repayments of capital (288.080) 0888.00) Repayment of debt ° 0 ° Drawings ° o ° (ter moveronts 000.460) (100.460) (28.090) (100.460) 428.50) Ameunts de to members 44000 229.184 1164.105, ‘amounts de tom members @o7sse) Gores) Balance at 300 Ape 2015, Bago 15531 956551 PaeesWatson Burton LLP Financial statements for the yoar ended 30 April 2016 ‘STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30TH APRIL 2016 Note 2016 ‘ ‘OPERATING ACTIVITIES 4 1470600 Interest pad (20m) (ther remuneration for series provided (470037) Pest retirement payments o frm members (270458) NET CASH FROMIUSED IN) OPERATING ACTIVITIES Tae INVESTING ACTIVITIES Purchase of angle asso, (4100) Inerest Receives 12,560 NET CASH (USED INVFROM INVESTING ACTIVITIES es FINANCING ACTIVITIES Precied of now borrowings Repayment of borrowings (Capt inrosuced by members : NET CASH USEDIN FINANCING ACTIVITIES re NET INCREASEIDECREASE)IN CASH AND CASHEQUIVALENTS 06,088. ‘CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE EAI 1¢ (792,019) ‘CASH AND CASH EQUIVALENTS AT THE END OF THEVEAR 14 (685925) age 10 2018 e 794081 9.140) (1238013) (450,407) aay, (15,086) 1520, 7H 1.409.762 (120,708) 40,000 ay ay aaaere ayWatson Burton LLP Franca statement forthe your ended 30 Ap 2016 onic ‘ieceensre bans pot ‘Son ett ac ane be Sma ot acne Paes ecg Uns any Pome Peter aetatcunndiommerianeitorne cient aera todmactortantoed ‘esos tnoqay ue tebe cope pet ws) pte oa cone pss era! ‘tupac rt ssp nec eee nh eda nr ane oma pa, Ag ee eT ‘energy merenoes uns evar gna te an tri torr nent ary pes anit Tar ey nn ote purge bof acang pag aaa concan eceagy omayees ‘Shri oat ou tncomreba spuioconsenin near etn peceea net essence apace: aes ‘tne sana ray oman erat erates Reon eee gee ener eoancl eum eth yer ended Apt 816 zany ‘etm snc pte proline mando ej Aan on fas mate ohn ett {Setowettae npr tnarece ae otter nb ven he emanate wa perenne tae npn ton ash nb et w ar un de an op 9 ii ne i panache Case (meson ayn ena pa tn re arate seat mena ans oe oom psittaci npaemte tao a yo ey Dor arctan hinge ae se bro pt ery Sept cena se oe Sitberny ny nas cap vecrte ore costa ana ‘Secu gist pps ca a ts nd un tt wh eats prea arr wen Mae gl ee ht er is gn mn yn ita tis roy ea ah i oe ‘Saoesaay ances trohas nb rand may ea meen seis eae ‘lon a abe ean seh ee igh eri ned nen geen io pea Caryn nnn ve ce ete ca ace ws goer fare Tee as i wan rc iit cn om on st ee ee rwFMoncetsotomnts forthe yar ended 0 Ap 2018 wile ‘creer reste sasaoe mane ect oe er aig we tae tty syns wees ps with srr saan fron toes eh be ne inten ngs cred tans ign ec a a ‘Racin oe donc ety LPs aaa ene i gnc eyeWatson Burton LLP Franca etatoment forthe year ended 30 Ap 2016 ae ae ‘tom Fa, = ronan tae eaeWatson Burton LLP Finacial statement fr ha yer onde 30 Apa 2016 il ennai nbd ty Pesan alanine a ce suo esrnngt campy os ne we camey Sma Ut +n aug tn at ann rill Te ad nae Strato so ty cs soc "a a see zon same ean four saat Seas ‘rate nmaet 01915 O15 E8299 enced yaad tng cng on ant aryWatson Burton LLP ee op 8 necator eg ad scee Srreocton coon roma et fom ovement ing sexes _soesz a coin zon sin Soe “taoae oe ee abe See Str een Peg nt rey aay ea ‘Shonoatncearmoncas aes ncn Unf Loy Pater ete copper ‘rasa ans art pans nso anatase nena aro ey areca