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Terms and Conditions

JWPCreers schedule of terms for acting for the preparation of the financial statements of an LLP subject to audit by ourselves

Responsibilities of Members

1. As members of the above limited liability partnership, you are responsible for maintaining proper accounting records and for preparing financial statements which give a true and fair view and which have been prepared in accordance with the Companies Act 1985 (as applied to limited liability partnerships by regulation 3 of the Limited Liability Partnership Regulations 2001
(The Act).

2. In preparing the financial statements, you are required to:

  1. select suitable accounting policies and then apply them consistently;
  2. make judgements and estimates that are reasonable and prudent; and
  3. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

3. You are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the LLP and for ensuring that the financial statements comply with the Act.  You are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4. You have undertaken to make available to us, as and when required, all the accounting records and related financial information, including minutes of management and members’ meetings, necessary to carry out our work.  You will make full disclosure to us of all relevant information.

5. The financial statements however, will remain the responsibility of the members, and we shall require you to sign and signify your approval to these financial statements.

6. As part of our normal procedures, we will request you to provide written confirmation of any information or explanations given by you orally during the course of our work.

7. An LLP is required to file its financial statements at Companies House within 10 months of the year end (9 months for accounting periods commencing on or after 6th April 2008). The LLP will be liable to a fine if it fails to do so. In order to avoid this we will produce statutory financial statements, suitable for filing, within the required period, provided all your records are complete and presented to us within 5 months of the year end, and all subsequent queries are promptly and satisfactorily answered. We have agreed to submit a copy of the financial statements to the Registrar of Companies.

Scope of our work

8. You have asked us to assist you in the preparation of the financial statements.  We will compile the financial statements for your approval, based on the accounting records maintained by you and the information and explanations given to us by you.  These Financial statements will be used as the basis for our audit (see separate letter for relevant responsibilities as auditors). In carrying out our engagement for the preparation of the financial statements, we will make enquiries of management and undertake any procedures that we judge appropriate.

9. We have a professional duty to compile financial statements that conform with generally accepted accounting principles from the accounting records and information and explanations given to us.  Furthermore, as members, you have a duty to prepare financial statements that comply with the Act and applicable accounting standards.  Where we identify that the financial statements do not conform to accepted accounting principles or if the accounting policies adopted is not immediately apparent, we will need to consider these matters in our role as auditors.

To find out more about how we can help you, please contact JWPCreers LLP in Selby and York.