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Company No: OC378426 (England and Wales)

SPEIRS + MAJOR LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SPEIRS + MAJOR LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SPEIRS + MAJOR LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2023
SPEIRS + MAJOR LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2023
DESIGNATED MEMBERS Keith Bradshaw
Mark Major
REGISTERED OFFICE 8 Shepherdess Walk
London
N1 7LB
United Kingdom
REGISTERED NUMBER OC378426 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
SPEIRS + MAJOR LLP

BALANCE SHEET

As at 31 March 2023
SPEIRS + MAJOR LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 83,600 78,113
Investments 6 7,163 7,163
90,763 85,276
Current assets
Debtors 7 1,276,159 1,222,580
Cash at bank and in hand 8 331,057 232,100
1,607,216 1,454,680
Creditors: amounts falling due within one year 9 ( 347,560) ( 349,654)
Net current assets 1,259,656 1,105,026
Total assets less current liabilities 1,350,419 1,190,302
Creditors: amounts falling due after more than one year 10 ( 108,335) ( 158,336)
Net assets attributable to members 1,242,084 1,031,966
Represented by
Loans and other debts due to members within one year
Other amounts 1,222,084 1,011,966
1,222,084 1,011,966
Members' other interests
Members' capital classified as equity 20,000 20,000
20,000 20,000
1,242,084 1,031,966
Total members' interests
Loans and other debts due to members 1,222,084 1,011,966
Members' other interests 20,000 20,000
1,242,084 1,031,966

For the financial year ending 31 March 2023 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.

Members' responsibilities:

The financial statements of Speirs + Major LLP (registered number: OC378426) were approved and authorised for issue by the Board of Directors on 17 October 2023. They were signed on its behalf by:

Keith Bradshaw
Designated member
SPEIRS + MAJOR LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2023
SPEIRS + MAJOR LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other amounts Total
£ £ £
Amounts due to members 988,686
Balance at 01 April 2021 20,000 988,686 1,008,686
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 504,577 504,577
Members' interest after result for the financial year 20,000 1,493,263 1,513,263
Drawings 0 (481,297) (481,297)
Amounts due to members 1,011,966
Balance at 31 March 2022 20,000 1,011,966 1,031,966
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 753,063 753,063
Members' interest after result for the financial year 20,000 1,765,029 1,785,029
Drawings 0 (542,945) (542,945)
Amounts due to members 1,222,084
Balance at 31 March 2023 20,000 1,222,084 1,242,084

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

SPEIRS + MAJOR LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SPEIRS + MAJOR LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Speirs + Major LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 8 Shepherdess Walk, London, N1 7LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 3 years straight line
15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 24 24

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2023 2022
Number Number
Average number of members during the financial year 2 2

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 684,786 684,786
At 31 March 2023 684,786 684,786
Accumulated amortisation
At 01 April 2022 684,786 684,786
At 31 March 2023 684,786 684,786
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 138,713 274,534 413,247
Additions 0 35,531 35,531
At 31 March 2023 138,713 310,065 448,778
Accumulated depreciation
At 01 April 2022 97,097 238,037 335,134
Charge for the financial year 13,871 16,173 30,044
At 31 March 2023 110,968 254,210 365,178
Net book value
At 31 March 2023 27,745 55,855 83,600
At 31 March 2022 41,616 36,497 78,113

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 7,163
At 31 March 2023 7,163
Carrying value at 31 March 2023 7,163
Carrying value at 31 March 2022 7,163

7. Debtors

2023 2022
£ £
Trade debtors 1,107,270 1,010,698
Amounts owed by own subsidiaries 33,612 30,496
Other debtors 135,277 181,386
1,276,159 1,222,580

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 331,057 232,100

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 49,998 49,997
Trade creditors 72,938 95,730
Other taxation and social security 158,233 147,146
Other creditors 66,391 56,781
347,560 349,654

The bank loan is secured by way of a fixed and floating charge over the assets of the LLP.

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 108,335 158,336

The bank loan is secured by way of a fixed and floating charge over the assets of the LLP.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 119,070 158,760
between one and five years 0 119,070
after five years 0 0
119,070 277,830

12. Related party transactions

Transactions with wholly owned subsidiaries have not been disclosed.