Limited Liability Partnership Registration No. OC333759 (England and Wales)
THACKRAY WILLIAMS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THACKRAY WILLIAMS LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
THACKRAY WILLIAMS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,086,926
1,243,604
Investments
4
188,756
188,756
1,275,682
1,432,360
Current assets
Debtors
5
3,622,052
3,553,528
Cash at bank and in hand
310,067
953
3,932,119
3,554,481
Creditors: amounts falling due within one year
6
(1,394,575)
(1,872,470)
Net current assets
2,537,544
1,682,011
Total assets less current liabilities
3,813,226
3,114,371
Creditors: amounts falling due after more than one year
7
(403,248)
(552,597)
Net assets attributable to members
3,409,978
2,561,774
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,165,000
1,875,000
Other amounts
1,244,978
686,774
3,409,978
2,561,774
Total members' interests
Loans and other debts due to members
3,409,978
2,561,774

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

THACKRAY WILLIAMS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 18 October 2023 and are signed on their behalf by:
18 October 2023
Mr S N Sanders
Designated member
Limited Liability Partnership Registration No. OC333759
THACKRAY WILLIAMS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as debt)
Other amounts
Total
Total
2023
£
£
£
Amounts due to members
686,774
Members' interests at 1 April 2022
1,875,000
686,774
2,561,774
2,561,774
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
1,926,204
1,926,204
1,926,204
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,875,000
2,612,978
4,487,978
4,487,978
Introduced by members
290,000
-
290,000
290,000
Drawings
-
(1,368,000)
(1,368,000)
(1,368,000)
Members' interests at 31 March 2023
2,165,000
1,244,978
3,409,978
3,409,978
THACKRAY WILLIAMS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as debt)
Other amounts
Total
Total
2022
£
£
£
Amounts due to members
1,889,290
Members' interests at 1 April 2021
2,100,000
1,889,290
3,989,290
3,989,290
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
1,463,441
1,463,441
1,463,441
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
2,100,000
3,352,731
5,452,731
5,452,731
Repayment of debt (including members' capital classified as a liability)
(225,000)
-
(225,000)
(225,000)
Drawings
-
(2,665,957)
(2,665,957)
(2,665,957)
Members' interests at 31 March 2022
1,875,000
686,774
2,561,774
2,561,774
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Thackray Williams LLP is a limited liability partnership incorporated in England and Wales. The registered office is T- Bromley, 15-17 London Road, Bromley, Kent, United Kingdom, BR1 1DE.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding VAT. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contact activity progresses be reference to the value of the work performed.

Turnover is not recognised where the right to receive payment is contingent on events outside the control of the partnership.

 

Unbilled revenue is included in debtors as unbilled receivables. Amounts billed on account of work in progress are shown as a deduction from gross work in progress, to the extent that they are not recognised as revenue.

1.3
Members' participating interests

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. 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 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.

 

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment; accordingly, the amounts arising that are due to members are in the nature of liabilities and 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 period end, they are shown as liabilities in the Statement of Financial Position.

 

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 with "Members' other interests".

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Leasehold improvements
6.66%/20% straight line
Office equipment
33% straight line
Fixtures and fittings
33% straight line
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

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.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 135 (2022: 131)

2023
2022
Number
Number
Total
135
131
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,286,064
1,382,563
2,668,627
Additions
-
3,330
3,330
At 31 March 2023
1,286,064
1,385,893
2,671,957
Depreciation and impairment
At 1 April 2022
311,402
1,113,621
1,425,023
Depreciation charged in the year
41,081
118,927
160,008
At 31 March 2023
352,483
1,232,548
1,585,031
Carrying amount
At 31 March 2023
933,581
153,345
1,086,926
At 31 March 2022
974,662
268,942
1,243,604
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
188,756
188,756
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
811,196
850,244
Work in progress
2,286,076
2,373,715
Other debtors
524,780
329,569
3,622,052
3,553,528
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
307,177
1,134,732
Trade creditors
129,611
191,199
Taxation and social security
419,734
343,690
Other creditors
538,053
202,849
1,394,575
1,872,470
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
299,080
388,750
Other creditors
104,168
163,847
403,248
552,597

 

8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
916,543
995,894
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