Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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366,491 | 213,207 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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3,072,264 | 3,177,420 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 1,208,490 | 1,217,687 | ||
Total assets less current liabilities | 1,574,981 | 1,430,894 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 650,000 | 650,000 | ||
Other amounts | 705,014 | 618,394 | ||
1,355,014 | 1,268,394 | |||
Members' other interests | ||||
0 | 0 | |||
1,355,014 | 1,268,394 | |||
Total members' interests | ||||
Loans and other debts due to members | 1,355,014 | 1,268,394 | ||
1,355,014 | 1,268,394 |
Members' responsibilities:
Bailey Partnership (Consultants) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
The financial statements of Bailey Partnership (Consultants) LLP (registered number:
Mr P Schlussas
Designated member |
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.
Bailey Partnership (Consultants) 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 Lyster Court 2 Craigie Drive, The Millfields, Plymouth, PL1 3JB, United Kingdom.
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 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 £.
Revenue from services is recognised as they are delivered.
Goodwill |
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Land and buildings |
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Vehicles |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Land and buildings | Vehicles | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2022 |
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Additions |
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Disposals |
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At 31 March 2023 |
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Accumulated depreciation | |||||||
At 01 April 2022 |
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Charge for the financial year |
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Disposals |
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At 31 March 2023 |
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Net book value | |||||||
At 31 March 2023 |
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At 31 March 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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An element of the bank loans balance is secured against an asset of the business. A personal guarantee is also given by Mr M Fisher and Mr S Demuth.
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
2023 | 2022 | ||
£ | £ | ||
Bank loans |
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