Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr G R Blight 08/12/2017 Mr S J Demuth 08/12/2017 Mr M A Fisher 08/12/2017 Mr P Schlussas 08/12/2017 Mr P C Stuart-Harris 08/12/2017 Mr S R Zawada 08/12/2017 26 July 2023 OC420278 2023-03-31 OC420278 bus:Director1 2023-03-31 OC420278 bus:Director2 2023-03-31 OC420278 bus:Director3 2023-03-31 OC420278 bus:Director4 2023-03-31 OC420278 bus:Director5 2023-03-31 OC420278 bus:Director6 2023-03-31 OC420278 2022-03-31 OC420278 core:CurrentFinancialInstruments 2023-03-31 OC420278 core:CurrentFinancialInstruments 2022-03-31 OC420278 core:Non-currentFinancialInstruments 2023-03-31 OC420278 core:Non-currentFinancialInstruments 2022-03-31 OC420278 core:Goodwill 2022-03-31 OC420278 core:Goodwill 2023-03-31 OC420278 core:LandBuildings 2022-03-31 OC420278 core:Vehicles 2022-03-31 OC420278 core:OfficeEquipment 2022-03-31 OC420278 core:LandBuildings 2023-03-31 OC420278 core:Vehicles 2023-03-31 OC420278 core:OfficeEquipment 2023-03-31 OC420278 2022-04-01 2023-03-31 OC420278 bus:FullAccounts 2022-04-01 2023-03-31 OC420278 bus:SmallEntities 2022-04-01 2023-03-31 OC420278 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC420278 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC420278 bus:Director1 2022-04-01 2023-03-31 OC420278 bus:Director2 2022-04-01 2023-03-31 OC420278 bus:Director3 2022-04-01 2023-03-31 OC420278 bus:Director4 2022-04-01 2023-03-31 OC420278 bus:Director5 2022-04-01 2023-03-31 OC420278 bus:Director6 2022-04-01 2023-03-31 OC420278 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 OC420278 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 OC420278 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 OC420278 core:OfficeEquipment core:BottomRangeValue 2022-04-01 2023-03-31 OC420278 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 OC420278 2021-04-01 2022-03-31 OC420278 core:Goodwill 2022-04-01 2023-03-31 OC420278 core:LandBuildings 2022-04-01 2023-03-31 OC420278 core:Vehicles 2022-04-01 2023-03-31 OC420278 core:OfficeEquipment 2022-04-01 2023-03-31 OC420278 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: OC420278 (England and Wales)

BAILEY PARTNERSHIP (CONSULTANTS) LLP

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

BAILEY PARTNERSHIP (CONSULTANTS) LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

BAILEY PARTNERSHIP (CONSULTANTS) LLP

BALANCE SHEET

As at 31 March 2023
BAILEY PARTNERSHIP (CONSULTANTS) LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 6,583 7,583
Tangible assets 4 359,908 205,624
366,491 213,207
Current assets
Stocks 338,050 291,950
Debtors 5 2,468,358 2,566,975
Cash at bank and in hand 265,856 318,495
3,072,264 3,177,420
Creditors: amounts falling due within one year 6 ( 1,863,774) ( 1,959,733)
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 ( 219,967) ( 162,500)
Net assets attributable to members 1,355,014 1,268,394
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

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:

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: OC420278) were approved and authorised for issue by the Board of Directors on 26 July 2023. They were signed on its behalf by:

Mr P Schlussas
Designated member
BAILEY PARTNERSHIP (CONSULTANTS) LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
BAILEY PARTNERSHIP (CONSULTANTS) 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

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 £.

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.

Revenue from services is recognised as they are delivered.

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 10 years straight line
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 basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Vehicles 5 years straight line
Office equipment 3 - 7 years straight line

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.

Leases

The LLP as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 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.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 110 103

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 10,000 10,000
At 31 March 2023 10,000 10,000
Accumulated amortisation
At 01 April 2022 2,417 2,417
Charge for the financial year 1,000 1,000
At 31 March 2023 3,417 3,417
Net book value
At 31 March 2023 6,583 6,583
At 31 March 2022 7,583 7,583

4. Tangible assets

Land and buildings Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2022 195,310 0 299,989 495,299
Additions 2,993 215,000 37,699 255,692
Disposals 0 0 ( 20,049) ( 20,049)
At 31 March 2023 198,303 215,000 317,639 730,942
Accumulated depreciation
At 01 April 2022 143,373 0 146,302 289,675
Charge for the financial year 22,661 20,000 56,097 98,758
Disposals 0 0 ( 17,399) ( 17,399)
At 31 March 2023 166,034 20,000 185,000 371,034
Net book value
At 31 March 2023 32,269 195,000 132,639 359,908
At 31 March 2022 51,937 0 153,687 205,624

5. Debtors

2023 2022
£ £
Trade debtors 1,808,581 2,166,067
Other debtors 659,777 400,908
2,468,358 2,566,975

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 329,834 417,732
Trade creditors 606,414 387,393
Other taxation and social security 479,034 355,150
Other creditors 448,492 799,458
1,863,774 1,959,733

The bank overdraft is secured over the assets of the business.

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.

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

2023 2022
£ £
Bank loans 219,967 162,500