Company registration number OC355840 (England and Wales)
BEAVIS MORGAN LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
BEAVIS MORGAN LLP
COMPANY INFORMATION
Designated members
P Jackson (Chairman)
P Ashton
P Drown
B Dunning
R Thacker
Limited liability partnership number
OC355840
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Crean & Co Accountants Limited
Statutory Audit Firm
Lanesboro St
Roscommon
Ireland
F42 DA32
BEAVIS MORGAN LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Consolidated profit and loss account
6
Consolidated balance sheet
7 - 8
Parent company balance sheet
9 - 10
Group reconciliation of members' interests
11 - 12
Parent reconciliation of members' interests
13 - 14
Consolidated statement of cash flows
15
Notes to the financial statements
16 - 30
BEAVIS MORGAN LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 1 -
The members present their report and financial statements for the year to 31 August 2022.
Principal activities
The principal activity of the LLP and group continued to be the provision of accountancy, taxation and business advisory services.
Members' drawings, contributions and repayments
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. Initial debt capital is contributed in accordance with the LLP agreement and is repayable within 24 months of the cessation of membership of the contributing member.
Designated members
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
P Jackson (Chairman)
P Ashton
P Drown
B Dunning
R Thacker
Political donations
The LLP made donations of £3,269 during the year (2021: £1,550).
Auditor
During the year, Tom Carolan & Co resigned as auditors and were replaced by Crean & Co, Accountants Limited. A resolution re-appointing Crean & Co as auditor to the limited liability partnership is to be proposed at a general meeting.
Statement of disclosure to auditor
Each of the members in office at the date of approval of this annual report confirms that:
so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and
the members have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information
Approved by the members on
29 November 2023
29 November 2023
and signed on behalf of by
P Drown
Designated Member
BEAVIS MORGAN LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the limited liability partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership's transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the• financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
BEAVIS MORGAN LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEAVIS MORGAN LLP
- 3 -
Opinion
We have audited the consolidated financial statements of Beavis Morgan LLP (the 'limited liability partnership') and its subsidiaries ("the group") for the year ended 31 August 2021 which comprise the Consolidated Profit And Loss Account, the Group Balance Sheet, the Parent Company Balance Sheet, the Group Reconciliation of Members' Interests, the Parent Company Reconciliation of Members' interests, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and limited liability partnership's affairs as at 31 August 2021 and of the profit of the group for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members' responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
BEAVIS MORGAN LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEAVIS MORGAN LLP
- 4 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if. in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Reponsibilities of members
As explained more fully in the members’ responsibilities statement set out on page 2, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the group’s and the parent LLP’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the group or parent LLP or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The audit approach consisted of the following:
- Holding enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BEAVIS MORGAN LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEAVIS MORGAN LLP
- 5 -
This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Crean (Senior Statutory Auditor)
For and on behalf of Crean & Co Accountants Limited
29 November 2023
Chartered Accountants
Statutory Auditor
Statutory Audit Firm
Lanesboro St
Roscommon
Ireland
F42 DA32
BEAVIS MORGAN LLP
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
- 6 -
2022
2021
Notes
£
£
Turnover
3
9,918,412
9,157,380
Cost of sales
(5,073,754)
(4,101,706)
Gross profit
4,844,658
5,055,674
Administrative expenses
(3,446,588)
(3,338,918)
Other operating income
49,760
122,453
Operating profit
5
1,447,830
1,839,209
Share of profits of associates
593,866
265,442
Interest receivable and similar income
4
26,000
51,824
Interest payable and similar expenses
(42,601)
(42,216)
Amounts written off investments
-
(1,152)
Profit before taxation
2,025,095
2,113,107
Tax expense in corporate subsidiaries
7
(35,075)
(50,525)
Profit for the financial year before members' remuneration
1,990,020
2,062,582
Members' remuneration charged as an expense
(1,711,591)
(1,741,904)
Profit for the financial year is attributable to:
- Owners of the parent company
177,332
152,274
- Non-controlling interests
101,097
168,404
278,429
320,678
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BEAVIS MORGAN LLP
GROUP BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 7 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
8
316,714
457,878
Other intangible assets
8
340,681
392,917
Total intangible assets
657,395
850,795
Tangible assets
9
38,024
33,473
Investments
10
5,024,160
3,410,744
5,719,579
4,295,012
Current assets
Debtors
11
3,618,767
3,368,648
Cash at bank and in hand
38,467
419,934
3,657,234
3,788,582
Creditors: amounts falling due within one year
12
(3,280,124)
(3,327,181)
Net current assets
377,110
461,401
Total assets less current liabilities
6,096,689
4,756,413
Creditors: amounts falling due after more than one year
13
(209,586)
(627,491)
Provisions for liabilities
Provisions
15
100,000
127,632
Deferred tax liability
16
939
864
(100,939)
(128,496)
Net assets
5,786,164
4,000,426
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
1,912,500
1,915,000
Other amounts
(31,621)
(763,185)
1,880,879
1,151,815
Members' other interests
Other reserves classified as equity
245,785
68,458
Revaluation reserve
3,609,500
2,733,250
Non-controlling interests
50,000
46,903
5,786,164
4,000,426
BEAVIS MORGAN LLP
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2022
31 August 2022
2022
2021
Notes
£
£
£
£
- 8 -
Amounts due to/(from) members
Amounts due from members
(31,621)
(763,185)
Loans and other debts due to members
1,912,500
1,915,000
Other reserves classified as equity
245,785
68,458
Revaluation reserve
3,609,500
2,733,250
5,736,164
3,953,523
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
29 November 2023
P Drown
Director
Company registration number OC355840 (England and Wales)
BEAVIS MORGAN LLP
PARENT COMPANY BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 9 -
2022
2021
Fixed assets
Tangible assets
9
30,761
26,177
Investments
10
6,359,829
5,340,279
6,390,590
5,366,456
Current assets
Debtors
11
3,751,509
3,252,184
Cash at bank and in hand
638
347
3,752,147
3,252,531
Creditors: amounts falling due within one year
12
(2,807,330)
(2,669,564)
Net current assets
944,817
582,967
Total assets less current liabilities
7,335,407
5,949,423
Creditors: amounts falling due after more than one year
13
(120,028)
(311,726)
Provisions for liabilities
15
(100,000)
(127,632)
Net assets attributable to members
7,115,379
5,510,065
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(1,912,500)
(1,915,000)
Other amounts
31,621
763,185
1,880,879
1,151,815
Members' other interests
Revaluation reserve
(5,234,500)
(4,358,250)
7,115,379
5,510,065
Total members' interests
Amounts due from members
-
(1,047,700)
Loans and other debts due to members
1,880,879
2,199,515
Members' other interests
5,234,500
4,358,250
7,115,379
5,510,065
BEAVIS MORGAN LLP
PARENT COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2022
31 August 2022
- 10 -
The financial statements were approved by the members and authorised for issue on 29 November 2023 and are signed on their behalf by:
P Drown
Designated member
Limited Liability Partnership Registration No. OC355840
BEAVIS MORGAN LLP
GROUP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 11 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
23,660
Amounts due from members
(786,846)
Members' interests at 1 September 2021
2,733,250
68,453
2,801,703
1,915,000
(763,186)
1,151,814
3,953,517
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
.
-
-
1,711,591
1,711,591
1,711,591
Profit for the financial year available for discretionary division among members
-
177,332
177,332
-
-
-
177,332
Members' interests after profit and remuneration for the year
2,733,250
245,785
2,979,035
1,915,000
948,405
2,863,405
5,842,440
Introduced by members
-
-
-
30,000
-
30,000
30,000
Repayment of debt (including members' capital classified as a liability)
-
-
-
(32,500)
-
(32,500)
(32,500)
Drawings
-
-
-
-
(980,026)
(980,026)
(980,026)
Fair value adjustment to investments
876,250
-
876,250
-
-
-
876,250
Members' interests at 31 August 2022
3,609,500
245,785
3,855,285
1,912,500
(31,621)
1,880,879
5,736,164
Amounts due to members
23,660
Amounts due from members
(55,281)
(31,621)
BEAVIS MORGAN LLP
GROUP RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 12 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total2021
£
£
£
£
£
£
Amounts due to members
23,497
Amounts due from members
(1,705,909)
Members' interests at 1 September 2020
2,151,250
(83,821)
2,067,429
1,900,000
(1,682,412)
217,588
2,285,017
Members' remuneration charged as an expense, including employment costs and retirement benefit costs (As restated)
-
-
-
-
1,741,904
1,741,904
1,741,904
Profit for the financial year available for discretionary division among members
-
152,274
152,274
-
-
-
152,274
Members' interests after profit and remuneration for the year
2,151,250
68,453
2,219,703
1,900,000
59,492
1,959,492
4,179,195
Introduced by members
-
-
-
15,000
-
15,000
15,000
Drawings
-
-
-
-
(1,273,098)
(1,273,098)
(1,273,098)
Fair value adjustment to investments
582,000
-
582,000
-
-
-
582,000
Other movements
-
-
-
-
450,421
450,421
450,421
Members' interests at 31 August 2021
2,733,250
68,453
2,801,703
1,915,000
(763,185)
1,151,815
3,953,518
Amounts due to members
23,660
Amounts due from members
(786,845)
(763,185)
BEAVIS MORGAN LLP
PARENT RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 13 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Total
Members' capital (classified as debt)
Other amounts
Total
Total
2022
£
£
£
£
£
Amounts due to members
23,660
Amounts due from members
(786,846)
Members' interests at 1 September 2021
4,358,250
4,358,250
1,915,000
(763,186)
1,151,814
5,510,064
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
1,711,591
1,711,591
1,711,591
Members' interests after loss and remuneration for the year
4,358,250
4,358,250
1,915,000
948,405
2,863,405
7,221,655
Introduced by members
-
-
30,000
-
30,000
30,000
Repayment of debt (including members' capital classified as a liability)
-
-
(32,500)
-
(32,500)
(32,500)
Drawings
-
-
-
(980,026)
(980,026)
(980,026)
Fair value adjustment to investments
876,250
876,250
-
-
-
876,250
Members' interests at 31 August 2022
5,234,500
5,234,500
1,912,500
(31,621)
1,880,879
7,115,379
Amounts due to members
23,660
Amounts due from members
(55,281)
(31,621)
BEAVIS MORGAN LLP
PARENT RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 14 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Total
Members' capital (classified as debt)
Other amounts
Total
Total
2021
£
£
£
£
£
Amounts due to members
23,497
Amounts due from members
(1,705,909)
Members' interests at 1 September 2020
3,776,250
3,776,250
1,900,000
(1,682,412)
217,588
3,993,838
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
1,741,904
1,741,904
1,741,904
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
3,776,250
3,776,250
1,900,000
59,492
1,959,492
5,735,742
Introduced by members
-
-
15,000
-
15,000
15,000
Drawings
-
-
-
(1,273,098)
(1,273,098)
(1,273,098)
Fair value adjustment to investments
582,000
582,000
-
-
-
582,000
Other movements
-
-
-
450,421
450,421
450,421
Members' interests at 31 August 2021
4,358,250
4,358,250
1,915,000
(763,185)
1,151,815
5,510,065
Amounts due to members
23,660
Amounts due from members
(786,845)
(763,185)
BEAVIS MORGAN LLP
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
- 15 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
870,122
672,490
Interest paid
(42,601)
(42,216)
Income taxes paid
(50,553)
(11,590)
Net cash inflow from operating activities
776,968
618,684
Investing activities
Purchase of tangible fixed assets
(26,718)
(20,352)
Purchase of associates
(83,300)
-
Proceeds from disposal of associates
(175,000)
-
Receipts from joint venture
265,442
Purchase of investments
(10,000)
-
Proceeds from disposal of investments
-
13,618
Interest received
350
Other income received from investments
101,000
51,474
Net cash (used in)/generated from investing activities
(194,018)
310,532
Financing activities
Repayment of borrowings
60,000
-
Proceeds from new bank loans
-
250,000
Repayment of bank loans
(9,555)
(25,818)
Dividends paid to non-controlling interests
(98,000)
(168,000)
Capital introduced by members (classified as debt or equity)
30,000
15,000
Repayment of capital or debt to members
(32,500)
(1,410,948)
Payments to members
(980,026)
-
Net cash used in financing activities
(1,030,081)
(1,339,766)
Net decrease in cash and cash equivalents
(447,131)
(410,550)
Cash and cash equivalents at beginning of year
(131,815)
278,735
Cash and cash equivalents at end of year
(578,946)
(131,815)
Relating to:
Cash at bank and in hand
38,467
419,934
Bank overdrafts included in creditors payable within one year
(617,413)
(551,749)
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 16 -
1
Accounting policies
Company information
Beavis Morgan LLP is a limited liability partnership incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
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 certain fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the members to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fees receivable
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
If, at the Balance sheet date, completion of contractual obligation is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.
1.4
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 rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are shown as amounts due from members within members' interests.
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 17 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Client relationship
10 years
Goodwill
10 years
1.7
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:
Office equipment
Straight line over 3 to 4 years
Computer equipment
Straight line over 3 to 4 years
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 recognised in the profit and loss account.
1.8
Fixed asset investments
Interest in subsidiaries, associates and other investments, including joint ventures, are measured at fair value with changes in fair value being recognised in other comprehensive income in the individual financial statements.
Investments in associates, including joint ventures, are recognised initially in the consolidated statement of financial position at the transaction price and subsequently adjusted to reflect the group's share of total comprehensive income and equity of the associate, less any impairment.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of 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). 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.
1.10
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ 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.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
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 group after deducting all of its 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.
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 19 -
1.11
Basis of consolidation
The consolidated financial statements incorporate those of Beavis Morgan LLP and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 August 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities other than subsidiary undertaking in which the group has a participating interest, and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial statements associates are accounted for using the equity method.
The LLP has taken advantage of section 408 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and has not included its own Profit and Loss Account in these financial statements. The LLP's profit for the year was £1,711,591 (2021: £1,741,904).
The individual accounts of Beavis Morgan LLP have also adopted the following disclosure exemptions:
the requirement to present a statement of cash flows and related notes
financial instrument disclosures, including:
- items of income, expenses, gains or losses relating to financial instruments - exposure to and management of financial risks.
1.12
Taxation
Tax to be paid on the profits arising in the LLP are a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements. Tax as presented within these financial statements represents tax arising from other group undertakings.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
1.13
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense,
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits and post retirement payments to members
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.16
Leases
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
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.
1.18
Non-controlling interests
Non-controlling interests are recognised at the applicable interest in the fair value of the net assets of subsidiaries acquired. Non-controlling interests in the profit and loss of subsidiaries are recognised in profit and loss. Other changes in non-controlling interests are recognised in equity.
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 21 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Fair value of fixed asset investments
In arriving at the fair value of investments, the members have had regard to observable market data and projected financial performance of the entities concerned.
Recoverable amount of trade debtors and amounts recoverable under contracts
The members have considered both historical experience and objective evidence in determining the carrying value of work in progress and the recoverability of debtors.
Useful lives of intangible assets
The members have applied their knowledge and experience of the sector in determining the useful lives of intangible assets.
3
Turnover
Turnover derives from the rendering of services in the UK.
2022
2021
£
£
Turnover analysed by class of business
Accounting, tax and business advisory services
9,157,380
8,170,695
9,937,489
9,138,303
4
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
350
Income from fixed asset investments
Income from other fixed asset investments
26,000
51,474
Total income
26,000
51,824
2022
2021
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
350
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 22 -
5
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
447
724
Depreciation and amortisation
131,465
95,720
Auditor's remuneration
10,000
10,000
Operating lease charges
486,237
519,971
6
Employees
The aggregate remuneration was as follows:
2022
2021
£
£
Wages and salaries
3,524,970
3,049,624
Social security costs
354,351
303,148
Pension costs
99,258
65,358
3,978,579
3,418,130
The average number of persons (excluding members) employed by the group during the year was 73 (2021 - 69).
During the year ended 31 August 2022, the group recognised an amount totalling £Nil (2021: £32,370) receivable under the UK Government's Coronavirus Job Retention Scheme (CJRS).
7
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
34,996
50,615
Adjustments in respect of prior periods
3
Total current tax
34,999
50,615
Deferred tax
Origination and reversal of timing differences
76
(90)
Total tax charge
35,075
50,525
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
7
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
2,032,466
2,113,107
Expected tax charge based on the standard rate if corporation tax in the UK of 19% (2019:19%)
386,169
401,490
Expenses not deductible for tax purposes
8,537
20,767
Tax effect of profits of the group not chargeable to corporation tax
(359,631)
(362,882)
Other non-reversing timing differences
(8,850)
Taxation charge
35,075
50,525
Taxation charge in the financial statements
35,075
50,525
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 24 -
8
Intangible fixed assets
Group
Note
Goodwill
Client relationship
Total
£
£
£
Cost
At 1 September 2021
1,167,760
522,363
1,690,123
Revaluation
(114,683)
(114,683)
At 31 August 2022
1,053,077
522,363
1,575,440
Amortisation and impairment
At 1 September 2021
709,882
129,446
839,328
Amortisation charged for the year
26,481
52,236
78,717
At 31 August 2022
736,363
181,682
918,045
Carrying amount
At 31 August 2022
316,714
340,681
657,395
At 31 August 2021
457,878
392,917
850,795
9
Tangible fixed assets
Group
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 September 2021
161,186
253,925
415,111
Additions
5,131
21,587
26,718
At 31 August 2022
166,317
275,512
441,829
Depreciation and impairment
At 1 September 2021
158,135
223,503
381,638
Depreciation charged in the year
3,272
18,895
22,167
At 31 August 2022
161,407
242,398
403,805
Carrying amount
At 31 August 2022
4,910
33,114
38,024
At 31 August 2021
3,051
30,422
33,473
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
9
Tangible fixed assets
(Continued)
- 25 -
Company
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 September 2021
158,851
243,257
402,108
Additions
5,131
16,948
22,079
At 31 August 2022
163,982
260,205
424,187
Depreciation and impairment
At 1 September 2021
157,463
218,468
375,931
Depreciation charged in the year
2,688
14,807
17,495
At 31 August 2022
160,151
233,275
393,426
Carrying amount
At 31 August 2022
3,831
26,930
30,761
At 31 August 2021
1,388
24,789
26,177
10
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
820,397
820,397
Investments in associates
4,979,279
3,325,863
5,494,551
4,435,001
Unlisted investments
44,881
84,881
44,881
84,881
5,024,160
3,410,744
6,359,829
5,340,279
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2021
3,325,863
84,881
3,410,744
Additions
183,300
10,000
193,300
Valuation changes
876,250
-
876,250
Share of profits
593,866
(50,000)
543,866
At 31 August 2022
4,979,279
44,881
5,024,160
Carrying amount
At 31 August 2022
4,979,279
44,881
5,024,160
At 31 August 2021
3,325,863
84,881
3,410,744
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
10
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2021
5,255,398
84,881
5,340,279
Additions
183,300
10,000
193,300
Valuation changes
876,250
-
876,250
Share of profits
-
(50,000)
(50,000)
At 31 August 2022
6,314,948
44,881
6,359,829
Carrying amount
At 31 August 2022
6,314,948
44,881
6,359,829
At 31 August 2021
5,255,398
84,881
5,340,279
11
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,649,461
1,612,319
1,519,877
1,339,461
Other debtors
588,111
513,942
836,635
718,714
Prepayments and accrued income
1,381,195
1,242,382
1,394,997
1,194,009
3,618,767
3,368,643
3,751,509
3,252,184
12
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
14
627,413
611,724
582,273
551,749
Trade creditors
807,517
665,113
670,330
567,367
Corporation tax payable
35,086
50,639
-
-
Other taxation and social security
688,893
894,309
552,570
559,566
Other creditors
798,436
562,647
720,821
524,566
Accruals and deferred income
322,779
542,749
281,336
466,316
3,280,124
3,327,181
2,807,330
2,669,564
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 27 -
13
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
14
29,558
230,822
-
-
Other borrowings
14
60,000
-
-
Deferred consideration
-
216,641
-
-
Other creditors
120,028
180,028
120,028
311,726
209,586
627,491
120,028
311,726
14
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.
15
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Professional indemnity claims
100,000
127,632
100,000
127,632
Movements on provisions:
Professional indemnity claims
Group
£
At 1 September 2021
127,632
Reversal of provision
(27,632)
At 31 August 2022
100,000
Company
£
At 1 September 2021
127,632
Reversal of provision
(27,632)
At 31 August 2022
100,000
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 28 -
16
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
939
864
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 September 2021
864
-
Charge to profit or loss
75
-
Liability at 31 August 2022
939
-
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Financial commitments, guarantees and contingent liabilities
Included in creditors are amounts secured by charges over the LLP's assets. The total of such borrowings is £766,987(2021 - £804,149).
18
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
356,426
365,015
-
-
Between two and five years
1,301,200
1,301,200
-
-
In over five years
3,253,000
3,253,000
-
-
4,910,626
4,919,215
-
-
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 29 -
19
Related party transactions
The LLP has guaranteed certain borrowings of an entity controlled by certain members of the LLP. The total borrowings guaranteed as at 31 August 2022 amounted to £nil (2021 - £nil).
The LLP charged an entity controlled by certain members of the LLP the amount of £1,118,609 (2021 - £1,065,248) for the provision of staff and other facilities. The balance due as at 31 August 2022 from the related entity totaled £Nil (2021- £34,658). At group level, the net balance due as at 31 August 2022 amounted to £221,527 (2021 - 155,695).
The LLP charged associated entities £221,543 (2021- £216,433) for the provision of facilities. Balances due from associated entities at 31 August 2022 in respect of such charges was £59,009 (2021 - £30,194). At group level, the net balance owed as at 31 August 2022 amounted to £59,009 (2021 - £29,806).
The total remuneration of the members of the LLP, who are considered to be the key management personnel of the LLP, was £1,711,591 (2021 - £1,741,904).
The LLP rents premises from a partnership controlled by certain members of the LLP. In the year ended 31 August 2022, Total charges made for rent, including charges passed on by the LLP to sub-tenants were £472,148 (2021 - £480,219).
At the balance sheet date, the group and LLP was owed £119,801 (2021 - £25,199) by Integrity 365 Limited, a company in which the group holds an interest as per note 10.
20
Controlling party
In the opinion of the members there is no ultimate controlling party.
21
Analysis of changes in net debt - group
1 September 2021
Cash flows
Other non-cash changes
31 August 2022
£
£
£
£
Cash at bank and in hand
419,934
(381,467)
-
38,467
Bank overdrafts
(551,749)
(65,664)
-
(617,413)
(131,815)
(447,131)
-
(578,946)
Borrowings excluding overdrafts
(49,113)
(50,445)
-
(99,558)
Loans and other amounts due to members
(1,151,814)
982,526
(1,711,591)
(1,880,879)
(1,332,742)
484,950
(1,711,591)
(2,559,383)
BEAVIS MORGAN LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 30 -
22
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
1,990,020
1,894,178
Adjustments for:
Share of results of associates and joint ventures
(593,866)
(265,442)
Taxation charged
35,075
50,525
Finance costs
42,601
42,216
Investment income
(26,000)
(51,824)
Amortisation and impairment of intangible assets
78,717
109,299
Depreciation and impairment of tangible fixed assets
22,167
17,095
Other gains and losses
-
1,152
(Decrease)/increase in provisions
(27,632)
25,000
Movements in working capital:
Increase in debtors
(75,124)
(999,775)
Decrease in creditors
(515,642)
(149,934)
Decrease in deferred income
(60,194)
-
Cash generated from operations
870,122
672,490
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