Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-31002023-03-312022-04-01105The principal activity of the LLP continues to be that of architectural services.false109falsefalse OC386918 2022-04-01 2023-03-31 OC386918 2021-04-01 2022-03-31 OC386918 2023-03-31 OC386918 2022-03-31 OC386918 2021-04-01 OC386918 1 2022-04-01 2023-03-31 OC386918 1 2021-04-01 2022-03-31 OC386918 3 2022-04-01 2023-03-31 OC386918 3 2021-04-01 2022-03-31 OC386918 5 2022-04-01 2023-03-31 OC386918 5 2021-04-01 2022-03-31 OC386918 7 2022-04-01 2023-03-31 OC386918 7 2021-04-01 2022-03-31 OC386918 8 2022-04-01 2023-03-31 OC386918 8 2021-04-01 2022-03-31 OC386918 10 2022-04-01 2023-03-31 OC386918 10 2021-04-01 2022-03-31 OC386918 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 OC386918 d:Buildings d:LongLeaseholdAssets 2023-03-31 OC386918 d:Buildings d:LongLeaseholdAssets 2022-03-31 OC386918 d:MotorVehicles 2022-04-01 2023-03-31 OC386918 d:FurnitureFittings 2022-04-01 2023-03-31 OC386918 d:FurnitureFittings 2023-03-31 OC386918 d:FurnitureFittings 2022-03-31 OC386918 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC386918 d:ComputerEquipment 2022-04-01 2023-03-31 OC386918 d:ComputerEquipment 2023-03-31 OC386918 d:ComputerEquipment 2022-03-31 OC386918 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC386918 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC386918 d:CurrentFinancialInstruments 2023-03-31 OC386918 d:CurrentFinancialInstruments 2022-03-31 OC386918 d:Non-currentFinancialInstruments 2023-03-31 OC386918 d:Non-currentFinancialInstruments 2022-03-31 OC386918 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 OC386918 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 OC386918 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 OC386918 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 OC386918 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 OC386918 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 OC386918 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 OC386918 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 OC386918 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 OC386918 d:ReportableOperatingSegment1 2021-04-01 2022-03-31 OC386918 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 OC386918 d:ReportableOperatingSegment2 2021-04-01 2022-03-31 OC386918 d:ReportableOperatingSegment3 2022-04-01 2023-03-31 OC386918 d:ReportableOperatingSegment3 2021-04-01 2022-03-31 OC386918 d:ReportableOperatingSegment4 2022-04-01 2023-03-31 OC386918 d:ReportableOperatingSegment4 2021-04-01 2022-03-31 OC386918 d:ReportableOperatingSegment5 2022-04-01 2023-03-31 OC386918 d:ReportableOperatingSegment5 2021-04-01 2022-03-31 OC386918 e:UnitedKingdom 2022-04-01 2023-03-31 OC386918 e:UnitedKingdom 2021-04-01 2022-03-31 OC386918 e:RestEuropeOutsideUK 2022-04-01 2023-03-31 OC386918 e:RestEuropeOutsideUK 2021-04-01 2022-03-31 OC386918 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 OC386918 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 OC386918 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-03-31 OC386918 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-03-31 OC386918 f:FRS102 2022-04-01 2023-03-31 OC386918 f:Audited 2022-04-01 2023-03-31 OC386918 f:FullAccounts 2022-04-01 2023-03-31 OC386918 f:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC386918 d:Subsidiary1 2022-04-01 2023-03-31 OC386918 d:Subsidiary1 1 2022-04-01 2023-03-31 OC386918 d:WithinOneYear 2023-03-31 OC386918 d:WithinOneYear 2022-03-31 OC386918 d:BetweenOneFiveYears 2023-03-31 OC386918 d:BetweenOneFiveYears 2022-03-31 OC386918 d:MoreThanFiveYears 2023-03-31 OC386918 d:MoreThanFiveYears 2022-03-31 OC386918 11 2022-04-01 2023-03-31 OC386918 12 2022-04-01 2023-03-31 OC386918 11 2021-04-01 2022-03-31 OC386918 12 2021-04-01 2022-03-31 OC386918 2 2022-04-01 2023-03-31 OC386918 6 2022-04-01 2023-03-31 OC386918 f:PartnerLLP1 2022-04-01 2023-03-31 OC386918 f:PartnerLLP2 2022-04-01 2023-03-31 OC386918 f:PartnerLLP3 2022-04-01 2023-03-31 OC386918 f:PartnerLLP4 2022-04-01 2023-03-31 OC386918 f:PartnerLLP5 2022-04-01 2023-03-31 OC386918 f:PartnerLLP6 2022-04-01 2023-03-31 OC386918 f:PartnerLLP7 2022-04-01 2023-03-31 OC386918 f:PartnerLLP8 2022-04-01 2023-03-31 OC386918 f:PartnerLLP9 2022-04-01 2023-03-31 OC386918 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-04-01 2023-03-31 OC386918 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC386918 d:OtherCapitalInstrumentsClassifiedAsEquity 2021-04-01 2022-03-31 OC386918 d:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC386918 d:OtherCapitalInstrumentsClassifiedAsEquity 2021-04-01 OC386918 d:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC386918 d:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC386918










FAULKNERBROWNS LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
FAULKNERBROWNS LLP
 

INFORMATION




Designated Members

B M Sykes
L C McLaughlin
S A McIntyre

Members

M J Hall
P Richardson
P Rigby
K G Logan
N J Durney
P J McMahon

LLP registered number

OC386918

Registered office

Dobson HouseNorthumbrian Way, KillingworthNewcastle upon TyneTyne & WearNE12 6QW

Independent auditors

Ryecroft Glenton32 Portland TerraceNewcastle upon TyneNE2 1QP

Bankers

Barclays Bank PLC5 St Ann's StreetQuaysideNewcastle upon TyneNE1 3DX

Solicitors

Muckle LLPTime Central32 GallowgateNewcastle upon TyneTyne & WearNE1 4BF


 
FAULKNERBROWNS LLP
 

CONTENTS



Page
Members' Report
1 - 6
Independent Auditors' Report
7 - 10
Statement of Comprehensive Income
11
Balance Sheet
12 - 13
Statement of Changes in Equity
14
Statement of Cash Flows
15 - 16
Notes to the Financial Statements
17 - 34


 
FAULKNERBROWNS LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The members present their annual report together with the audited financial statements of Faulknerbrowns LLP (the "LLP") for the year ended 31 March 2023
 

Principal activities
 
 

The principal object of the LLP is to provide Architectural services.
About
FaulknerBrowns is a multi-award winning practice of architects, designers and masterplanners which is internationally recognised for an ability to re-interpret typologies and design places where people do better.
We are an architectural design practice with a long-established reputation for designing innovative and operationally successful buildings and masterplans across Europe, the Middle East and North America. Our work covers a broad range of sectors, including feasibility studies for sport and leisure, education, residential and commercial projects. 
With talented teams in the UK, Ireland and Canada, we have the flexibility to react to the needs of our clients, whilst maintaining a ‘one studio culture’ – a connected entity with effective communication and knowledge sharing. Our cosmopolitan mix of people from around the world also provides us with a diverse range of expertise.
This experience and knowledge of different building types and locations allows us to challenge and re-interpret traditional solutions. At feasibility stage, we spend time carefully weighing pragmatic considerations with ambition and innovation, to create exciting and commercially successful places. 
One example of this approach is innovatively combining sport, education and community services. Across high-performance aquatic and dry sport facilities, we have questioned the status quo to show that integrating community leisure engages the widest cross section of the community in sport. These buildings and places drive physical and mental wellbeing and encourage communities to gather. 
Similarly, with our experience in elite cycling venues, our analysis of existing velodrome shortfalls has allowed us to evolve the building typology to create venues with diverse sport, leisure and events programmes. The result of challenging typologies is added value for our clients and end uses; our projects are award winning for exemplary design, community impact, sustainability, and functional efficiency.
Our process is creative and innovative
We combine our considerable experience with research and testing through making to create designs that go beyond our clients’ aspirations. 
First, we look and listen. Every project at feasibility stage starts by developing a deep understanding of the local context, through physical, material, social and economic analysis of place. We believe in then looking at a broader picture, to take inspiration from examples of best practice in building design and placemaking. We use research visits at home and abroad to inform our thinking and bring innovative ideas to the places we design. Our research also includes new materials, systems, and processes to ensure we deliver architecture of enduring quality.
 
Page 1

 
FAULKNERBROWNS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
Climate and carbon 
In parallel with ingenuity in approach, our team drives sustainable design innovation. We have developed skills and expertise in net zero carbon strategies, lifecycle carbon modelling, Passivhaus principles and BREEAM advisory services. We have also linked specialist software to our BIM models to define the carbon performance of our projects and to inform a database of building types. During 2022/2023 we have continued to invest in software and time spent analysing new projects from a carbon perspective, as well as completed projects to help establish industry benchmarks for sports and leisure buildings. 
With our clients and professional colleagues, we strive to set ambitious targets for carbon reduction at the early stages of a project, and we support the robust framework offered by the RIBA’s 2030 Climate Change initiative. This brings added value to the places we create; in 2022 we completed Ravelin Sports Centre, an ultra-low energy sports facility which received a BREEAM Outstanding award and has demonstrated an operational energy consumption of less than 100 kWh/m2/yr – around one tenth of a typical sports centre.
We have also applied these principles to our own activity as a company, by establishing a zero-carbon target aligned with the UN Race to Zero and developing a practice decarbonisation plan to 2030.
Finally, we bring creativity to the design process by testing through making. We build, test and review our projects both digitally and physically, with the support of our in house modelshop. Using models maintains strong communication with clients and stakeholders throughout the design process and is particularly useful at feasibility stage, to ensure ideas and concepts are conveyed clearly. 
This overall combination of technical innovation and creative thinking in our design process sets us apart, and we truly delight in the repeat commissions and collaborative relationships we forge with our clients as a result. 
Placemaking and connectivity
We firmly believe that successful places are created by weaving into the existing networks and infrastructure of any given site. 
Where new cultural destinations are being considered, especially at the feasibility stage, we believe the ability to link into existing activity networks is highly advantageous. We are passionate about finding ways to build our architectural concepts from heritage and place and strive to form a strong bond between new and old by developing tangible yet contemporary references to a project’s context. 
Designing places that promote activity is a key part of our approach to placemaking. Whilst leisure buildings can provide an essential focus for both team and individual activity, good design has a key role to play in creating active places and effective active infrastructure in our towns and cities. We believe the relationship between buildings, places and infrastructure can be critical in promoting active lifestyles, increased public engagement and significantly aid in the creation of new social destinations.
Social, environmental and commercial sustainability are at the heart of our thinking. We consider them to be mutually interrelated – with good design, no single aspect need be sacrificed. Considering this from feasibility stage means that as well as delivering added value for our clients, we deliver maximum social value. This year, our approach was recognised with the Architects’ Journal AJ100 Award for ‘Community Impact of the Year’.
The combination of experience, ingenuity and a focus on ‘place’ before ‘space’, at feasibility stage and beyond, is why our clients keep returning to us to deliver well grounded and innovative buildings and places.
 
Page 2

 
FAULKNERBROWNS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
Awards won
This year, our projects have won 23 of the industry’s most prestigious design and property awards, including the Royal Institute of British Architects (RIBA) Awards and the New London Architecture Awards. Across both completed buildings and ongoing projects, our work has been recognised and celebrated for its quality, innovation and successful placemaking. This includes winning the British Council for Offices ‘Best of the Best’ award for the second time, an accolade which has only been achieved by a handful of architectural practices. 
Our overall contribution to the industry has also been recognised, with the ‘Architect of the Year’ award from the Architects’ Journal and the ‘Retail and Leisure Architect of the Year’ award from Building Design magazine. 
Highlights include:
New London Architecture Awards, Overall Winner and ‘Culture’ Winner, Britannia Leisure Centre
Royal Institute of British Architects (RIBA), Regional Award, Newcastle Civic Centre
AJ Architecture Awards, Civic Winner, City Hall Sunderland
AJ Architecture Awards, Architect of the Year, FaulknerBrowns
British Council for Offices, ‘Best of the Best’ and Best Corporate Workplace, City Hall Sunderland
AJ Retrofit Awards, Workplace £10+ Winner, Newcastle Civic Centre
Pineapple Awards for Place, Best Future Place, Riverside Sunderland Masterplan
Architects’ Journal AJ100 Awards, Community Impact of the Year, Britannia Leisure Centre
Building Design Architect of the Year Awards, Retail and Leisure Winner, FaulknerBrowns
Mixology North Awards, Public Sector and Cultural Interiors Project of the Year, City Hall Sunderland
Looking at the year ahead
Workload in consumer-related areas such as residential, retail, and hotel & leisure remains constrained by the impact of high rates of inflation, higher taxes, and rising mortgage costs through 2023. As we look to 2024, public-sector and education-linked investment through several regional opportunities is helping to offset these constraints and front-end design stage work in this area continues to reinforce our UK workload, albeit this is not immune to the challenging values and investment appraisals of 2023. 
As with our outlook last year, we continue to focus on opening-up new opportunities in new markets – our European and Middle Eastern workload in the near-term focuses on mixed-use regeneration and sports and recreation. 
In summary, 2024 will continue to focus on positioning and retaining our exposure and talent to challenge and deliver.  
 
Page 3

 
FAULKNERBROWNS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
Going concern
At the balance sheet date, the LLP had net assets of £2,419,313, net current assets of £2,242,721 and cash resources of £1,208,879.
The Members have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that, the LLP will have sufficient funds to meet its liabilities as they fall due for that period. 
The LLP is financed through the capital introduced by the members, bank loans and by profits retained within the business. The LLP has facilities with the bank which are renewed annually to provide working capital. 
Where appropriate, the LLP will negotiate additional finance to assist in capital expenditure projects. 
The annual budgets and forecasts take account of the expected changes in the trading performance due to the COVID-19 risk and inherent uncertainty around the impact of the pandemic on the UK society and economy. These budgets and forecasts demonstrate that the LLP expects to be able to operate within its current facilities. 
The Members having assessed the risk to the LLP and concluded that it is not significantly exposed and it is well placed to continue to operate and manage the situation.
Consequently, the members are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.
 
 
There have been no changes in the objectives since the last annual report.
 
 
Designated Members
 
 
B M Sykes, L C McLaughlin and S A McIntyre were designated members of the LLP throughout the period.
 

Members


M J Hall, P Richardson, P Rigby, K G Logan, N J Durney and P J McMahon were members of the LLP throughout the period.
 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 March 2023 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Page 4

 
FAULKNERBROWNS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
Members' responsibilities statement
 
 
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 (United Kingdom Accounting Standards and applicable law). 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Page 5

 
FAULKNERBROWNS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
 
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members on 12 January 2024 and signed on their behalf by:
 
 


B M Sykes
Designated member


Page 6

 
FAULKNERBROWNS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAULKNERBROWNS LLP
 

Opinion
 

We have audited the financial statements of Faulknerbrowns LLP (the 'LLP') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 LLP's affairs as at 31 March 2023 and of its loss 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.


Page 7

 
FAULKNERBROWNS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAULKNERBROWNS LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, 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 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 LLP or to cease operations, or have no realistic alternative but to do so.


Page 8

 
FAULKNERBROWNS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAULKNERBROWNS LLP (CONTINUED)


Auditors' 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 Auditors' 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.


The extent to which the audit was considered capable of detecting irregularities including fraud
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 responsible individual ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the LLP through discussions with members and other   management, and from our commercial knowledge and experience of the architectural sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the LLP, including the Companies Act 2006 and other    legislation identified as being of significance e.g. taxation legislation, data protection, anti-bribery,    employment, environmental and health and safety legislation.
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the LLP’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and their   knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators and the LLP’s legal expenditure. 
 
Page 9

 
FAULKNERBROWNS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAULKNERBROWNS LLP (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Grahame Maughan (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

12 January 2024
Page 10

 
FAULKNERBROWNS LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,482,441
8,086,905

Cost of sales
  
(5,012,305)
(4,338,127)

Gross profit
  
 
4,470,136
 
3,748,778

Distribution costs
  
(902,018)
(905,630)

Administrative expenses
  
(1,316,740)
(934,556)

Other operating income
 5 
4,313
23,959

Operating profit
 6 
 
2,255,691
 
1,932,551

Interest receivable and similar income
 10 
825
94

Interest payable and similar expenses
 11 
(3,046)
(3,031)

Profit before tax
  
 
2,253,470
 
1,929,614

Profit for the year before members' remuneration and profit shares
  
 
2,253,470
 
1,929,614

Profit for the year before members' remuneration and profit shares
  
2,253,470
1,929,614

Members' remuneration charged as an expense
  
(2,253,470)
(1,929,614)

Profit for the financial year available for discretionary division among members
  
 
-
 
-

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023(2022:£NIL).

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
FAULKNERBROWNS LLP
REGISTERED NUMBER: OC386918

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
188,630
129,126

Investments
 13 
86
86

  
188,716
129,212

Current assets
  

Debtors
 14 
4,356,321
3,955,952

Cash at bank and in hand
 15 
1,208,879
1,554,015

  
5,565,200
5,509,967

Creditors: Amounts Falling Due Within One Year
 16 
(3,322,479)
(3,875,663)

Net current assets
  
 
 
2,242,721
 
 
1,634,304

Total assets less current liabilities
  
2,431,437
1,763,516

Creditors: amounts falling due after more than one year
 17 
(12,124)
(43,419)

  
2,419,313
1,720,097

  

Net assets
  
2,419,313
1,720,097


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 20 
1,674,313
1,110,097

  
1,674,313
1,110,097

Members' other interests
  

Members' capital classified as equity

  

745,000
610,000

  
 
745,000
 
610,000

  
2,419,313
1,720,097


Total members' interests
  

Loans and other debts due to members
 20 
1,674,313
1,110,097

Members' other interests
  
745,000
610,000

  
2,419,313
1,720,097

Page 12

 
FAULKNERBROWNS LLP
REGISTERED NUMBER: OC386918
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 12 January 2024.




B M Sykes
Designated member

The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
FAULKNERBROWNS LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Members capital (classified as equity)
Total equity

£
£


At 1 April 2021
840,000
840,000



Capital introduced by members
210,000
210,000

Capital amounts repaid to members
(440,000)
(440,000)



At 1 April 2022
610,000
610,000



Capital introduced by members
135,000
135,000


At 31 March 2023
745,000
745,000

The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
FAULKNERBROWNS LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£


Profit for the financial year
-
-

Adjustments for:

Members' remuneration charged as an expense
2,253,470
1,929,614

Depreciation of tangible assets
57,498
41,103

Loss on disposal of tangible assets
-
10,049

Government grants
(4,313)
-

Interest paid
3,045
3,031

Interest received
(825)
(94)

(Increase) in debtors
(374,486)
(325,490)

(Increase) in amounts owed by groups
(25,884)
(8,175)

(Decrease)/increase in creditors
(573,511)
1,060,432

Increase in amounts owed to groups
19,755
-

Net cash generated from operating activities before transactions with members

1,354,749
2,710,470


Cash flows from investing activities

Purchase of tangible fixed assets
(117,003)
(49,155)

Sale of tangible fixed assets
-
50,000

Government grants received
4,313
-

Purchase of fixed asset investments
-
(83)

Interest received
825
94

Net cash from investing activities

(111,865)
856

Cash flows from financing activities

Repayment of loans
(30,716)
(30,112)

Repayment of/new finance leases
-
(3,213)

Interest paid
(3,045)
(3,031)

Members' capital contributed
30,000
50,000

Members' capital repaid
-
(320,000)

Distribution paid to members
-
(789,288)

Drawings paid to members
(817,572)
(867,013)

Other transactions with members
(766,683)
(746,574)

Net cash used in financing activities
(1,588,016)
(2,709,231)

Net (decrease)/increase in cash and cash equivalents
(345,132)
2,095

Cash and cash equivalents at beginning of year
1,554,011
1,551,916

Cash and cash equivalents at the end of year
1,208,879
1,554,011
Page 15

 
FAULKNERBROWNS LLP
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,208,879
1,554,015

Bank overdrafts
-
(4)

1,208,879
1,554,011


The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Faulknerbrowns LLP is a Limited Liability Partnership registered in England and Wales, registration number OC386918. The registered office is Dobson House, Northumbrian Way, Killingworth, Newcastle upon Tyne, Tyne & Wear, NE12 6QW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The LLP, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 17

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

The firm had net assets of £2,419,313 at 31 March 2023.
The Members have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that, the LLP will have sufficient funds to meet its liabilities as they fall due for that period. 
The LLP is financed through the capital introduced by the members, bank loans and by profits retained within the business. The LLP has facilities with the bank which are renewed annually to provide working capital. 
Where appropriate, the LLP will negotiate additional finance to assist in capital expenditure projects. 
The annual budgets and forecasts take account of the expected changes in the trading performance due to the COVID-19 risk and inherent uncertainty around the impact of the pandemic on the UK society and economy. These budgets and forecasts demonstrate that the LLP expects to be able to operate within its current facilities. 
The Members having assessed the risk to the LLP and concluded that it is not significantly exposed and it is well placed to continue to operate and manage the situation.
Consequently, the members are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.12

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10%/20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.17

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 21

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

Page 22

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fees receivable
8,819,170
8,814,093

Movement in work in progress
260,617
(334,383)

Movement in payments on account
8,324
(645,943)

Expenses recovered
338,489
249,617

Foreign currency
55,841
3,521

9,482,441
8,086,905


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,493,279
6,694,484

Rest of Europe
1,989,162
1,392,421

9,482,441
8,086,905



5.


Other operating income

2023
2022
£
£

Other operating income
-
23,959

Government grants receivable
4,313
-

4,313
23,959



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
24,270
38,109

Other operating lease rentals
173,801
164,274

Page 23

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2023
2022
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
19,300
17,650

Fees payable to the LLP's auditors in respect of:

Taxation compliance services
7,180
7,605

All non-audit services not included above
13,030
12,743


8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
4,221,643
3,839,734

Cost of defined contribution scheme
334,652
263,550

4,556,295
4,103,284


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2023
        2022
            No.
            No.







Employees
109
105

Page 24

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Information in relation to members

2023
2022
Number
Number


The average number of members during the year was
9
7

 
2023
2022
£
£







The amount of profit attributable to the member with the largest entitlement was
461,281
327,776



10.


Interest receivable

2023
2022
£
£


Other interest receivable
825
94

825
94


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
3,046
3,031

3,046
3,031

Page 25

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
249,895
780,647
538,263
1,568,805


Additions
-
13,432
103,571
117,003


Disposals
-
-
(249,577)
(249,577)



At 31 March 2023

249,895
794,079
392,257
1,436,231



Depreciation


At 1 April 2022
249,895
699,946
489,838
1,439,679


Charge for the year on owned assets
-
11,820
45,679
57,499


Disposals
-
-
(249,577)
(249,577)



At 31 March 2023

249,895
711,766
285,940
1,247,601



Net book value



At 31 March 2023
-
82,313
106,317
188,630



At 31 March 2022
-
80,701
48,425
129,126


13.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 April 2022
83
3
86



At 31 March 2023
83
3
86




Page 26

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the LLP:

Name

Registered office

Class of shares

Holding

FaulknerBrowns Architects Limited
9 Clare Street, Dublin 2, Dublin, Ireland, D02HH30
"A" Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

FaulknerBrowns Architects Limited

(11,241)
(11,329)

Page 27

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Debtors


2023
2022
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
84,911
84,911

84,911
84,911

Due within one year

Trade debtors
2,656,372
2,743,196

Amounts owed by group undertakings
34,058
8,175

Other debtors
321,332
103,454

Prepayments and accrued income
210,923
182,761

Amounts recoverable on long-term contracts
1,048,725
833,455

4,356,321
3,955,952



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,208,879
1,554,015

Less: bank overdrafts
-
(4)

1,208,879
1,554,011


Page 28

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
4

Bank loans
31,334
30,756

Payments received on account
1,776,567
1,830,238

Trade creditors
331,369
346,931

Amounts owed to group undertakings
19,755
-

Other taxation and social security
500,619
545,338

Other creditors
309,234
637,155

Accruals and deferred income
353,601
485,241

3,322,479
3,875,663


The following liabilities were secured:

2023
2022
£
£



Bank loans
31,334
30,756

31,334
30,756

Details of security provided:

Bank loans are secured by a debenture dated 12 May 2014.

Page 29

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
12,124
43,419

12,124
43,419


The following liabilities were secured:

2023
2022
£
£



Bank loans
12,124
43,419

12,124
43,419

Details of security provided:

Bank loans are secured by a debenture dated 12 May 2014.


18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
31,334
30,756

Amounts falling due 1-2 years

Bank loans
12,124
32,070

Amounts falling due 2-5 years

Bank loans
-
11,349


43,458
74,175


Page 30

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
3,096,673
2,939,736


Financial liabilities


Financial liabilities measured at amortised cost
(1,057,417)
(1,543,510)


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, intercompany loans and other debtors.


Financial liabilities measured at amortised cost comprise of bank overdrafts, accruals, trade creditors, amounts owed to group undertakings, other creditors and bank loans. 


20.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
1,674,313
1,110,097

1,674,313
1,110,097

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
1,674,313
1,110,097

1,674,313
1,110,097

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 31

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Reconciliation of members' interests 






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 

1,961,189
1,961,189


Balance at 1 April 2021 
840,000
840,000
1,961,189
1,961,189
2,801,189

Members' remuneration charged as an expense
 
-
-
580,000
580,000
580,000

Members' interests after profit for the year
840,000
840,000
2,541,189
2,541,189
3,381,189

Other division of profits
-
-
1,297,310
1,297,310
1,297,310

Amounts introduced by members
210,000
210,000
-
-
210,000

Repayment of capital
(440,000)
(440,000)
-
-
(440,000)

Drawings on account and distribution of profit
-
-
(1,027,012)
(1,027,012)
(1,027,012)

Repayment of debt
-
-
(1,007,117)
(1,007,117)
(1,007,117)

Interest on capital
-
-
52,302
52,302
52,302

Tax payments
 
-
-
(746,575)
(746,575)
(746,575)

Amounts due to members
 


1,110,097
1,110,097


Balance at 31 March 2022
610,000
610,000
1,110,097
1,110,097
1,720,097

Members' remuneration charged as an expense
 
-
-
485,000
485,000
485,000

Members' interests after profit for the year
610,000
610,000
1,595,097
1,595,097
2,205,097

Other division of profits
-
-
1,652,527
1,652,527
1,652,527

Amounts introduced by members
135,000
135,000
-
-
135,000

Drawings on account and distribution of profit
-
-
(922,572)
(922,572)
(922,572)

Interest on capital
-
-
115,944
115,944
115,944

Tax payments
 
-
-
(766,683)
(766,683)
(766,683)

Amounts due to members
 


1,674,313
1,674,313


Balance at 31 March 2023 
745,000
745,000
1,674,313
1,674,313
2,419,313

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

Page 32

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Analysis of net debt




At 1 April 2022
Arising from cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

1,554,015

(345,136)

1,208,879

Bank overdrafts

(4)

4

-

Borrowings due within 1 year

(368,585)

337,143

(31,442)

Borrowings due after 1 year

(43,419)

31,295

(12,124)

Net debt (before members' debt)
1,142,007
23,306
1,165,313

Loans and other debts due to members




Other amounts due to members
(1,110,097)

(564,216)

(1,674,313)

Net debt


31,910
(540,910)
(509,000)


23.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £334,652 (2022 - £263,550). Contributions totalling £36,456 (2022 - £20,974) were payable to the fund at the balance sheet date.


24.


Commitments under operating leases

At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
213,334
205,164

Later than 1 year and not later than 5 years
626,826
647,709

Later than 5 years
347,662
496,662

1,187,822
1,349,535

Page 33

 
FAULKNERBROWNS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Related party transactions

FaulknerBrowns Architecture Inc. has been identified as a related party due to FaulknerBrowns LLP's investment in this associate. 
During the year, FaulknerBrowns LLP received income of -£9,809 (2022 - £nil), and made purchases of £16,036 (2022 - £39,258), from FaulknerBrowns Architecture Inc. 
There was £nil (2022 - £9,806) owed by FaulknerBrowns Architecture Inc. at the year end and £nil (2022 - £1,083) owed to FaulknerBrowns Architecture Inc. at the year end in regard to these transactions which took place in the year to 31st March 2023. 
FaulknerBrowns LLP also entered into a loan agreement with FaulknerBrowns Architecture Inc. with £84,911 due to FaulknerBrowns LLP at the year end (2022 - £84,911), recognised in debtors due after more than one year. The total value of the loan commitment to FaulknerBrowns Architecture Inc. is $240,000 CAD, with $140,000 CAD been drawn down by FaulknerBrowns Architecture Inc. to 31 March 2023. 
Additionally, FaulknerBrowns Architecture Limited has been identified as a related party due to FaulknerBrowns LLP's investment in this wholly owned Irish subsidiary. 
During the year, FaulknerBrowns LLP made purchases of £159,576 (2022 - £17,515), from FaulknerBrowns Architecture Limited. At the year end, FaulknerBrowns LLP owed the Company £10,801 (2022 - FaulknerBrowns LLP was owed £8,175).
FaulknerBrowns LLP have entered into a loan agreement with FaulknerBrowns Architecture Limited with £25,104 due to FaulknerBrowns LLP at the year end (2022 - £nil), recognised in debtors due after more than one year.

 
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