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Beers LLP

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: OC323091

 

Beers LLP

Contents

Financial Statements

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Beers LLP

Balance Sheet

31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

435,410

439,358

Current assets

 

Work in progress

54,942

131,154

Debtors

5

836,873

776,553

Cash and short-term deposits

 

6,812

161

 

898,627

907,868

Creditors: Amounts falling due within one year

6

(718,572)

(735,576)

Net current assets

 

180,055

172,292

Total assets less current liabilities

 

615,465

611,650

Creditors: Amounts falling due after more than one year

7

(21,667)

(40,140)

Provisions for liabilities

(7,500)

-

Net assets attributable to members

 

586,298

571,510

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

300,000

300,000

Other amounts

186,298

171,510

 

486,298

471,510

Members’ other interests

 

Revaluation reserve

 

100,000

100,000

   

586,298

571,510

Total members' interests

 

Loans and other debts due to members

 

486,298

471,510

Equity

 

100,000

100,000

   

586,298

571,510

 

Beers LLP

Balance Sheet

31 March 2023 (continued)

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions within Part 15 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 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships and the option not to file a profit and loss account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Beers LLP (registered number OC323091) were approved by the Board and authorised for issue on 15 January 2024. They were signed on behalf of the limited liability partnership by:

.........................................
J J J Canning
Designated member

 

Beers LLP

Notes to the Financial Statements

Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Beers LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' shares of profits (including discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

 

Beers LLP

Notes to the Financial Statements (continued)

Year Ended 31 March 2023

1

Accounting policies (continued)

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful live

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

Over the term of the lease

Furniture, fixtures and equipment

5-10 years

Computer equipment

4-5 years

Software licences

3-5 years

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Accrued income represents the selling value of incomplete, un-billed work under contracts for legal services. Any income which is contingent and where the outcome of the case has been decided prior to the year-end will be recognised as accrued income. Any income which is contingent and where the outcome of the case has been decided between the year-end date and the date of signature of the Members' Report will be recognised as work in progress.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Beers LLP

Notes to the Financial Statements (continued)

Year Ended 31 March 2023

1

Accounting policies (continued)

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 37 (2022 - 38).

3

Intangible fixed assets

Goodwill
£

Cost

At 1 April 2022

102,661

At 31 March 2023

102,661

Amortisation

At 1 April 2022

102,661

At 31 March 2023

102,661

Net book value

At 31 March 2023

-

At 31 March 2022

-

 

Beers LLP

Notes to the Financial Statements (continued)

Year Ended 31 March 2023

4

Tangible fixed assets

Freehold property
£

Leasehold property improvements
£

Software licences
£

Computer equipment
£

Furniture, fixtures and equipment
£

Total
£

Cost

At 1 April 2022

400,000

43,485

14,684

158,361

123,001

739,531

Additions

-

-

4,575

6,463

-

11,038

At 31 March 2023

400,000

43,485

19,259

164,824

123,001

750,569

Depreciation

At 1 April 2022

-

36,913

14,684

156,151

92,425

300,173

Charge for the year

-

4,349

915

2,576

7,146

14,986

At 31 March 2023

-

41,262

15,599

158,727

99,571

315,159

Net book value

At 31 March 2023

400,000

2,223

3,660

6,097

23,430

435,410

At 31 March 2022

400,000

6,572

-

2,210

30,576

439,358

 

Beers LLP

Notes to the Financial Statements (continued)

Year Ended 31 March 2023

5

Debtors

2023
 £

2022
 £

Trade debtors

330,474

335,549

Prepayments and accrued income

506,399

441,004

Total current trade and other debtors

836,873

776,553

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

560,183

569,350

Trade creditors

42,763

25,395

Taxation and social security

61,165

64,209

Other creditors

7,087

29,776

Accruals and deferred income

47,374

46,846

718,572

735,576

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

21,667

40,140

Security is provided over bank loans and overdrafts by the following:

A first legal charge dated 20 April 2011 from Beers LLP over freehold property at 29 Fore Street, Kingsbridge, Devon TQ17 1AA.


An unlimited debenture dated 19 November 2020 incorporating a fixed and floating charge.
 

 

Beers LLP

Notes to the Financial Statements (continued)

Year Ended 31 March 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £53,549 (2022 - £67,682).