Dunn & Baker LLP |
Registered number: |
OC386610 |
Balance Sheet |
as at 31 March 2024 |
Notes |
|
2024 |
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
119,500 |
|
137,816 |
Current assets |
|
|
|
|
|
Debtors |
5 |
|
2,098,062 |
|
1,836,664 |
Cash at bank and in hand |
|
|
381,929 |
|
182,966 |
|
|
|
2,479,991 |
|
2,019,630 |
|
Creditors: amounts falling due within one year |
6 |
|
(565,630) |
|
(470,545) |
|
Net current assets |
|
|
1,914,361 |
|
1,549,085 |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
2,033,861 |
|
1,686,901 |
|
Creditors: amounts falling due after more than one year |
7 |
|
(64,982) |
|
(88,825) |
|
Provisions for liabilities |
|
|
(57,245) |
|
(57,245) |
|
Net assets attributable to members |
1,911,634 |
|
1,540,831 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
8 |
|
1,061,599 |
|
125,863 |
|
|
|
|
|
|
Members' other interests |
Other reserves |
|
|
850,035 |
|
1,414,968 |
|
|
|
|
|
|
|
|
|
1,911,634 |
|
1,540,831 |
|
|
|
|
|
|
Total members' interests |
Amounts due from members included in debtors |
5 |
|
(75,000) |
|
(20,033) |
Loans and other debts due to members |
8 |
|
1,061,599 |
|
125,863 |
|
|
|
986,599 |
|
105,830 |
Members' other interests |
|
|
850,035 |
|
1,414,968 |
|
|
|
|
1,836,634 |
|
1,520,798 |
|
|
|
|
|
|
For the period ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
These accounts were approved by the members on 16 April 2024 and signed on their behalf by: |
|
|
Mr S Cutting |
Designated member |
|
Dunn & Baker LLP |
Notes to the Accounts |
for the period from 1 October 2023 to 31 March 2024 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. The financial statements are presented in sterling which is the functional currency of the LLP and are rounded to the nearest £. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
Between 10% and 50% straight line |
|
|
Debtors and creditors receivable/payable within one year |
|
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Change in length of reporting period |
|
|
Due to the change of basis period for taxation coming into effect from 31 March 2024 the members decided to shorten this accounting period to 31 March to give certainty on the profits used when calculating their personal tax liabilities. For this reason these accounts cover the six months from 1 October 2023 to 31 March 2024. The comparatives included in these accounts are therefore not entirely comparable as they are for a full twelve months of operation. |
|
|
3 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the LLP |
53 |
|
49 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 October 2023 |
753,778 |
|
Additions |
12,157 |
|
At 31 March 2024 |
765,935 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2023 |
615,962 |
|
Charge for the period |
30,473 |
|
At 31 March 2024 |
646,435 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
119,500 |
|
At 30 September 2023 |
137,816 |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
406,144 |
|
373,070 |
|
Amounts recoverable under contracts |
1,419,615 |
|
1,393,614 |
|
Amounts due from members |
75,000 |
|
20,033 |
|
Other debtors |
197,303 |
|
49,947 |
|
|
|
|
|
|
2,098,062 |
|
1,836,664 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
104,959 |
|
46,855 |
|
Trade creditors |
52,367 |
|
43,345 |
|
Other taxes and social security costs |
186,510 |
|
205,830 |
|
Other creditors |
221,794 |
|
174,515 |
|
|
|
|
|
|
565,630 |
|
470,545 |
|
|
|
|
|
|
|
|
|
|
The bank overdraft facility is secured by a fixed and floating charge over all the LLP's assets. |
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
64,982 |
|
88,825 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans and other debts due to members |
2024 |
|
2023 |
£ |
£ |
|
|
Capital introduced |
200,000 |
|
- |
|
Amounts due to members in respect of profits and capital introduced |
|
861,599 |
|
125,863 |
|
|
|
|
|
|
1,061,599 |
|
125,863 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
1,061,599 |
|
125,863 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'. |
|
|
9 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
244,750 |
|
294,000 |
|
|
|
|
|
|
|
|
|
|
10 |
Other information |
|
|
Dunn & Baker LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
21 Southernhay East |
|
Exeter |
|
Devon |
|
EX1 1QQ |