Limited Liability Partnership registration number OC352137 (England and Wales)
BENNETT GRIFFIN LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BENNETT GRIFFIN LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BENNETT GRIFFIN LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
127,727
158,470
Investments
5
-
0
5
127,727
158,475
Current assets
Debtors
6
1,113,452
1,160,452
Cash at bank and in hand
619,944
342,305
1,733,396
1,502,757
Creditors: amounts falling due within one year
7
(758,919)
(729,157)
Net current assets
974,477
773,600
Total assets less current liabilities
1,102,204
932,075
Creditors: amounts falling due after more than one year
8
(125,599)
(241,069)
Provisions for liabilities
(215,757)
(52,150)
Net assets attributable to members
760,848
638,856
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
560,848
438,856
Members' other interests
Members' capital classified as equity
200,000
200,000
760,848
638,856
Total members' interests
Loans and other debts due to members
560,848
438,856
Members' other interests
200,000
200,000
760,848
638,856

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

BENNETT GRIFFIN LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 28 November 2023 and are signed on their behalf by:
28 November 2023
K L Hallin
Designated member
Limited Liability Partnership Registration No. OC352137
BENNETT GRIFFIN LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Bennett Griffin LLP is a limited liability partnership incorporated in England and Wales. The registered office is:

 

1 Liverpool Gardens

Worthing

England

BN11 1TF

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Members' participating interests

The SORP recognised 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' fixed shares of profits (excluding 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.

1.4
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:

Improvements to property
over the term of the lease
Fixtures, fittings and office equipment
25% on cost, 20% on cost and straight line over 6 years
Computers and telephone system
25% on cost and 20% on cost
BENNETT GRIFFIN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
1.7
Amounts recoverable under contracts
Amounts recoverable under contracts are stated at fair value where the right to consideration has been obtained. Where the substance of a contract is such that a right to consideration does not arise until the occurence of a critical event, the asset and revenue are value at nil.
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. if there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
1.10
Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of member's tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

1.11
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.

BENNETT GRIFFIN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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 limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits and post retirement payments to members

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the LLP has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contributions to defined benefit contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

BENNETT GRIFFIN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
52
52
4
Tangible fixed assets
Improvements to property
Fixtures, fittings and office equipment
Computers and telephone system
Total
£
£
£
£
Cost
At 1 April 2022
136,719
125,357
307,284
569,360
Additions
-
548
14,999
15,547
Disposals
-
(895)
(25,590)
(26,485)
At 31 March 2023
136,719
125,010
296,693
558,422
Depreciation and impairment
At 1 April 2022
53,985
111,878
245,027
410,890
Depreciation charged in the year
9,192
4,982
32,116
46,290
Eliminated in respect of disposals
-
(895)
(25,590)
(26,485)
At 31 March 2023
63,177
115,965
251,553
430,695
Carrying amount
At 31 March 2023
73,542
9,045
45,140
127,727
At 31 March 2022
82,734
13,479
62,257
158,470
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
5
BENNETT GRIFFIN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2022
5
Disposals
(5)
At 31 March 2023
-
Carrying amount
At 31 March 2023
-
At 31 March 2022
5
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
321,445
354,772
Amounts recoverable under contracts
602,000
639,000
Other debtors
2,250
5,519
Prepayments and accrued income
187,757
161,161
1,113,452
1,160,452
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
228,137
376,459
Trade creditors
71,653
29,384
Other taxation and social security
150,923
128,733
Other creditors
93,530
131,616
Accruals and deferred income
214,676
62,965
758,919
729,157

Within long and short term creditors are bank loans and overdrafts due to Royal Bank of Scotland plc of £33,790 (2022: £88,122) are secured by a fixed and floating charge over all the assets of the LLP.

BENNETT GRIFFIN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
85,242
163,522
Obligations under finance leases
-
10,290
Other creditors
40,357
67,257
125,599
241,069
9
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.

10
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments not included within the balance sheet is £283,271 (2022 - £334,706).

11
Capital commitments

The total amount of capital commitments not included in the balance sheet is £nil (2022 - £nil).

12
Related party transactions

The members have personal guarantees over bank loans totalling £77,758 (2022: £216,181).

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