Registered number
OC386610
Dunn & Baker LLP
Unaudited Filleted Accounts
31 March 2024
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
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