Limited Liability Partnership registration number OC333759 (England and Wales)
THACKRAY WILLIAMS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THACKRAY WILLIAMS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Ms Y Betez
Mr K R Gauntlett
Mr D A Hacker
Mr E M Lewis
Mr A S Raby
Mr S N Sanders
Mr A A J Macey
Mrs E J Jones
Mrs V M Herbert
Mr N J Gabay
LLP registration number
OC333759
Registered office
T- Bromley
15-17 London Road
Bromley
Kent
United Kingdom
BR1 1DE
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
THACKRAY WILLIAMS LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 21
THACKRAY WILLIAMS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of the provision of legal services.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Ms Y Betez
Mr K R Gauntlett
Mr D A Hacker
Mr E M Lewis
Mr A S Raby
Mr S N Sanders
Mr A A J Macey
Mrs E J Jones
Mrs V M Herbert
Mr N J Gabay
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Approved by the members on 13 August 2024 and signed on behalf by:
13 August 2024
Mr S N Sanders
Designated Member
THACKRAY WILLIAMS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

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

THACKRAY WILLIAMS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THACKRAY WILLIAMS LLP
- 3 -
Opinion

We have audited the financial statements of Thackray Williams LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 limited liability partnership’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

THACKRAY WILLIAMS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THACKRAY WILLIAMS LLP
- 4 -
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:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 our procedures are capable of detecting irregularities, including fraud, is detailed below.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

 

- Reviewing minutes of meetings of those charged with governance.

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

THACKRAY WILLIAMS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THACKRAY WILLIAMS LLP
- 5 -
Jackie Wilding
Senior Statutory Auditor
For and on behalf of Bryden Johnson Limited
21 August 2024
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
THACKRAY WILLIAMS LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
10,860,221
10,705,247
Administrative expenses
(9,447,186)
(9,184,673)
Other operating income
421
949
Operating profit
4
1,413,456
1,521,523
Interest receivable and similar income
8
1,571,948
473,067
Interest payable and similar expenses
9
(198,674)
(68,386)
Profit for the financial year before members' remuneration and profit shares
2,786,730
1,926,204
Members' remuneration charged as an expense
7
(2,786,730)
(1,926,204)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THACKRAY WILLIAMS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
£
£
Profit for the financial year available for discretionary division among members
-
-
Other comprehensive income
-
-
Total comprehensive income for the year
-
-
THACKRAY WILLIAMS LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
965,752
1,086,926
Investments
11
188,756
188,756
1,154,508
1,275,682
Current assets
Debtors
12
3,484,776
3,622,052
Cash at bank and in hand
324,936
310,067
3,809,712
3,932,119
Creditors: amounts falling due within one year
14
(1,518,665)
(1,394,575)
Net current assets
2,291,047
2,537,544
Total assets less current liabilities
3,445,555
3,813,226
Creditors: amounts falling due after more than one year
15
(250,114)
(403,248)
Net assets attributable to members
3,195,441
3,409,978
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,185,000
2,165,000
Other amounts
1,010,441
1,244,978
3,195,441
3,409,978
The financial statements were approved by the members and authorised for issue on 13 August 2024 and are signed on their behalf by:
13 August 2024
Mr S N Sanders
Designated member
Limited Liability Partnership registration number OC333759 (England and Wales)
THACKRAY WILLIAMS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
2,165,000
1,244,978
3,409,978
3,409,978
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
2,786,730
2,786,730
2,786,730
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
2,165,000
4,031,708
6,196,708
6,196,708
Introduced by members
20,000
-
20,000
20,000
Drawings on account and distributions of profit
-
(3,021,267)
(3,021,267)
(3,021,267)
Members' interests at 31 March 2024
2,185,000
1,010,441
3,195,441
3,195,441
THACKRAY WILLIAMS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2023
£
£
£
Members' interests at 1 April 2022
1,875,000
686,774
2,561,774
2,561,774
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
1,926,204
1,926,204
1,926,204
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,875,000
2,612,978
4,487,978
4,487,978
Introduced by members
290,000
-
290,000
290,000
Drawings on account and distributions of profit
-
(1,368,000)
(1,368,000)
(1,368,000)
Members' interests at 31 March 2023
2,165,000
1,244,978
3,409,978
3,409,978
THACKRAY WILLIAMS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
2,013,605
1,962,668
Interest paid
(198,674)
(68,386)
Net cash inflow from operating activities
1,814,931
1,894,282
Investing activities
Purchase of tangible fixed assets
(36,947)
(3,330)
Interest received
1,571,948
473,067
Net cash generated from investing activities
1,535,001
469,737
Financing activities
Capital introduced by members (classified as debt or equity)
20,000
290,000
Payments to members
(3,021,267)
(1,368,000)
Repayment of borrowings
-
(20,616)
Repayment of bank loans
(297,988)
(455,793)
Payment of finance leases obligations
(35,808)
(39,063)
Net cash used in financing activities
(3,335,063)
(1,593,472)
Net increase in cash and cash equivalents
14,869
770,547
Cash and cash equivalents at beginning of year
310,067
(460,480)
Cash and cash equivalents at end of year
324,936
310,067
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Limited liability partnership information

Thackray Williams LLP is a limited liability partnership incorporated in England and Wales. The registered office is T- Bromley, 15-17 London Road, Bromley, Kent, United Kingdom, BR1 1DE.

 

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 2021, 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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding VAT. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contact activity progresses be reference to the value of the work performed.

Turnover is not recognised where the right to receive payment is contingent on events outside the control of the partnership.

 

Unbilled revenue is included in debtors as unbilled receivables. Amounts billed on account of work in progress are shown as a deduction from gross work in progress, to the extent that they are not recognised as revenue.

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

 

Amounts subscribed or otherwise contributed by members are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

 

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment; accordingly, the amounts arising that are due to members are in the nature of liabilities and are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year to the extent that they remain unpaid at the period end, they are shown as liabilities in the Statement of Financial Position.

 

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within "Loans and other debts due to members" and are charged to the Statement of Comprehensive Income within "Members' remuneration charged as an expense". Amounts due to members that are classified as equity are shown in the Statement of Financial Position with "Members' other interests".

1.5
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:

Freehold land and buildings
No depreciation/2% straight line
Leasehold improvements
6.67% or 20% straight line
Office equipment
33.33% straight line
Fixtures and fittings
33.33% straight line
1.6
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.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash at bank and in hand

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.

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.10
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.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

 

Unbilled revenue

The value of unbilled revenue is derived on the basis of estimates and assumptions regarding the fair value of unbilled time recorded to matters at the year end. The valuation of unbilled revenue involves significant judgement and affects the amount of revenue recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on unbilled items based on such factors as time spent multiplied by average recovery rates.

 

Provision for doubtful debts

The application of the bad debt provision to unpaid bills involves an element of judgement in assessing the amount of the provision and the age of the debt to apply to this. This is considered to be a critical accounting judgement due to the value of unpaid bills on the balance sheet. At each balance sheet date, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt. The actual level of debt collected may differ from the estimated level of recovery.

THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Professional fees
10,860,221
10,705,247
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,860,221
10,705,247
2024
2023
£
£
Other significant revenue
Interest income
1,571,948
473,067
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
93,016
94,903
Depreciation of tangible fixed assets held under finance leases
65,105
65,105
Operating lease charges
300,935
389,944
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
11,500
-
For other services
Other assurance services
7,500
10,000
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was 125 (2023: 135)

2024
2023
Number
Number
Professional staff
76
88
Support staff
49
47
Total
125
135

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,061,393
4,979,826
Social security costs
523,683
545,796
Pension costs
403,348
433,740
5,988,424
5,959,362
7
Members' remuneration
2024
2023
Number
Number
Average number of members during the year
10
10
2024
2023
£
£
Profit attributable to the member with the highest entitlement
272,440
201,741

9 designated members were entitled to a profit share of £272,440.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,571,948
473,067
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,571,948
473,067
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
192,152
61,864
Other finance costs:
Interest on finance leases and hire purchase contracts
6,522
6,522
Total finance costs
198,674
68,386
10
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Office equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 April 2023
537,910
748,154
814,653
571,240
2,671,957
Additions
-
8,045
5,146
23,756
36,947
At 31 March 2024
537,910
756,199
819,799
594,996
2,708,904
Depreciation and impairment
At 1 April 2023
68,058
284,425
752,346
480,202
1,585,031
Depreciation charged in the year
7,958
33,697
44,083
72,383
158,121
At 31 March 2024
76,016
318,122
796,429
552,585
1,743,152
Carrying amount
At 31 March 2024
461,894
438,077
23,370
42,411
965,752
At 31 March 2023
469,852
463,729
62,307
91,038
1,086,926

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £65,105 (2023 - £65,105) for the year.

2024
2023
£
£
Fixtures and fittings
21,702
86,807
11
Fixed asset investments
2024
2023
£
£
Unlisted investments
188,756
188,756
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
648,183
811,196
Work in progress
2,217,661
2,286,076
Other debtors
10,200
83,291
Prepayments and accrued income
608,732
441,489
3,484,776
3,622,052
13
Loans and overdrafts
2024
2023
£
£
Bank loans
308,268
606,257
Payable within one year
123,259
307,177
Payable after one year
185,009
299,080

 

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
13
123,259
307,177
Obligations under finance leases
16
42,318
39,063
Trade creditors
305,525
129,611
Other taxation and social security
429,650
419,734
Other creditors
40,981
37,936
Accruals and deferred income
576,932
461,054
1,518,665
1,394,575

There is a fixed and floating charge held with NatWest Bank Plc which is secured on all assets of the company.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
185,009
299,080
Obligations under finance leases
16
65,105
104,168
250,114
403,248
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
42,318
39,064
Within two and five years
65,105
104,167
107,423
143,231

Finance lease payments represent rentals payable by the limited liability partnership for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
403,348
433,740

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

18
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
3,195,441
3,409,978

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

19
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
387,654
254,820
Between two and five years
774,068
661,723
1,161,722
916,543
THACKRAY WILLIAMS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
20
Cash generated from operations
2024
2023
£
£
Profit for the year
2,786,730
1,926,204
Adjustments for:
Finance costs recognised in profit or loss
198,674
68,386
Investment income recognised in profit or loss
(1,571,948)
(473,067)
Depreciation and impairment of tangible fixed assets
158,121
160,008
Movements in working capital:
Decrease/(increase) in debtors
137,276
(68,524)
Increase in creditors
304,752
349,661
Cash generated from operations
2,013,605
1,962,668
21
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
310,067
14,869
324,936
Borrowings excluding overdrafts
(606,257)
297,989
(308,268)
Obligations under finance leases
(143,231)
35,808
(107,423)
Balances before members' debt
(439,421)
348,666
(90,755)
Loans and other debts due to members:
- Members' capital
(2,165,000)
(20,000)
(2,185,000)
- Other amounts due to members
(1,244,978)
234,537
(1,010,441)
Balances including members' debt
(3,849,399)
563,203
(3,286,196)
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