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REGISTERED NUMBER: OC309324 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST OCTOBER 2023 TO 31ST MARCH 2024

FOR

BAILEY WALSH & CO LLP

BAILEY WALSH & CO LLP (REGISTERED NUMBER: OC309324)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST OCTOBER 2023 TO 31ST MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


BAILEY WALSH & CO LLP (REGISTERED NUMBER: OC309324)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,626 4,412
3,626 4,412

CURRENT ASSETS
Debtors 6 983,299 891,306
Cash at bank 325,798 448,928
1,309,097 1,340,234
CREDITORS
Amounts falling due within one year 7 527,813 320,988
NET CURRENT ASSETS 781,284 1,019,246
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 784,910 1,023,658

LOANS AND OTHER DEBTS DUE TO MEMBERS 8 784,910 1,023,658

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 784,910 1,023,658
Amounts due from members 6 (35,219 ) -
749,691 1,023,658

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31st March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

BAILEY WALSH & CO LLP (REGISTERED NUMBER: OC309324)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 19th August 2024 and were signed by:




A Tomkinson - Designated member




G Wood - Designated member


BAILEY WALSH & CO LLP (REGISTERED NUMBER: OC309324)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST OCTOBER 2023 TO 31ST MARCH 2024


1. STATUTORY INFORMATION

Bailey Walsh & Co LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC309324

Registered office: 1 York Place
Leeds
LS1 2DR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable to clients for professional services provided during the year, including recoverable expenses on client assignments but excluding value added tax .

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the unexpired period of the lease
Plant and machinery etc - 20% on cost

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Taxation
The taxation payable on profits is the personal liability of the members during the year. Consequently taxation arising in respect of Bailey Walsh & Co. LLP is not accounted for in these financial statements. Amounts retained for tax are treated in the same way as other profits of the partnership and so are included in " Loans and other debts due to members " .

Allocation of profits and drawings
Profits are allocated between the members as agreed at the commencement of each financial year, after payment of interest on capital.
During the year members receive monthly drawings , and , from time to time , additional profit distributions. Both the monthly drawings and the profit distributions are deducted from allocated profits.

BAILEY WALSH & CO LLP (REGISTERED NUMBER: OC309324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1ST OCTOBER 2023 TO 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Amounts to be billed to clients
Services provided to clients, which at the balance sheet date have not been billed to clients, have been recognised as turnover. Unbilled revenue is included in debtors.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st October 2023
and 31st March 2024 180,000
AMORTISATION
At 1st October 2023
and 31st March 2024 180,000
NET BOOK VALUE
At 31st March 2024 -
At 30th September 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st October 2023 1,400 24,872 26,272
Disposals - (14,505 ) (14,505 )
At 31st March 2024 1,400 10,367 11,767
DEPRECIATION
At 1st October 2023 1,342 20,518 21,860
Charge for period 58 728 786
Eliminated on disposal - (14,505 ) (14,505 )
At 31st March 2024 1,400 6,741 8,141
NET BOOK VALUE
At 31st March 2024 - 3,626 3,626
At 30th September 2023 58 4,354 4,412

BAILEY WALSH & CO LLP (REGISTERED NUMBER: OC309324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1ST OCTOBER 2023 TO 31ST MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 810,311 732,314
Amounts to be billed to
clients 37,420 63,538
Amounts due from members 35,219 -
Prepayments 37,012 52,122
Deposits paid in advance 63,337 43,332
983,299 891,306

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 261,892 170,944
VAT 122,384 104,102
Other Creditors 74,636 -
PAYE and NI 7,678 7,333
Pensions 3,062 -
Accruals and deferred income 58,161 38,609
527,813 320,988

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Loans from members 324,298 324,306
Amounts owed to members in respect of profits 460,612 699,352
784,910 1,023,658

Falling due within one year 784,910 1,023,658

In the event of winding up, amounts in ' Loans and other debts due to members' ( other than members' capital classified as debt ) would rank subject to the provisions of the Insolvency Act 1986 as amended by the Act and the Regulations. As to the payment of preferential and other debts ( including advances ), any surplus remaining shall be distributed among the Members rateably in the proportions in which they shared profits immediately prior to commencement of the winding up.

For the avoidance of doubt, no Member has agreed with other Memberrs or with the LLP that they shall in the event of winding up the LLP contribute in any way to the assets of the LLP in accordance with Section 74 of the Insolvency Act.

9. ULTIMATE CONTROLLING PARTY

In the members' opinion , the partnership is controlled by the designated members.