REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST OCTOBER 2023 TO 31ST MARCH 2024 |
FOR |
BAILEY WALSH & CO LLP |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
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 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 |
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 |
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: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st October 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st October 2023 |
and 31st March 2024 |
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 |
Disposals | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 30th September 2023 |
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 |
Amounts to be billed to |
clients | 37,420 | 63,538 |
Amounts due from members | 35,219 | - |
Prepayments |
Deposits paid in advance | 63,337 | 43,332 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
VAT |
Other Creditors | 74,636 | - |
PAYE and NI | 7,678 | 7,333 |
Pensions | 3,062 | - |
Accruals and deferred income |
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. |