Limited Liability Partnership Registration No. OC398477 (England and Wales)
Forrester Sylvester Mackett LLP
Annual report and unaudited financial statements
for the period ended 31 March 2024
Pages for filing with the registrar
Forrester Sylvester Mackett LLP
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Forrester Sylvester Mackett LLP
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
84,987
145,328
Current assets
Stocks
1,022,872
689,427
Debtors
4
669,296
492,719
Cash at bank and in hand
392,148
298,903
2,084,316
1,481,049
Creditors: amounts falling due within one year
5
(853,199)
(718,186)
Net current assets
1,231,117
762,863
Total assets less current liabilities
1,316,104
908,191
Creditors: amounts falling due after more than one year
6
-
(44,254)
Provisions for liabilities
7
-
(25,000)
Net assets attributable to members
1,316,104
838,937
Represented by:
Loans and other debts due to members within one year
616,104
388,937
Members' other interests
Members' capital classified as equity
700,000
450,000
1,316,104
838,937
Total members' interests
Amounts due from members
-
(23,151)
Loans and other debts due to members
616,104
388,937
Members' other interests
700,000
450,000
1,316,104
815,786

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

Forrester Sylvester Mackett LLP
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
2

For the financial Period ended 31 March 2024 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 20 August 2024 and are signed on their behalf by:
20 August 2024
Mr  Matthew Paterson
Designated member
Limited Liability Partnership Registration No. OC398477
Forrester Sylvester Mackett LLP
Notes to the financial statements
For the period ended 31 March 2024
3
1
Accounting policies
Limited liability partnership information

Forrester Sylvester Mackett LLP is a limited liability partnership incorporated in England and Wales. The registered office is 61 St Mary Street, Chippenham, Wiltshire, SN15 3JH.

 

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 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 the revaluation of certain assets. The principal accounting policies adopted are set out below.

1.2
Reporting period

The financial statements have been prepared for an 18 month period ending 31 March 2024, this is due to the partnership deciding to change their accounting period end. The comparative figures shown in both the financial statements and the notes are not comparable as they only cover a 12 month period.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts and value added tax.

Turnover includes amounts unbilled at the period end, which are included within stock.

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 rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Forrester Sylvester Mackett LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
4

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

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:

Fixtures and fittings
20% on reducing balance
Computers
33% on reducing balance

The LLP has adopted a policy to fully depreciate computer equipment to £nil after a period of 5 years and fixtures and fittings to £nil after a period of 10 years.

 

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 income statement.

1.6
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.

1.7
Stocks

Stocks relating to work in progress are for amounts due under contracts not yet invoiced. Work in progress is reviewed for recoverability and adjusted accordingly.

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
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.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Forrester Sylvester Mackett LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Forrester Sylvester Mackett LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
6
1.10
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation 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.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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.

1.13

Business combinations

In the LLP financial statements, acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is the aggregate of the fair values, at the acquisition date, of the assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree, plus any directly attributable costs.

 

Any excess of the cost of the business combination over the LLP’s interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill.

2
Employees

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

2024
2022
Number
Number
Total
83
69
Forrester Sylvester Mackett LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
323,846
Additions
14,855
Disposals
(117,934)
At 31 March 2024
220,767
Depreciation and impairment
At 1 October 2022
178,518
Depreciation charged in the Period
68,232
Eliminated in respect of disposals
(110,970)
At 31 March 2024
135,780
Carrying amount
At 31 March 2024
84,987
At 30 September 2022
145,328
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
275,995
244,972
Amounts owed by members
-
23,151
Other debtors
393,301
224,596
669,296
492,719
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
326,834
222,101
Trade creditors
31,672
16,979
Taxation and social security
234,210
251,417
Other creditors
260,483
227,689
853,199
718,186
Forrester Sylvester Mackett LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
8
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
-
44,254

The bank loan contains fixed and floating charges over the property and undertakings of the company.

7
Provisions for liabilities
2024
2022
£
£
Provision against contracts
-
25,000
8
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.

9
Acquisition

On 1 October 2022 the limited liability partnership acquired the trade and assets of Andrews Martin, an unincorporated business, for consideration of £85,997.

Fair Value
£
Work in progress
83,161
Trade and other receivables
2,836
Total identifiable net assets
85,997
Goodwill
-
Total consideration
85,997
Satisfied by:
£
Cash
85,997

Costs of £2,954 were incurred by the LLP as part of the acquisition.

Forrester Sylvester Mackett LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
9
10
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, as follows:

2024
2022
£
£
Within one year
101,055
79,988
Between two and five years
252,116
215,926
364,020
295,914
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