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Company No: OC439299 (England and Wales)

OWEN LOYD ARCHITECTS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

OWEN LOYD ARCHITECTS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

OWEN LOYD ARCHITECTS LLP

BALANCE SHEET

As at 31 March 2024
OWEN LOYD ARCHITECTS LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,099 1,043
2,099 1,043
Current assets
Debtors 5 25,329 29,682
Cash at bank and in hand 41,377 54,519
66,706 84,201
Creditors: amounts falling due within one year 6 ( 12,630) ( 10,834)
Net current assets 54,076 73,367
Total assets less current liabilities 56,175 74,410
Net assets attributable to members 56,175 74,410
Represented by
Members' other interests
Other reserves 56,175 74,410
56,175 74,410
56,175 74,410
Total members' interests
Members' other interests 56,175 74,410
56,175 74,410

For the financial year ending 31 March 2024 the LLP 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.

Members' responsibilities:

The financial statements of Owen Loyd Architects LLP (registered number: OC439299) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Mr D J Loyd
Designated member
R C F Owen
Designated member
OWEN LOYD ARCHITECTS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
OWEN LOYD ARCHITECTS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Owen Loyd Architects LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 74 South Street, Dorking, RH4 2HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue is recognised at the fair value of consideration received or receivable for services rendered to clients during the year, net of value added taxes and discounts. Revenue is recognised by reference to the stage of completion of the engagement and when the amount of turnover can be reliably measured. Unbilled revenue is included in debtors as amounts recoverable on contracts.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Members' participation rights

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

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 Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Amounts recoverable on contracts

Amounts recoverable on client contracts are amounts likely to be charged to clients in respect of work done but not invoiced at the balance sheet date. These are calculated in accordance with the accounting policy on turnover as shown above.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2024 2023
Number Number
Average number of members during the financial year 2 2

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 1,564 1,564
Additions 1,650 1,650
At 31 March 2024 3,214 3,214
Accumulated depreciation
At 01 April 2023 521 521
Charge for the financial year 594 594
At 31 March 2024 1,115 1,115
Net book value
At 31 March 2024 2,099 2,099
At 31 March 2023 1,043 1,043

5. Debtors

2024 2023
£ £
Trade debtors 4,208 14,081
Other debtors 21,121 15,601
25,329 29,682

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 552 557
Other taxation and social security 7,742 6,797
Other creditors 4,336 3,480
12,630 10,834