Bright (South West) LLP
Annual Report and
Unaudited
Financial Statements
period from 1 May 2023 to 31 March 2024
Registration number: OC320497
Bright (South West) LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Reconciliation of Members’ Interests |
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Notes to the Financial Statements |
Bright (South West) LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Bright (South West) LLP
Balance Sheet
31 March 2024
Note |
31 March 2024 |
30 April 2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
404,059 |
304,059 |
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Members’ other interest |
98,712 |
296,378 |
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502,771 |
600,437 |
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502,771 |
600,437 |
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Total members' interests |
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Loans and other debts due to members |
502,771 |
600,437 |
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502,771 |
600,437 |
Bright (South West) LLP
Balance Sheet
31 March 2024 (continued)
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Bright (South West) LLP (registered number OC320497) were approved by the
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Bright (South West) LLP
Reconciliation of Members’ Interests
31 March 2024
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Members' other amounts |
Total |
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Members' interest at 1 May 2023 |
304,059 |
296,378 |
600,437 |
Members' remuneration charged as an expense |
- |
494,238 |
494,238 |
Members' interests after total comprehensive income |
304,059 |
790,616 |
1,094,675 |
Members’ capital introduced |
100,000 |
- |
100,000 |
Drawings (including tax payments) |
- |
(691,904) |
(691,904) |
At 31 March 2024 |
404,059 |
98,712 |
502,771 |
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Members' other amounts |
Total |
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Members' interest at 1 May 2022 as restated |
304,059 |
290,642 |
594,701 |
Members' remuneration charged as an expense |
- |
568,946 |
568,946 |
Members' interests after profit for the period |
304,059 |
859,588 |
1,163,647 |
Drawings (including tax payments) |
- |
(563,209) |
(563,209) |
At 30 April 2023 |
304,059 |
296,379 |
600,438 |
Bright (South West) LLP
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Bright (South West) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Disclosure of long or short period
The LLP's year end has been shortened from 30 April 2024 to 31 March 2024 so the accounts cover a period of 11 months, with the comparative figures being for 12 months.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. Income in relation to services is recognised for the period to which it relates.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
Bright (South West) LLP
Notes to the Financial Statements (continued)
Period from 1 May 2023 to 31 March 2024
1 |
Accounting policies (continued) |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years |
Software |
3 years |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
33% reducing balance basis |
Office equipment |
20% reducing balance basis |
Hire purchase and leasing
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the partnership, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the Statement of Financial Activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Bright (South West) LLP
Notes to the Financial Statements (continued)
Period from 1 May 2023 to 31 March 2024
1 |
Accounting policies (continued) |
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Bright (South West) LLP
Notes to the Financial Statements (continued)
Period from 1 May 2023 to 31 March 2024
Intangible fixed assets |
Goodwill |
Software |
Total |
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Cost |
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At 1 May 2023 |
51,000 |
38,025 |
89,025 |
At 31 March 2024 |
51,000 |
38,025 |
89,025 |
Amortisation |
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At 1 May 2023 |
51,000 |
24,927 |
75,927 |
Charge for the year |
- |
4,821 |
4,821 |
At 31 March 2024 |
51,000 |
29,748 |
80,748 |
Net book value |
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At 31 March 2024 |
- |
8,277 |
8,277 |
At 30 April 2023 |
- |
13,098 |
13,098 |
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 30 April 2023 |
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Bright (South West) LLP
Notes to the Financial Statements (continued)
Period from 1 May 2023 to 31 March 2024
Debtors |
31 March 2024 |
30 April 2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
1,629,465 |
1,395,698 |
Creditors: Amounts falling due within one year |
31 March 2024 |
30 April 2023 |
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Bank loans and overdrafts |
582,087 |
333,542 |
Trade creditors |
53,919 |
113,711 |
Taxation and social security |
196,394 |
103,164 |
Other creditors |
7,716 |
7,200 |
Accruals and deferred income |
98,800 |
121,125 |
938,916 |
678,742 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
31 March 2024 |
30 April 2023 |
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Bank loans and overdrafts |
548,409 |
283,542 |
Bank loans and overdrafts are secured by way of a fixed charge over the personal property of Mr A J Price and Mr M F T Cook. All other loans are secured by personal guarantees provided by all of the members.
Bright (South West) LLP
Notes to the Financial Statements (continued)
Period from 1 May 2023 to 31 March 2024
Creditors: Amounts falling due after more than one year |
31 March 2024 |
30 April 2023 |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
31 March 2024 |
30 April 2023 |
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Bank loans and overdrafts |
219,942 |
289,152 |
Bank loans and overdrafts are secured by way of a fixed charge over the personal property of the partners of Mr A J Price and Mr M F T Cook. All other loans are secured by personal guarantees provided by all of the members.
Included in the creditors are the following amounts due after more than five years:
31 March 2024 |
30 April 2023 |
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After more than five years by instalments |
- |
13,308 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of contingencies not included in the balance sheet is £937,859 (2023 - £1,062,216).
The total amount of contingencies not included in the balance sheet is £42,000 (2023 - £25,000). This relates to ongoing legal settlements and £42,000 is the maximum amount of excess on any potential insurance claims.