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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

1

Financial Statements

2 to 10

Balance Sheet

2

Reconciliation of Members’ Interests

4

Notes to the Financial Statements

5

 

Bright (South West) LLP

Limited liability partnership information

Designated members

A J Price

J A Kirtley

H W Lowson

M F T Cook

A Jeffery
 

Registered office

Studio 5-11
5 Millbay Road
Plymouth
PL1 3LF

Accountants

Francis Clark LLP
Chartered Accountants
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

 

Bright (South West) LLP

Balance Sheet

31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Fixed assets

 

Intangible assets

3

8,277

13,098

Tangible assets

4

110,449

139,039

 

118,726

152,137

Current assets

 

Debtors

5

1,629,465

1,395,698

Cash and short-term deposits

 

9,272

162,162

 

1,638,737

1,557,860

Creditors: Amounts falling due within one year

6

(938,916)

(678,742)

Net current assets

 

699,821

879,118

Total assets less current liabilities

 

818,547

1,031,255

Creditors: Amounts falling due after more than one year

7

(315,776)

(430,818)

Net assets attributable to members

 

502,771

600,437

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

404,059

304,059

Members’ other interest

 

98,712

296,378

 

502,771

600,437

   

502,771

600,437

Total members' interests

 

Loans and other debts due to members

 

502,771

600,437

   

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 prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships and the option not to file a profit and loss account has been taken.

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 Board and authorised for issue on 9 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
A J Price
Designated member

 

Bright (South West) LLP

Reconciliation of Members’ Interests

31 March 2024

 

Loans and other debts due to/(from) members

 

Members' capital classified as a liability
£

Members' other amounts
£

Total
2024
 £

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

 

Members' capital classified as a liability
£

Members' other amounts
£

Total
2023
 £

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

1

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 66 (2023 - 66).

 

Bright (South West) LLP

Notes to the Financial Statements (continued)

Period from 1 May 2023 to 31 March 2024

3

Intangible fixed assets

Goodwill
£

Software
£

Total
£

Cost

At 1 May 2023

51,000

38,025

89,025

At 31 March 2024

51,000

38,025

89,025

Amortisation

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

At 31 March 2024

-

8,277

8,277

At 30 April 2023

-

13,098

13,098

4

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 May 2023

137,712

290,319

428,031

Additions

167

4,117

4,284

At 31 March 2024

137,879

294,436

432,315

Depreciation

At 1 May 2023

80,923

208,067

288,990

Charge for the year

17,191

15,685

32,876

At 31 March 2024

98,114

223,752

321,866

Net book value

At 31 March 2024

39,765

70,684

110,449

At 30 April 2023

56,789

82,250

139,039

 

Bright (South West) LLP

Notes to the Financial Statements (continued)

Period from 1 May 2023 to 31 March 2024

5

Debtors

31 March 2024
 £

30 April 2023
 £

Trade debtors

200,163

156,430

Other debtors

1,039,701

900,001

Prepayments and accrued income

389,601

339,267

Total current trade and other debtors

1,629,465

1,395,698

6

Creditors: Amounts falling due within one year

31 March 2024
 £

30 April 2023
 £

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
 £

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

7

Creditors: Amounts falling due after more than one year

31 March 2024
 £

30 April 2023
 £

Bank loans and overdrafts

315,776

430,818

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
 £

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
 £

After more than five years by instalments

-

13,308

8

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.