Limited Liability Partnership registration number OC434246 (England and Wales)
BRANCH AUSTIN MCCORMICK LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BRANCH AUSTIN MCCORMICK LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRANCH AUSTIN MCCORMICK LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,767
7,716
Current assets
Debtors
4
1,551,164
1,243,538
Cash at bank and in hand
351,180
18,050
1,902,344
1,261,588
Creditors: amounts falling due within one year
5
(450,582)
(290,845)
Net current assets
1,451,762
970,743
Total assets less current liabilities and net assets attributable to members
1,460,529
978,459
Represented by:
Loans and other debts due to members within one year
6
Members' capital classified as a liability
553,875
252,000
Other amounts
906,654
726,459
1,460,529
978,459
Total members' interests
Loans and other debts due to members
6
1,460,529
978,459

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year 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 6 September 2024 and are signed on their behalf by:
06 September 2024
H Branch
Designated member
Limited Liability Partnership Registration No. OC434246
BRANCH AUSTIN MCCORMICK LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Branch Austin McCormick LLP is a limited liability partnership incorporated in England and Wales. The registered office is 32 St. James's Street, Fourth Floor, London, England, SW1A 1HD.

 

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents fee income receivable net of VAT and inclusive of amounts recoverable but unbilled at the balance sheet date, which are recognised at their sales value as the contract activity progresses, net of provision for contingencies and irrecoverable balances, and presented as "amounts due from contract customers" within debtors.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Reducing Balance

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 profit and loss account.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

BRANCH AUSTIN MCCORMICK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.

 

The LLP only has basic financial instruments which are stated 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
18
14
BRANCH AUSTIN MCCORMICK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
141,519
Additions
3,242
At 31 March 2024
144,761
Depreciation and impairment
At 1 April 2023
133,803
Depreciation charged in the year
2,191
At 31 March 2024
135,994
Carrying amount
At 31 March 2024
8,767
At 31 March 2023
7,716
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
924,157
677,453
Gross amounts owed by contract customers
536,952
491,994
Other debtors
16,686
16,686
Prepayments and accrued income
73,369
57,405
1,551,164
1,243,538
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
-
45,660
Trade creditors
44,795
56,887
Amounts owed to group undertakings
-
23,588
Other taxation and social security
159,134
85,019
Other creditors
114,338
64,691
Accruals and deferred income
132,315
15,000
450,582
290,845

Included within other creditors is £11,250 (2023: £38,750) owed to ex-members

BRANCH AUSTIN MCCORMICK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Loans and other debts due to members
2024
2023
£
£
Loans advanced by members
553,875
252,000
Amounts due to members in respect of profits
906,654
726,459
1,460,529
978,459
Analysis of loans and other debts due to members
Amounts falling due within one year
1,460,529
978,459

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

7
Operating lease commitments

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
2023
£
£
69,639
37,080
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