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Registered number: OC351948










LANYON BOWDLER LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
LANYON BOWDLER LLP
 

INFORMATION




Designated Members
R B Evans Limited
J G Merry Limited
S Hodgson Limited
P S Chaudhari Limited
E G Rees Limited
Members
W T Morse Limited (resigned 30 April 2024)
A D Pegg Limited
A C Roberts Limited (resigned 31 May 2023)
L Small Limited
D K Thomas Limited
T D Treherne Limited
G Walters Limited
D F Humphries Limited
E H Nutting Limited
D Humphries Limited
E P Burrell Limited
S C Whittall Limited (resigned 30 April 2024)
B Heath Limited
E Broomfield Limited
P A Pearson Ltd
C E Yardley Ltd
D Pugh Ltd
R N Davies Ltd
P Ellis Ltd
L E Speed Ltd
M A Bowering Ltd
Phillip Roberts
David Kevin Thomas
Jonathan Gareth Moriarty (appointed 1 June 2023)
Karl Steven Beckett (appointed 19 June 2023)
Laura Arabella Mary Weir (appointed 1 January 2024)


LLP registered number
OC351948

Registered office
Chapter House North
Abbey Lawn
Abbey Foregate
Shrewsbury
Shropshire
SY2 5DE

 
LANYON BOWDLER LLP
 

INFORMATION

Advisers (continued)

Independent auditors
WR Partners
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

Bankers
Barclays Bank Plc
Telford
Shropshire
TF3 4AD


 
LANYON BOWDLER LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8 - 9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11 - 12
Notes to the Financial Statements
 
13 - 31


 
LANYON BOWDLER LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The members present their annual report together with the audited financial statements of Lanyon Bowdler LLP (the "LLP") for the year ended 30 April 2024
 

Principal activities
 
 
The principal object of the LLP is to provide legal services.
 
 
Designated Members
 
 
R.B. Evans Limited, J G Merry Limited, S Hodgson Limited, P S Chaudhari Limited and E G Rees Limited were designated members of the LLP throughout the period. 
 

Members


W T Morse Limited, A D Pegg Limited, A C Roberts Limited, L Small Limited, D K Thomas Limited, T D Treherne Limited, G Walters Limited, E H Nutting Limited, D F Humphries Limited, D Humphries Limited, E P Burrell Limited, S C Whittall Limited, B Heath Limited, E Broomfield Limited, P A P Pearson Limited, CE Yardley Limited, D Pugh Limited, R Neil Davies Limited, P Ellis Limited, L E Speed Limited, M A Bowering Limited, Phillip Roberts, David Kevin Thomas, Jonathan Gareth Moriarty, Karl Steven Beckett and Laura Arabella Mary Weir were members of the LLP during the period.
 
Members' capital and interests
 
 
Each member's share of profit is determined by the subscription to the working capital of the LLP.  The capital is repayable following death, retirement or expulsion from the LLP.
 
 
Details of changes in members' capital in the ended 30 April 2024 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members during the year in which they arise. Members draw a proportion of their anticipated profit shares monthly during the year, subject to the cash requirements of the business.
 

Page 1

 
LANYON BOWDLER LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 





................................................
R B Evans Limited
Designated member


Date: 10 September 2024

Page 2

 
LANYON BOWDLER LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANYON BOWDLER LLP
 

Qualified opinion
 

We have audited the financial statements of Lanyon Bowdler LLP (the 'LLP') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


Except for the matter described in the basis for qualified opinion paragraph, in our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for qualified opinion


As set out in accounting policy note 2.12, the contingent work in progress is not recognised in profit and loss account and is recognised as an asset in the balance sheet with the capital account increasing by an equal amount. This treatment is not in accordance with UK GAAP. Full disclosure of the financial effect of non compliance is shown in note 2.12 which is to overstate amounts recoverable on contracts and net assets by £7,631,458 (2023: £8,107,684).


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Page 3

 
LANYON BOWDLER LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANYON BOWDLER LLP (CONTINUED)


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Page 4

 
LANYON BOWDLER LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANYON BOWDLER LLP (CONTINUED)


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the LLP and determined that the most significant are those that relate to the reporting framework (FRS102, the Companies Act 2006 and The Limited Liability Partnerships Regulations 2008), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the LLP is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the LLP's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 5

 
LANYON BOWDLER LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANYON BOWDLER LLP (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Malpass BA FCA (Senior Statutory Auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
16 September 2024
Page 6

 
LANYON BOWDLER LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,000,328
14,745,474

Gross profit
  
 
16,000,328
 
14,745,474

Administrative expenses
  
(11,825,371)
(11,695,549)

Operating profit
 5 
 
4,174,957
 
3,049,925

Interest receivable and similar income
 9 
1,148,980
371,852

Interest payable and similar expenses
 10 
(788,018)
(356,793)

Profit before tax
  
 
4,535,919
 
3,064,984

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
4,535,919
 
3,064,984

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024(2023:£NIL).

The notes on pages 13 to 31 form part of these financial statements.

Page 7

 
LANYON BOWDLER LLP
REGISTERED NUMBER: OC351948

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 11 
1,929,401
2,101,979

  
1,929,401
2,101,979

Current assets
  

Stocks
 12 
11,923,703
11,806,025

Debtors: amounts falling due within one year
 13 
3,453,652
2,806,250

Cash at bank and in hand
 14 
20,945
48,786

  
15,398,300
14,661,061

Creditors: amounts falling due within one year
 15 
(3,917,284)
(3,391,785)

Net current assets
  
 
 
11,481,016
 
 
11,269,276

Total assets less current liabilities
  
13,410,417
13,371,255

Creditors: amounts falling due after more than one year
 16 
(460,603)
(1,446,827)

  

Net assets
  
12,949,814
11,924,428

Page 8

 
LANYON BOWDLER LLP
REGISTERED NUMBER: OC351948
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 19 
3,254,179
1,879,793

  
3,254,179
1,879,793

Members' other interests
  

Members' capital classified as equity
  
9,695,635
10,044,635

  
12,949,814
11,924,428


Total members' interests
  

Loans and other debts due to members
 19 
3,254,179
1,879,793

Members' other interests
  
9,695,635
10,044,635

  
12,949,814
11,924,428


The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
R B Evans Limited
Designated member

Date: 10 September 2024

The notes on pages 13 to 31 form part of these financial statements.

Page 9

 
LANYON BOWDLER LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Members capital (classified as equity)
Other reserves
Total equity

£
£
£

At 1 May 2022
9,756,366
-
9,756,366


Comprehensive income for the year

Profit for year for discretionary division among members
-
3,064,984
3,064,984

Allocated profit
-
(3,064,984)
(3,064,984)


Contributions by and distributions to members

Capital introduced by members
288,269
-
288,269


Total transactions with members
288,269
-
288,269


At 1 May 2023
10,044,635
-
10,044,635


Comprehensive income for the year

Profit for year for discretionary division among members
-
4,535,919
4,535,919

Allocated profit
-
(4,535,919)
(4,535,919)


Contributions by and distributions to members

Capital introduced by members
(349,000)
-
(349,000)


Total transactions with members
(349,000)
-
(349,000)


At 30 April 2024
9,695,635
-
9,695,635

The notes on pages 13 to 31 form part of these financial statements.

Page 10

 
LANYON BOWDLER LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,535,919
3,064,984

Adjustments for:

Depreciation of tangible assets
276,140
268,774

Loss on disposal of tangible assets
-
303

Interest paid
788,018
356,793

Interest received
(1,148,980)
(371,852)

(Increase) in stocks
(593,904)
(111,315)

(Increase) in debtors
(647,402)
(182,592)

Increase in creditors
678,516
230,963

Net cash generated from operating activities before transactions with members

3,888,307
3,256,058


Cash flows from investing activities

Purchase of tangible fixed assets
(103,562)
(259,147)

Interest received
1,148,980
371,852

HP interest paid
(6,601)
(6,601)

Net cash from investing activities

1,038,817
106,104
Page 11

 
LANYON BOWDLER LLP
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

New bank loans
999,313
1,250,000

Repayment of loans
(1,015,838)
(234,784)

Repayment of other loans
(375,000)
(375,000)

Repayment of/new finance leases
(118,930)
(125,531)

Interest paid
(781,417)
(350,192)

Members' capital repaid
(149,073)
(331,601)

Amounts introduced by members
171,149
108,000

Distribution paid to members
(3,306,876)
(3,686,856)

Net cash used in financing activities
(4,576,672)
(3,745,964)

Net increase/(decrease) in cash and cash equivalents
350,452
(383,802)

Cash and cash equivalents at beginning of year
(838,627)
(454,825)

Cash and cash equivalents at the end of year
(488,175)
(838,627)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
20,945
48,786

Bank overdrafts
(509,120)
(887,413)

(488,175)
(838,627)


The notes on pages 13 to 31 form part of these financial statements.

Page 12

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Lanyon Bowdler LLP is a LLP incorporated and domiciled in the UK and has a registered office and principal place of business at Chapter House North, Abbey Lawn, Abbey Foregate, Shrewsbury, Shropshire, SY2 5DE.
The principal activity of the LLP is to provide legal services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the Members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Refer to 2.12 for policy on recognition of work in progress.

Page 13

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.4

Turnover

Fee income represents amounts receivable, both billed and adjusted for movement in accrued income for legal services that were provided in the course of normal business net of VAT and disbursements. All amounts relate to continuing operations. There were no recognisable gains and losses for 2024 other than those included in the profit and loss account.

 
2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.9

Pensions

The group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets  of the plan are held separately from the LLP in independently administered funds. 

Page 14

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Leasehold improvements
-
5-10 years
Motor vehicles
-
4 years
Equipment
-
3-10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 15

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Work in progress

All work in progress (disclosed as amounts recoverable on contracts in the accounts) is measured by reference to the amounts likely to be chargeable to clients. 
Non-contingent work in progress is recognised as revenue in the profit and loss account with a corresponding debtor included in amounts recoverable on contracts.
Contingent work in progress is not recognised as revenue in the profit and loss account due to the nature of this work.  An asset for this contingent income is included within amounts recoverable on contracts with a corresponding credit to a separate capital account.  A provision is made for estimated corporation tax on this contingent asset.  The members adopt this treatment in conflict with the requirements of UK GAAP which would require contingent work in progress to be excluded until the relevant contingencies have been satisfied. The members adopt this treatment because, in their view, it better reflects the commercial reality.  The financial effect of non compliance is to overstate the net assets attributable to members by £7,631,458 (2023: £8,107,684) and to overstate the members' capital accounts by the same amount.  There is no financial effect to the profit and loss account.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 16

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 17

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. In the opinion of the members there are the below noted estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Recognition of Work in Progress
All work in progress (disclosed as amounts recoverable on contracts in the accounts) is measured by reference to the amounts likely to be chargeable to clients. The carrying amount of these estimates as at the balance sheet date is £11,923,703 (2023: £11,806,025).
Property revaluation
Freehold Property revaluations are performed periodically in accordance with FRS102. Freehold property is carried at valuation determined on an existing use market basis. The revaluation surplus/(deficit) is disclosed within note 11 below.

Page 18

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fee income adjusted for movement in accrued income
15,982,567
14,753,868

Photocopying recharge
2,473
(27,537)

Vehicle recharge
3,122
420

Rental income received
10,400
12,441

Other income
1,766
6,282

16,000,328
14,745,474


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
276,140
268,773

Auditors' remuneration for both Client & Office Audits
12,850
11,725

Accountancy services
23,701
20,975

Defined Contribution Pension Scheme
150,419
131,521


6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2024
2023
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
12,850
11,725
Page 19

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Staff salaries
6,043,522
6,240,454

Social security costs
548,617
585,577

Cost of defined benefit scheme
150,419
131,521

Other staff costs
185,483
214,926

6,928,041
7,172,478


The average monthly number of persons employed during the year was as follows:


        2024
        2023
            No.
            No.







Employees
224
239


8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
28
27










9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,148,980
371,852

1,148,980
371,852

Page 20

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
160,619
92,334

Other loan interest payable
52,852
55,909

Interest payable to members
272,846
179,317

Hire purchase interest payable
6,601
6,601

Client interest payable
295,100
22,632

788,018
356,793


11.


Tangible fixed assets





Freehold property
Motor vehicles
Leasehold improvements
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
1,095,517
20,416
378,920
3,328,584
4,823,437


Additions
-
-
-
103,562
103,562



At 30 April 2024

1,095,517
20,416
378,920
3,432,146
4,926,999



Depreciation


At 1 May 2023
-
10,234
269,838
2,441,386
2,721,458


Charge for the year on owned assets
-
1,939
13,502
260,699
276,140



At 30 April 2024

-
12,173
283,340
2,702,085
2,997,598



Net book value



At 30 April 2024
1,095,517
8,243
95,580
730,061
1,929,401



At 30 April 2023
1,095,517
10,182
109,082
887,198
2,101,979

Page 21

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           11.Tangible fixed assets (continued)

Freehold property valuations were obtained on 6 June 2024 by Halls Holdings Ltd, Chartered Surveyors. These were on an open market value for existing use basis.
Cost or valuation at 30 April 2024 is as follows:
ole11b0.png

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
1,100,517
1,100,517

Net book value
1,100,517
1,100,517

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Equipment
29,733
148,663

Page 22

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Amounts recoverable on contracts

2024
2023
£
£

Unbilled work in progress, disbursements and expenses
4,332,348
3,725,133

Less provisions for non collectable disbursements
(40,103)
(26,792)

Unbilled contingent work in progress and expenses
9,382,873
10,009,487

Less estimated corporation tax due on contingent WIP
(1,751,415)
(1,901,803)

11,923,703
11,806,025



13.


Debtors

2024
2023
£
£


Trade debtors
2,871,575
2,084,153

Provision for bad debts
(409,052)
(277,978)

Other debtors
1,166
7,677

Prepayments and accrued income
989,963
992,398

3,453,652
2,806,250



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,945
48,786

Less: bank overdrafts
(509,120)
(887,413)

(488,175)
(838,627)


Page 23

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
509,120
887,413

Bank loans
579,471
240,011

Other loans
375,000
375,000

Trade creditors
704,590
556,122

Other taxation and social security
658,432
458,222

Obligations under finance lease and hire purchase contracts
29,683
125,531

Other creditors
417,729
161,378

Accruals and deferred income
643,259
588,108

3,917,284
3,391,785


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts
509,120
887,413

Bank loans
579,471
240,011

Obligations under finance lease and hire purchase contracts
29,683
125,531

1,118,274
1,252,955

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
Bank overdrafts are secured by way of a debenture.
Details of security provided on bank loans is included within note 16.

Page 24

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
398,103
986,245

Other loans
62,500
437,500

Net obligations under finance leases and hire purchase contracts
-
23,082

460,603
1,446,827


The following liabilities were secured:

2024
2023
£
£



Bank loans
398,103
986,245

Net obligations under finance leases and hire purchase contracts
-
23,082

398,103
1,009,327

Details of security provided:

Included within bank loans is a loan repayable by November 2024, with an interest charge of 2.4% plus the Barclays base rate per year. The loan is secured by the 7 Bath Street Property included in the accounts.
Also included within bank loans is a cashflow loan repayable by October 2026, with an interest charge of 3.75% over the base rate per year. 
Included within other loans is a Coronavirus Business Interruption Loan. Interest is charged at 3.19% plus the Barclays base rate per year. Repayments commenced in July 2021 and the loan is to be repaid in full by June 2025.
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. 

Page 25

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
579,471
240,011

Other loans
375,000
375,000


954,471
615,011

Amounts falling due 1-2 years

Bank loans
267,202
272,596

Other loans
62,500
375,000


329,702
647,596

Amounts falling due 2-5 years

Bank loans
130,901
713,649

Other loans
-
62,500


130,901
776,149


1,415,074
2,038,756


Page 26

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
29,683
125,531

Between 1-5 years
-
23,082

29,683
148,613


19.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
3,254,179
1,879,793

3,254,179
1,879,793

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 27

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Other debts due to members

ole6238.png
The members policy on drawings is dependent upon the working capital requirements of the LLP. A conservative level of monthly drawings plus the estimated members' Corporation Tax due on 1st February of the following year is approved by the Management Board at the start of the financial year. 

Page 28

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Members' total interests

ole5a06.png

Page 29

 
LANYON BOWDLER LLP
 

22.


Analysis of net debt




At 1 May 2023
Arising from cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

48,786

(27,841)

20,945

Bank overdrafts

(887,413)

378,293

(509,120)

Borrowings due within 1 year

(615,011)

(339,460)

(954,471)

Borrowings due after 1 year

(1,423,745)

963,142

(460,603)

Finance leases

(148,613)

118,930

(29,683)

Net debt (before members' debt)
(3,025,996)
1,093,064
(1,932,932)

Loans and other debts due to members




Other amounts due to members
(1,879,793)

(1,374,386)

(3,254,179)

Net debt


(4,905,789)
(281,322)
(5,187,111)


23.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £150,419 (2023: £131,521). Contributions totaling £25,501 (2023: £nil) were payable to the fund at the balance sheet date.

Page 30

 
LANYON BOWDLER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


24.


Commitments under operating leases

At 30 April 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
318,418
318,418

Later than 1 year and not later than 5 years
363,638
729,969

Later than 5 years
-
6,321

682,056
1,054,708

2024
2023

£
£

Other


Not later than 1 year
121,302
120,668

Later than 1 year and not later than 5 years
289,740
262,802

Later than 5 years
-
7,462

411,042
390,932


25.


Related party transactions

During the year, the LLP leased a freehold property from Lanyon Bowdler Developments LLP which has members who are also members of Lanyon Bowdler LLP. The rent charged on this property during the year was:


2024
2023
£
£

Lanyon Bowdler Developments LLP
53,655
53,655
53,655
53,655

During the year Lanyon Bowdler LLP provided legal services to 9 (2023: 11) Members. The total sum of these legal services amounted to £9,072 (2023: £16,248). 

 
Page 31