REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
KNOX CROPPER LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
KNOX CROPPER LLP |
KNOX CROPPER LLP (REGISTERED NUMBER: OC420583) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KNOX CROPPER LLP |
General Information |
for the Year Ended 31 December 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
KNOX CROPPER LLP (REGISTERED NUMBER: OC420583) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,633,577 |
1,754,359 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
1,633,577 |
1,754,359 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 1,633,577 | 1,754,359 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
KNOX CROPPER LLP (REGISTERED NUMBER: OC420583) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
KNOX CROPPER LLP (REGISTERED NUMBER: OC420583) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Knox Cropper LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts earned under a wide variety of contracts to provide professional services, when and to the extent the LLP obtains the right to consideration in exchange for its performance under the contracts. It is measured at the fair value of the right to consideration, including expenses and disbursements, but excluding VAT, by reference to the stage of completion. |
Tangible fixed assets |
Improvements to property | - |
Stocks |
Stocks comprise work in progress, which is valued at the lower of cost and net realisable value. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Increases in annual rentals following rent reviews are recognised over the remaining lease term from the time they take effect. The value of lease incentives received is recognised in the Profit and Loss account so as to reduce the rental expense on a straight line basis over the contracted term of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The Members are satisfied that the LLP has adequate resources to continue in business for the foreseeable future. This has been determined by a review of cash flow forecasts and trading performance for a period of 12 months from the date of approval of the financial statements |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice. |
Taxation |
Income tax payable on all LLP profits is solely the personal liability of individual members. Consequently, neither income tax nor related deferred taxation is accounted for in the financial statements. |
KNOX CROPPER LLP (REGISTERED NUMBER: OC420583) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Provisions and contingencies |
Provision is made for obligations in relation to properties held under leases which require properties to be returned in a certain condition at the end of the lease where it is probable that an outflow of economic resources will be required from the LLP and amount can be estimated reliably. |
Provision is made, on a case by case basis, in respect of client claims. Provision is made for all such matters where costs of defending or concluding claims are likely to be incurred, net of anticipated related insurance recoveries. |
Provisions are measured at the estimated expenditure required to settle the present obligations, discounted to their present values if the time value of money is significant. |
Contingent liabilities, including liabilities that are not probable or which cannot be measured reliably, are not recognised, but are disclosed unless the possibility of settlement is remote. Contingent assets are not recognised, but are disclosed where an inflow of economic benefits is probable. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to |
property |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
KNOX CROPPER LLP (REGISTERED NUMBER: OC420583) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Capital loans and other debts due to current and former members of the LLP rank pari passu with all creditors, in accordance with the members’ agreement. |