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Brahams Dutt Badrick French LLP
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For the period ended 31 March 2024
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Registered number: OC376140
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Brahams Dutt Badrick French LLP - Registered number:OC376140
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Statement of financial position
As at 31 March 2024
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Debtors due within 1 year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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Brahams Dutt Badrick French LLP - Registered number:OC376140
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Statement of financial position (continued)
As at 31 March 2024
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Other reserves classified as equity
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Page 2
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Brahams Dutt Badrick French LLP
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Notes to the financial statements
For the period ended 31 March 2024
Brahams Dutt Badrick French LLP is a limited liability partnership, incorporated in England and Wales. Its LLP
registration number is OC376140. The registered office and principal place of business of the LLP is Kings House, 36
King Street, London, EC2V 8BB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
The LLP has sufficient liquid resources to continue as a going concern for the foreseeable future and the
members believe the LLP will be able to meet its liabilities as they fall due for at least twelve months from the
date of approval of the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 turnover 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.
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Operating leases: the LLP as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Page 3
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Brahams Dutt Badrick French LLP
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Notes to the financial statements
For the period ended 31 March 2024
2.Accounting policies (continued)
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:
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Long-term leasehold property
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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.
Short-term debtors are measured at transaction price, less any impairment.
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.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that
probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the
amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the
obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle
the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial
position.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties,
loans to related parties and investments in ordinary shares.
Page 4
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Brahams Dutt Badrick French LLP
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Notes to the financial statements
For the period ended 31 March 2024
2.Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution 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 payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.
Finance costs are charged to profit or loss 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.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Members' drawings, capital and profit allocation have been determined in accordance with FRS 102, the
Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, including the
Statement of Recommended Practice (2015) and 'Accounting for Limited Liability Partnerships' and the LLP
agreement.
The profits of the LLP shall be divided between the members in accordance with their respective profit share,
and shall be credited to the members' current accounts as soon as the annual accounts for the relevant
accounting period are approved by the members in accordance with the LLP agreement.
To the extent that the share of profits allocated to any member in respect of any accounting period exceeds
the aggregate amount of drawings made by the member during the accounting period, the LLP shall
distribute such profits to the relevant member in accordance with its drawings policy.
The losses of the LLP shall be divided equally between the members in accordance with their respective profit
share percentages, and shall be debited to the members' current accounts as soon as the annual accounts for
the relevant accounting period are approved by the members. Provided that a member's current account has
a negative balance in an amount equal to or greater than the amount of their capital contributions, no further
losses may be allocated to that member.
The members' drawings policy allows each member to draw a proportion of their profit share, subject to the
cash requirements of the business.
Members shall contribute further capital which the members may from time to time determine is required for
the purposes of the business provided that no member shall be required to contribute any further capital on
insolvency of the LLP. Members' profit allocation includes interest on their working capital loans in accordance with the members' agreement. The members' capital requirement is linked
to their share of profit and the financing requirement of the LLP.
Page 5
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Brahams Dutt Badrick French LLP
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Notes to the financial statements
For the period ended 31 March 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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The average monthly number of employees, including directors, during the period was 20 (2022 -18).
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Long-term leasehold property
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Page 6
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Brahams Dutt Badrick French LLP
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Notes to the financial statements
For the period ended 31 March 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit and loss
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Page 7
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Brahams Dutt Badrick French LLP
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Notes to the financial statements
For the period ended 31 March 2024
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The LLP operates a defined contributions pension scheme on behalf of its members and certain employees. The
assets of the scheme are held separately from those of the LLP in an independently administered fund.
Contributions totaling £170,731 (2022: £87,055) were paid by the LLP to the fund during the period. Contributions
payable at the year end were £nil (2022: £nil).
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 8
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