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REGISTERED NUMBER: OC336055 (England and Wales)


























REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

DUTTON GREGORY LLP

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Report of the Members 1 to 2

Report of the Independent Auditors 3 to 5

Statement of Comprehensive Income 6

Balance Sheet 7

Reconciliation of Members' Interests 8 to 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11 to 12

Notes to the Financial Statements 13 to 19


DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31ST MARCH 2024


The members present their report with the financial statements of the LLP for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of the provision of legal services.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr M D Broad
Mr J T Brown
Ms E Menzies
Mr P D Sams
Mr A C Tilley

Mr A C Tilley resigned as a designated member on 31st March 2024.

Mr P D Sams and Mrs E Menzies were appointed as designated members on 31st March 2024.

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £3,199,562 (2023 - £2,895,291 profit).

MEMBERS' INTERESTS
Members receive monthly drawings representing payments on account of profits which may be allocated to them.

Part of the profits are allocated and divided between members before the finalisation of the accounts, this is shown as such in the profit and loss account after arriving at the profit for the year, before allocation and division between members.

The remaining profits are determined, allocated and divided between members after the finalisation of the accounts. Drawings against undivided and unallocated profits are included within debtors. Unallocated profits are included within equity on the balance sheet.

Capital requirements are determined by the designated members and are reviewed at least annually. Equity members are required to subscribe a proportion of that capital, with the amounts being determined by agreement between the members.

On retirement, capital is repaid to members.

Details of changes in members' capital in the year ended 31st March 2024 are set out in the Reconciliation of Members' Interests.

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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 judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of 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.

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31ST MARCH 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS
The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:





Mr P D Sams - Designated member


1st October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUTTON GREGORY LLP


Opinion
We have audited the financial statements of Dutton Gregory LLP (the 'LLP') for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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).

In our opinion the financial statements:
-give a true and fair view of the state of the LLP's affairs as at 31st March 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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion
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 UK, including the FRC'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.

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 members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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 where the Companies Act 2006 as applied to LLPs 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.

Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page one, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUTTON GREGORY LLP


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 a Report of the Auditors 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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the LLP based upon our knowledge of the LLP, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006 and compliance with health and safety regulations.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, undertaking a review of the SRA audit, full review of meeting minutes, reviewing legal and professional invoices and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUTTON GREGORY LLP


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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our 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 a Report of the Auditors 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.




Ross Garfitt (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

1st October 2024

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

TURNOVER 14,575,871 11,587,150

Cost of sales 1,239,560 -
GROSS PROFIT 13,336,311 11,587,150

Administrative expenses 11,614,429 9,193,077
OPERATING PROFIT 5 1,721,882 2,394,073

Interest receivable and similar income 1,538,545 526,094
3,260,427 2,920,167

Interest payable and similar expenses 7 60,865 24,876
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




3,199,562




2,895,291


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,199,562

2,895,291

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 230,147 273,524
Investments 10 200,000 200,000
430,147 473,524

CURRENT ASSETS
Debtors 11 5,568,111 4,563,738
Cash at bank 749,729 1,745,223
6,317,840 6,308,961
CREDITORS
Amounts falling due within one year 12 2,233,113 2,464,965
NET CURRENT ASSETS 4,084,727 3,843,996
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,514,874

4,317,520

CREDITORS
Amounts falling due after more than one
year

13

-

155,556
NET ASSETS ATTRIBUTABLE TO
MEMBERS

4,514,874

4,161,964

LOANS AND OTHER DEBTS DUE TO
MEMBERS

16

1,315,312

1,266,673

MEMBERS' OTHER INTERESTS
Other reserves 17 3,199,562 2,895,291
4,514,874 4,161,964

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 16 1,315,312 1,266,673
Members' other interests 3,199,562 2,895,291
Amounts due from members 11 (1,836,981 ) (1,122,637 )
2,677,893 3,039,327

The financial statements were approved by the members of the LLP and authorised for issue on 1st October 2024 and were signed by:





Mr P D Sams - Designated member

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31ST MARCH 2024


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,266,673
Amount due from members (1,122,637 )
Balance at 1st April 2023 2,895,291 144,036 3,039,327
Profit for the financial year available
for discretionary division among
members


3,199,562


-


3,199,562


Members' interests after profit for
the year

6,094,853

144,036

6,238,889

Other divisions of profit (2,895,291 ) - (2,895,291 )
Introduced by members - 40,000 40,000
Drawings on account and
distributions of profit

-

(3,600,996

)

(3,600,996

)

Reclassifications - 2,895,291 2,895,291
Amount due to members 1,315,312
Amount due from members (1,836,981 )
Balance at 31st March 2024 3,199,562 (521,669 ) 2,677,893

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31ST MARCH 2024

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 1,256,235
Amount due from members (836,166 )
Balance at 1st April 2022 2,309,071 420,069 2,729,140
Profit for the financial year available
for discretionary division among
members


2,895,291


-


2,895,291


Members' interests after profit for
the year

5,204,362

420,069

5,624,431

Other divisions of profit (2,309,071 ) - (2,309,071 )
Introduced by members - 10,001 10,001
Drawings on account and
distributions of profit

-

(2,595,105

)

(2,595,105

)

Reclassifications - 2,309,071 2,309,071
Amount due to members 1,266,673
Amount due from members (1,122,637 )
Balance at 31st March 2023 2,895,291 144,036 3,039,327

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 2 1,489,147 2,171,976
Interest paid (60,865 ) (24,876 )
Net cash from operating activities 1,428,282 2,147,100

Cash flows from investing activities
Purchase of tangible fixed assets (12,438 ) (105,767 )
Sale of tangible fixed assets - (1,417 )
Interest received 1,538,545 526,094
Net cash from investing activities 1,526,107 418,910

Transactions with members and former members
Payments to members (3,600,995 ) (2,595,105 )
Contributions by members 40,000 10,001
(3,560,995 ) (2,585,104 )

Cash flows from other financing activities
Loan repayments in the year (388,888 ) (233,333 )
Net cash from financing activities (3,949,883 ) (2,818,437 )

Decrease in cash and cash equivalents (995,494 ) (252,427 )
Cash and cash equivalents at beginning
of year

3

1,745,223

1,997,650

Cash and cash equivalents at end of year 3 749,729 1,745,223

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024


1. CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT
In the cash flow statement, the profit is the profit for the financial year before members' remuneration and profit shares available for discretionary division among members.

2. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH
GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit for the financial year before members' remuneration and profit
shares available for discretionary division among members

3,199,562

2,895,291
Depreciation charges 55,814 88,302
Loss on disposal of fixed assets - 667
Finance costs 60,865 24,876
Finance income (1,538,545 ) (526,094 )
1,777,696 2,483,042
Increase in trade and other debtors (290,029 ) (749,748 )
Increase in trade and other creditors 1,480 438,682
Cash generated from operations 1,489,147 2,171,976

3. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 749,729 1,745,223
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,745,223 1,997,650


DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024


4. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank 1,745,223 (995,494 ) 749,729
1,745,223 (995,494 ) 749,729
Debt
Debts falling due
within 1 year (233,332 ) 233,332 - -
Debts falling due
after 1 year (155,556 ) 155,556 - -
(388,888 ) 388,888 - -
Net funds (before
members' debt) 1,356,335 (606,606 ) - 749,729

Loans and other debts
due to members
Other amounts
due to members (1,266,673 ) 665,705 (714,344 ) (1,315,312 )
Net funds/(debt) 89,662 59,099 (714,344 ) (565,583 )

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Dutton Gregory LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC336055

Registered office: Concept House
6 Stoneycroft Rise
Chandler's Ford
Eastleigh
Hampshire
SO53 3LD

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions the remaining life of the asset and projected disposal values.

Amounts recoverable on long term contracts are valued taking into account the estimated recoverability rates by work type for the realisation of the unbilled time charges.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the members have made the following judgements:

Determined whether leases entered into by the limited liability partnership are operating or finance leases. These decisions depend on the assessment of whether the risks and rewards of the ownership have been transferred from the lessor to the lease on a lease by lease basis.

Determined whether to recognise provisions for litigation claims (included in creditors). These decisions depend on an assessment of the merits of any claims notified to the firm to determine whether it is considered probable that the entity will be required to transfer economic benefit in settlement.

Determined whether to recognise provisions for dilapidations (included in creditors). These decisions depend on the expected cost of maintaining full tenant repairing leases through the life of the lease to termination with regards to the lease conditions.

Determined whether to provide for the impairment of debtors. Provision is made where the recovery of debts is estimated to be doubtful in light of their status and age.

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that the LLP 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.

Revenue earned under contracts is recognised where a right to consideration has accrued by reference to the fair value of work done, reflecting any uncertainties as to outcome of recoverability. Revenue contingent on events outside the control of the business is recognised where a contingent event occurs.

Amounts recoverable on contracts are included in debtors, less foreseeable losses and amounts received as progress payments on account. Any payments on account received in excess of revenue are included in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 12.5% straight line and 10% straight line
Office equipment - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% straight line

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

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.

Impairment of fixed assets
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (If any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangements constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership's obligations expire or are discharged or cancelled.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. EMPLOYEE INFORMATION

Staff costs were as follows:

20242023
££
Staff salaries 6,038,8984,908,784
Social security costs611,600506,511
Other pension costs107,76387,755
6,758,2615,503,050

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:

20242023
No.No.
Employee179149

Members' Remuneration

20242023
No.No.
The average number of members during the year was2123

££
The amount of profit attributable to the member with the largest entitlement was311,965337,707

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 240,657 289,519
Depreciation - owned assets 55,815 88,302
Loss on disposal of fixed assets - 667

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the LLP's auditors for the audit of the LLP's financial
statements

11,500

11,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 60,865 24,876

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. INFORMATION IN RELATION TO MEMBERS

Member's 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.

Members' fixed share of profits (excluded 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. The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Office and Computer
property equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 342,332 250,618 12,340 108,383 713,673
Additions 917 1,792 3,922 5,807 12,438
At 31st March 2024 343,249 252,410 16,262 114,190 726,111
DEPRECIATION
At 1st April 2023 181,290 165,301 9,524 84,034 440,149
Charge for year 28,249 12,798 563 14,205 55,815
At 31st March 2024 209,539 178,099 10,087 98,239 495,964
NET BOOK VALUE
At 31st March 2024 133,710 74,311 6,175 15,951 230,147
At 31st March 2023 161,042 85,317 2,816 24,349 273,524

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1st April 2023
and 31st March 2024 200,000
NET BOOK VALUE
At 31st March 2024 200,000
At 31st March 2023 200,000

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,104,828 1,580,279
Bad debt provision (373,507 ) (204,041 )
Amounts due from members 1,836,981 1,122,637
Amounts recoverable on contract 1,353,513 1,458,036
Other debtors 133,942 53,671
Prepayments and accrued income 512,354 553,156
5,568,111 4,563,738

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) - 233,332
Trade creditors 248,466 84,670
Social security and other taxes 137,509 112,816
VAT 392,401 339,858
Other creditors 151,839 146,327
Accruals and deferred income 1,302,898 1,547,962
2,233,113 2,464,965

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) - 155,556

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 year - 233,332

Amounts falling due between one and two years:
Bank loans - 1-2 years - 155,556

Bank loans

Bank loans comprised of a single loan which was received under the Coronavirus Business Interruption Loan Scheme (CBILS). The LLP also received a Business Interruption Payment (BIP) covering the first full year of interest as a result. After the first full year interest was charged at a variable rate in line with the Bank of England base rate. The loan was repaid in full during the year ended 31st March 2024. A Partial guarantee was also provided by the UK Government. The Bank loan was also secured by a fixed and floating charge over the assets of the LLP.

DUTTON GREGORY LLP (REGISTERED NUMBER: OC336055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 222,095 237,707
Between one and five years 426,635 533,298
In more than five years 127,842 170,456
776,572 941,461

The amount of non-cancellable operating lease payments recognised as an expense during the year was £236,466 (2023: £257,100)

16. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

17. RESERVES
Other
reserves
£   
At 1st April 2023 2,895,291
Undivided profit 3,199,562
Other divisions of profit (2,895,291 )
At 31st March 2024 3,199,562

18. RELATED PARTY DISCLOSURES

DG Poole Property Limited is held in trust by Dutton Gregory LLP on behalf of the members, this company provided property lease services to the LLP throughout the year totalling £20,000 (2023 - £20,000). At 31st March 2024 £49,431 (2023 - £43,012) was owed by DG Poole Property Limited to the LLP.

Key management personal include all members who together have authority and responsibility for planning, directing, and controlling the activities of the LLP. The total compensation paid to key management personnel for services provided to the LLP was £3,199,562 (2023 - £2,895,291).