Registration number:
Barcan+Kirby LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2024
Barcan+Kirby LLP
Contents
Limited liability partnership information |
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Balance Sheet |
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Notes to the Financial Statements |
Barcan+Kirby LLP
Limited liability partnership information
Designated members |
A E Wilson T J J Powles |
Members |
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Registered office |
111/117 Regent Street |
Bankers |
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Accountants |
Hazlewoods LLP |
Barcan+Kirby LLP
(Registration number: OC374955)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Other amounts |
3,230,800 |
2,784,848 |
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3,230,800 |
2,784,848 |
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Total members' interests |
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Loans and other debts due to members |
3,230,800 |
2,784,848 |
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3,230,800 |
2,784,848 |
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.
The financial statements of Barcan+Kirby LLP (registered number OC374955) were approved by the
They were signed on behalf of the LLP by:
Barcan+Kirby LLP
(Registration number: OC374955)
Balance Sheet as at 31 March 2024
.........................................
A G Willcocks
Designated member
Barcan+Kirby LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).
The functional currency of Barcan+Kirby LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Key sources of estimation uncertainty
Bad debt provision - due to the nature of the business, there are high levels of trade receivables at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £282,708 (2023 - £216,710).
Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts and work in progress estimates. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. This is then reduced accordingly by applying recovery rates to fee earners on a individual basis. The carrying amount is £1,245,173 (2023 - £1,242,997).
Dilapidations - a provision for dilapidations on the company's property leases is being built up each year based on the amount expected to be payable at the cessation of the leases. The carrying amount is £50,000 (2023 - £113,823).
Client claims - the provision is based on a review of potential claims and an assessment of any potential settlements that are considered likely as a result of these. The carrying amount is £130,000 (2023 - £137,300).
Barcan+Kirby LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and exclude VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.
Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as allocation of profits.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
other taxes policy
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold property |
nil |
Short leasehold land and buildings |
25% straight line |
Fixtures and fittings |
25% straight line |
Motor vehicles |
25% straight line |
Computer equipment |
33% straight line |
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Barcan+Kirby LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
Provisions
Provisions are recognised when the LLP has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The LLP operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Barcan+Kirby LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Particulars of employees |
The average number of persons employed by the LLP during the year was
Barcan+Kirby LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Freehold property |
Short leasehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
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Cost |
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At 1 April 2023 |
483,428 |
242,702 |
278,583 |
6,094 |
342,451 |
1,353,258 |
Additions |
- |
183,606 |
2,349 |
- |
34,068 |
220,023 |
At 31 March 2024 |
483,428 |
426,308 |
280,932 |
6,094 |
376,519 |
1,573,281 |
Depreciation |
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At 1 April 2023 |
- |
240,340 |
274,176 |
6,094 |
286,019 |
806,629 |
Charge for the year |
- |
48,264 |
2,841 |
- |
46,797 |
97,902 |
At 31 March 2024 |
- |
288,604 |
277,017 |
6,094 |
332,816 |
904,531 |
Net book value |
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At 31 March 2024 |
483,428 |
137,704 |
3,915 |
- |
43,703 |
668,750 |
At 31 March 2023 |
483,428 |
2,362 |
4,407 |
- |
56,432 |
546,629 |
Barcan+Kirby LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts recoverable on contracts |
1,245,173 |
1,242,997 |
Other debtors |
- |
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Prepayments and accrued income |
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|
3,855,898 |
3,819,478 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Bank loans |
568,356 |
392,857 |
Trade creditors |
76,911 |
126,526 |
Other creditors |
63,588 |
104,237 |
Accruals and deferred income |
356,177 |
461,624 |
Taxation and social security |
578,807 |
547,950 |
1,643,839 |
1,633,194 |
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Bank loans |
215,000 |
114,286 |
Other creditors |
52,871 |
109,883 |
267,871 |
224,169 |
Provisions |
Client claims |
Dilapidations |
Total |
|
At 1 April 2023 |
137,300 |
113,823 |
251,123 |
Provisions used |
(7,300) |
(63,823) |
(71,123) |
At 31 March 2024 |
130,000 |
50,000 |
180,000 |
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Analysis of other amounts |
2024 |
2023 |
|
Money advanced to the LLP by the members by way of loan |
1,873,049 |
1,938,089 |
Money owed to members by the LLP in respect of profits |
1,357,751 |
846,759 |
3,230,800 |
2,784,848 |
Obligations under leases and hire purchase contracts |
The total of future minimum operating lease payments not included in the balance sheet is £1,165,299 (2023 - £922,403).