Silverfin false 30/06/2024 01/07/2023 30/06/2024 L W Barr 01/07/2024 B J Cobb 01/07/2024 K C Edwards 01/07/2024 M I Fretten 24/03/2006 C L Hallett 01/07/2018 J J Hammersley 01/07/2023 M E Hayter 01/07/2013 M L Kemp 01/01/2024 O B Mckinney 01/01/2007 M J Petersen 01/07/2024 L Young 01/07/2009 10 October 2024 OC318659 2024-06-30 OC318659 bus:Director1 2024-06-30 OC318659 bus:Director2 2024-06-30 OC318659 bus:Director3 2024-06-30 OC318659 bus:Director4 2024-06-30 OC318659 bus:Director5 2024-06-30 OC318659 bus:Director6 2024-06-30 OC318659 bus:Director7 2024-06-30 OC318659 bus:Director8 2024-06-30 OC318659 bus:Director9 2024-06-30 OC318659 bus:Director10 2024-06-30 OC318659 bus:Director11 2024-06-30 OC318659 2023-06-30 OC318659 core:CurrentFinancialInstruments 2024-06-30 OC318659 core:CurrentFinancialInstruments 2023-06-30 OC318659 core:Goodwill 2023-06-30 OC318659 core:Goodwill 2024-06-30 OC318659 core:LandBuildings 2023-06-30 OC318659 core:FurnitureFittings 2023-06-30 OC318659 core:OfficeEquipment 2023-06-30 OC318659 core:ComputerEquipment 2023-06-30 OC318659 core:LandBuildings 2024-06-30 OC318659 core:FurnitureFittings 2024-06-30 OC318659 core:OfficeEquipment 2024-06-30 OC318659 core:ComputerEquipment 2024-06-30 OC318659 2023-07-01 2024-06-30 OC318659 bus:FullAccounts 2023-07-01 2024-06-30 OC318659 bus:SmallEntities 2023-07-01 2024-06-30 OC318659 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 OC318659 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-06-30 OC318659 bus:Director1 2023-07-01 2024-06-30 OC318659 bus:Director2 2023-07-01 2024-06-30 OC318659 bus:Director3 2023-07-01 2024-06-30 OC318659 bus:Director4 2023-07-01 2024-06-30 OC318659 bus:Director5 2023-07-01 2024-06-30 OC318659 bus:Director6 2023-07-01 2024-06-30 OC318659 bus:Director7 2023-07-01 2024-06-30 OC318659 bus:Director8 2023-07-01 2024-06-30 OC318659 bus:Director9 2023-07-01 2024-06-30 OC318659 bus:Director10 2023-07-01 2024-06-30 OC318659 bus:Director11 2023-07-01 2024-06-30 OC318659 core:Goodwill core:TopRangeValue 2023-07-01 2024-06-30 OC318659 core:FurnitureFittings 2023-07-01 2024-06-30 OC318659 core:ComputerEquipment core:TopRangeValue 2023-07-01 2024-06-30 OC318659 2022-07-01 2023-06-30 OC318659 core:Goodwill 2023-07-01 2024-06-30 OC318659 core:LandBuildings 2023-07-01 2024-06-30 OC318659 core:OfficeEquipment 2023-07-01 2024-06-30 OC318659 core:ComputerEquipment 2023-07-01 2024-06-30 OC318659 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: OC318659 (England and Wales)

FRETTENS LLP

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FRETTENS LLP

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FRETTENS LLP

BALANCE SHEET

As at 30 June 2024
FRETTENS LLP

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 107,100 119,700
Tangible assets 4 129,529 112,913
236,629 232,613
Current assets
Debtors 5 2,215,518 1,941,555
Cash at bank and in hand 1,055,675 1,339,662
3,271,193 3,281,217
Creditors: amounts falling due within one year 6 ( 700,530) ( 959,261)
Net current assets 2,570,663 2,321,956
Total assets less current liabilities 2,807,292 2,554,569
Net assets attributable to members 2,807,292 2,554,569
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 608,751 551,250
Other amounts 2,198,541 2,003,319
2,807,292 2,554,569
Members' other interests
0 0
2,807,292 2,554,569
Total members' interests
Loans and other debts due to members 2,807,292 2,554,569
2,807,292 2,554,569

For the financial year ending 30 June 2024 the LLP 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.

Members' responsibilities:

The financial statements of Frettens LLP (registered number: OC318659) were approved and authorised for issue by the Board of Directors on 10 October 2024. They were signed on its behalf by:

M I Fretten
Designated member
FRETTENS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 30 June 2024
FRETTENS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 30 June 2024
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as debt) Other amounts Total Total
£ £ £ £
Amounts due to members 543,750 1,367,122 1,910,872
Balance at 01 July 2022 543,750 1,367,122 1,910,872 1,910,872
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 2,303,861 2,303,861 2,303,861
Members' interest after result for the financial year 543,750 3,670,983 4,214,733 4,214,733
Drawings 0 (1,760,164) (1,760,164) (1,760,164)
Monies introduced 0 100,000 100,000 100,000
Amounts due to members 551,250 2,003,319 2,554,569
Balance at 30 June 2023 551,250 2,003,319 2,554,569 2,554,569
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 2,177,957 2,177,957 2,177,957
Members' interest after result for the financial year 551,250 4,181,276 4,732,526 4,732,526
Introduced by members 50,001 0 50,001 50,001
Drawings 0 (1,975,235) (1,975,235) (1,975,235)
Transfers 7,500 (7,500) 0 0
Amounts due to members 608,751 2,198,541 2,807,292
Balance at 30 June 2024 608,751 2,198,541 2,807,292 2,807,292

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

FRETTENS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FRETTENS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frettens LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Saxon Centre, 11 Bargates, Christchurch, BH23 1PZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations, For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in amounts recoverable on contracts.

Fee income that is contingent on events outside the control of the firm is recognised in revenue when it is considered likely that the contingent event has or is likely to occur in the foreseeable future.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance
Office equipment not depreciated
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

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 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 limited liability partnership intend either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Members' participation rights

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 85 80

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 300,816 300,816
At 30 June 2024 300,816 300,816
Accumulated amortisation
At 01 July 2023 181,116 181,116
Charge for the financial year 12,600 12,600
At 30 June 2024 193,716 193,716
Net book value
At 30 June 2024 107,100 107,100
At 30 June 2023 119,700 119,700

4. Tangible assets

Land and buildings Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 30,508 411,703 35,145 4,505 481,861
Additions 0 26,620 0 0 26,620
At 30 June 2024 30,508 438,323 35,145 4,505 508,481
Accumulated depreciation
At 01 July 2023 0 364,443 0 4,505 368,948
Charge for the financial year 0 10,004 0 0 10,004
At 30 June 2024 0 374,447 0 4,505 378,952
Net book value
At 30 June 2024 30,508 63,876 35,145 0 129,529
At 30 June 2023 30,508 47,260 35,145 0 112,913

5. Debtors

2024 2023
£ £
Trade debtors 529,685 410,992
Other debtors 1,685,833 1,530,563
2,215,518 1,941,555

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 277,439
Other taxation and social security 372,370 329,259
Other creditors 328,160 352,563
700,530 959,261

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

7. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 244,230 347,442