Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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236,629 | 232,613 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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3,271,193 | 3,281,217 | |||
Creditors: amounts falling due within one year | 6 | (
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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 |
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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 |
Members' responsibilities:
The financial statements of Frettens LLP (registered number:
M I Fretten
Designated member |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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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
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.
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 £.
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.
Goodwill |
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Land and buildings | not depreciated |
Fixtures and fittings |
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Office equipment | not depreciated |
Computer equipment |
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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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated amortisation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Land and buildings | Fixtures and fittings | Office equipment | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||||||||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||||||||
At 30 June 2024 |
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At 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Other taxation and social security |
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Other creditors |
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Commitments
Capital commitments are as follows:
2024 | 2023 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Other | 244,230 | 347,442 |