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REGISTERED NUMBER: OC300486 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Feilden + Mawson LLP

Feilden + Mawson LLP (Registered number: OC300486)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 5


Feilden + Mawson LLP

General Information
for the Year Ended 31 March 2024







Designated members: Mrs G K Graham
R J Todd
Ms E K Davidson
P N Taylor
Ms E Barnston





Registered office: 1 Ferry Road
Norwich
Norfolk
NR1 1SU





Registered number: OC300486 (England and Wales)





Accountants: Stephenson Smart (East Anglia) Limited
Queens Head House
The Street
Acle
Norwich
Norfolk
NR13 3DY

Feilden + Mawson LLP (Registered number: OC300486)

Balance Sheet
31 March 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 351,245 461,912
Investments 5 5,397 5,397
356,642 467,309

Current assets
Debtors 6 1,634,231 1,246,551
Cash at bank and in hand 457,577 679,268
2,091,808 1,925,819
Creditors
Amounts falling due within one year 7 (785,518 ) (550,340 )
Net current assets 1,306,290 1,375,479
Total assets less current liabilities 1,662,932 1,842,788

Creditors
Amounts falling due after more than one
year

8

(43,898

)

(273,453

)

Provisions for liabilities - (68,975 )
Net assets attributable to members 1,619,034 1,500,360

Feilden + Mawson LLP (Registered number: OC300486)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £ £
Loans and other debts due to members 11 971,667 768,360

Members' other interests
Capital accounts 497,367 582,000
Revaluation reserve 12 150,000 150,000
1,619,034 1,500,360

Total members' interests
Loans and other debts due to members 11 971,667 768,360
Members' other interests 647,367 732,000
Amounts due from members 6 - (105,077 )
1,619,034 1,395,283

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

Feilden + Mawson LLP (Registered number: OC300486)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6 June 2024 and were signed by:




Mrs G K Graham - Designated member




R J Todd - Designated member


Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Feilden + Mawson LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Feilden + Mawson LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair
value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the
useful economic life of that asset as follows:

Land and buildings-not provided

Plant and machinery etc

-
33% on cost, 20% on reducing balance, 20% on cost and straight line over 14
years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employee information

The average number of employees during the year was 45 (2023 - 46 ) .

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£ £ £
Cost or valuation
At 1 April 2023 171,104 1,555,020 1,726,124
Additions 3,727 18,677 22,404
Disposals - (6,862 ) (6,862 )
At 31 March 2024 174,831 1,566,835 1,741,666
Depreciation
At 1 April 2023 14,333 1,249,879 1,264,212
Charge for year 3,290 129,781 133,071
Eliminated on disposal - (6,862 ) (6,862 )
At 31 March 2024 17,623 1,372,798 1,390,421
Net book value
At 31 March 2024 157,208 194,037 351,245
At 31 March 2023 156,771 305,141 461,912

Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. Tangible fixed assets - continued

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£ £ £
Valuation in 2001 35,000 15,000 50,000
Valuation in 2003 100,000 - 100,000
Cost 39,831 1,551,835 1,591,666
174,831 1,566,835 1,741,666

If land and other assets had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 6,000 6,000

Value of land in freehold land and buildings 141,000 141,000

Freehold land was valued on an open market basis on 1 April 2009 by the designated members .

A further review in March 2022 indicated no significant change in the value. Within land and buildings is a car park. Upon disposal the of the car park profits will be be split equally between four of the five Equity Partners being; G K Graham, R J Todd, E K Davidson and P N Taylor.

Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£
Cost or valuation
At 1 April 2023 497,790
Additions 4,000
Disposals (6,862 )
At 31 March 2024 494,928
Depreciation
At 1 April 2023 325,349
Charge for year 99,357
Eliminated on disposal (6,862 )
At 31 March 2024 417,844
Net book value
At 31 March 2024 77,084
At 31 March 2023 172,441

5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 April 2023
and 31 March 2024 5,397
Net book value
At 31 March 2024 5,397
At 31 March 2023 5,397

Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. Debtors
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 1,434,383 996,344
Other debtors 184,768 235,127
1,619,151 1,231,471

Amounts falling due after more than one year:
Other debtors 15,080 15,080

Aggregate amounts 1,634,231 1,246,551

Other debtors due within one year includes a balance of £nil (2023 - £105,077) due from Mr R J Todd and Ms E K Davidson (Members of Feilden + Mawson LLP)

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 12,000
Loan from ex-member 120,698 17,773
Hire purchase contracts and finance leases (see note 9)
87,799

133,043
Trade creditors 188,002 108,779
Social security and other taxes 56,903 55,708
VAT 208,704 144,316
Other creditors 11,963 12,568
Accruals and deferred income 111,449 66,153
785,518 550,340

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years - 12,000
Bank loans - 2-5 years - 133,616
Hire purchase contracts and finance leases (see note 9)
43,898

127,837
43,898 273,453

Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£ £ £ £
Gross obligations repayable:
Within one year 86,000 134,953 7,239 7,452
Between one and five years 28,077 112,422 18,198 22,515
114,077 247,375 25,437 29,967

Finance charges repayable:
Within one year 4,607 8,699 833 663
Between one and five years 1,518 6,125 859 975
6,125 14,824 1,692 1,638

Net obligations repayable:
Within one year 81,393 126,254 6,406 6,789
Between one and five years 26,559 106,297 17,339 21,540
107,952 232,551 23,745 28,329

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans - 157,616
Hire purchase contracts and finance leases 131,697 260,880
131,697 418,496

The bank holds a fixed and floating charge over the assets of the LLP.

Hire purchase agreements are secured on the assets to which they relate.

Feilden + Mawson LLP (Registered number: OC300486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. Loans and other debts due to members
2024 2023
£ £
Amounts owed to members in respect of profits 971,667 768,360

Falling due within one year 971,667 768,360

Loans and other debts due to members would rank equally with other unsecured creditors in the event of a winding up. In such an event no legally enforceable protection is afforded creditors in preference to the members.

12. Reserves
Revaluation
reserve
£
At 1 April 2023
and 31 March 2024 150,000

The increase/decrease in value of LLP assets represented by movements in the revaluation reserve was allocated to the members in proportion to their profit share at the time of the revaluation.

13. Other financial commitments

Total financial commitments which are not listed on the balance sheet amount to £878,028 (2023 £839,610).

The 2024 commitments comprise:

Norwich rent due to May 3022 - £999

London rent and services charges due to July 2027 - £635,749

Cambridge rent due to May 2028 - £241,280