19 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-06 Sage Accounts Production Advanced 2024 - FRS102_2024 257,538 19,786 237,752 237,752 257,538 xbrli:pure xbrli:shares iso4217:GBP OC379684 2023-04-06 2024-04-05 OC379684 2024-04-05 OC379684 2023-04-05 OC379684 2022-04-06 2023-04-05 OC379684 2023-04-05 OC379684 2022-04-05 OC379684 core:MotorVehicles 2023-04-06 2024-04-05 OC379684 core:NetGoodwill 2023-04-06 2024-04-05 OC379684 bus:Director2 2023-04-06 2024-04-05 OC379684 bus:Director4 2023-04-06 2024-04-05 OC379684 bus:Director6 2023-04-06 2024-04-05 OC379684 bus:Director7 2023-04-06 2024-04-05 OC379684 bus:Director8 2023-04-06 2024-04-05 OC379684 core:WithinOneYear 2024-04-05 OC379684 core:WithinOneYear 2023-04-05 OC379684 core:LandBuildings 2023-04-05 OC379684 core:FurnitureFittings 2023-04-05 OC379684 core:MotorVehicles 2023-04-05 OC379684 core:LandBuildings 2024-04-05 OC379684 core:FurnitureFittings 2024-04-05 OC379684 core:MotorVehicles 2024-04-05 OC379684 core:LandBuildings 2023-04-06 2024-04-05 OC379684 core:AfterOneYear 2024-04-05 OC379684 core:NetGoodwill 2024-04-05 OC379684 core:NetGoodwill 2023-04-05 OC379684 core:NetGoodwill 2023-04-05 OC379684 core:LandBuildings 2023-04-05 OC379684 core:FurnitureFittings 2023-04-05 OC379684 core:MotorVehicles 2023-04-05 OC379684 bus:Director1 2023-04-06 2024-04-05 OC379684 bus:Director3 2023-04-06 2024-04-05 OC379684 bus:Director5 2023-04-06 2024-04-05 OC379684 bus:SmallEntities 2023-04-06 2024-04-05 OC379684 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC379684 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC379684 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC379684 bus:FullAccounts 2023-04-06 2024-04-05 OC379684 core:LandBuildings core:LongLeaseholdAssets 2023-04-06 2024-04-05 OC379684 core:OfficeEquipment 2023-04-06 2024-04-05 OC379684 core:OfficeEquipment 2023-04-05 OC379684 core:OfficeEquipment 2024-04-05 OC379684 core:AfterOneYear 2023-04-06 2024-04-05 OC379684 core:EntitiesControlledByKeyManagementPersonnel 2023-04-06 2024-04-05
REGISTERED NUMBER: OC379684
Tinn Criddle Hall LLP
Filleted Unaudited Financial Statements
For the year ended
5 April 2024
Tinn Criddle Hall LLP
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
237,752
257,538
Tangible assets
6
76,194
35,172
----------
----------
313,946
292,710
Current assets
Stocks
1,300
1,300
Debtors
7
522,624
575,193
Cash at bank and in hand
85,020
299,114
----------
----------
608,944
875,607
Creditors: amounts falling due within one year
8
227,002
313,066
----------
----------
Net current assets
381,942
562,541
----------
----------
Total assets less current liabilities
695,888
855,251
Creditors: amounts falling due after more than one year
9
23,396
----------
----------
Net assets
672,492
855,251
----------
----------
Represented by:
Loans and other debts due to members
Other amounts
10
335,113
278,563
Members' other interests
Other reserves
337,379
576,688
----------
----------
672,492
855,251
----------
----------
Total members' interests
Loans and other debts due to members
10
335,113
278,563
Members' other interests
337,379
576,688
----------
----------
672,492
855,251
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
Tinn Criddle Hall LLP
Statement of Financial Position (continued)
5 April 2024
For the year ending 5 April 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 18 October 2024 , and are signed on their behalf by:
Mr. S.S. Giles
Mr. J. Hynes
Designated Member
Designated Member
Mr. D.J. Allen
Ms K C Bowers
Designated Member
Designated Member
Ms L Turner
Designated Member
Registered number: OC379684
Tinn Criddle Hall LLP
Notes to the Financial Statements
Year ended 5 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 6 High Street, Alford, Lincolnshire, LN13 9DX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Taxation
The taxation of the LLP's profits is the personal liability of the members during the year and consequently neither taxation nor related deferred taxation are accounted for in the financial statements.
(d) Revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the LLP obtains the right to consideration. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the statement of financial position date, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the value of the work performed. Hence revenue in respect of service contracts represents the cost appropriate to the stage of of completion of each contract plus attributable profits, less amounts recognised in previous years, where relevant. Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.
(e) Members' participation rights
Members' 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 FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recomended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as loans and other debts due to members and shown as liabilities.
Profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, and such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example interest on capital balances, are treated in the same way as all other divisions of profits, as described above.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
(f) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(g) Goodwill
The value of Goodwill classified as an asset on the Balance Sheet represents the goodwill relating to the Alford, Sutton on Sea and Spilsby division of the practice. No values have been ascribed to the goodwill of the Skegness division of the practice. The recognition of internally generated goodwill as an asset on the Balance Sheet is not in accordance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and represents a departure from this Accounting Standard. The Members consider that the recognition of goodwill as an asset of the business is a necessary departure from the requirements of FRS102 in order to show a true and fair view. In view of the perceived durability of the Tinn Criddle name in the locality and in consideration that the practice has been in existence for over two hundred years, the members believe that systematic amortisation is not appropriate. The Members consider that, in such circumstances, to enable the accounts to show a true and fair view, a policy of annual impairment reviews is most appropriate.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(i) Depreciation
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:
Leashold property improvements
-
50 years straight line
Motor Vehicles
-
20% straight line
Equipment
-
20% straight line
(j) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(k) Stocks
Stocks are measured at the lower of cost and estimated selling price.
(l) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(m) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(n) Defined contribution plans
The LLP operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the LLP. The annual contributions payable are charged to the profit and loss account.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 19 (2023: 37 ).
5.
Intangible assets
Goodwill
£
Cost
At 6 April 2023
257,538
Additions
Other movements
( 19,786)
----------
At 5 April 2024
237,752
----------
Amortisation
At 6 April 2023 and 5 April 2024
----------
Carrying amount
At 5 April 2024
237,752
----------
At 5 April 2023
257,538
----------
6.
Tangible assets
Leasehold property improvem'ts
Law Library
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 6 April 2023
10,727
15,000
93,039
162,557
281,323
Additions
53,805
2,850
56,655
Disposals
( 30,630)
( 31,799)
( 62,429)
--------
--------
----------
----------
----------
At 5 April 2024
10,727
15,000
116,214
133,608
275,549
--------
--------
----------
----------
----------
Depreciation
At 6 April 2023
860
89,886
155,405
246,151
Charge for the year
215
5,662
2,956
8,833
Disposals
( 23,830)
( 31,799)
( 55,629)
--------
--------
----------
----------
----------
At 5 April 2024
1,075
71,718
126,562
199,355
--------
--------
----------
----------
----------
Carrying amount
At 5 April 2024
9,652
15,000
44,496
7,046
76,194
--------
--------
----------
----------
----------
At 5 April 2023
9,867
15,000
3,153
7,152
35,172
--------
--------
----------
----------
----------
7.
Debtors
2024
2023
£
£
Trade debtors
298,185
282,263
Prepayments
28,761
27,209
Amounts recoverable on contracts
159,663
234,706
Other debtors
36,015
31,015
----------
----------
522,624
575,193
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals
27,817
84,717
Social security and other taxes
148,422
178,453
Obligations under finance leases and hire purchase contracts
4,593
Other loans
46,170
49,896
----------
----------
227,002
313,066
----------
----------
The hire purchase liability is secured on the associated asset.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
23,396
--------
----
The hire purchase liability is secured on the associated asset.
10.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
335,113
278,563
----------
----------
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
69,153
69,153
--------
--------
12.
Related party transactions
In the opinion of the members there is no controlling party. The LLP pays rent on several properties occupied by the practice to Tinn Criddle Properties Ltd, a company in which members are shareholders. The total amount paid in the year ended 5 April 2024 in respect of rent on these properties was £ 69,153 (2023 - £69,153).