Butler Snow UK, LLP
Annual Report and Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC385459 (England and Wales)
Butler Snow UK, LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 11
Butler Snow UK, LLP
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
39,544
61,582
Current assets
Debtors falling due after more than one year
6
159,283
159,283
Debtors falling due within one year
6
225,164
208,737
Cash and cash equivalents
330,278
425,102
714,725
793,122
Creditors: amounts falling due within one year
7
(207,649)
(130,858)
Net current assets
507,076
662,264
Total assets less current liabilities
546,620
723,846
Creditors: amounts falling due after more than one year
8
(5,204)
(18,810)
Net assets attributable to members
541,416
705,036
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
575,609
583,223
Members' other interests
Members' capital classified as equity
1,000
1,000
Other reserves classified as equity
(35,193)
120,813
541,416
705,036
Total members' interests
Loans and other debts due to members
575,609
583,223
Members' other interests
(34,193)
121,813
541,416
705,036

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Butler Snow UK, LLP
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the members and authorised for issue on 11 October 2024 and are signed on their behalf by:
11 October 2024
B Westerfield
Designated member
Limited Liability Partnership Registration No. OC385459
Butler Snow UK, LLP
Reconciliation of Members' Interests
For the year ended 31 December 2023
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 January 2023
1,000
120,813
121,813
583,223
583,223
705,036
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
269,856
269,856
269,856
Loss for the financial year available for discretionary division among members
-
(58,928)
(58,928)
-
-
(58,928)
Members' interests after loss and remuneration for the year
1,000
61,885
62,885
853,079
853,079
915,964
Allocation of loss for the financial year
-
(97,078)
(97,078)
97,078
97,078
-
Drawings on account and distributions of profit
-
-
-
(395,617)
(395,617)
(395,617)
Other movements
-
-
-
21,069
21,069
21,069
Members' interests at 31 December 2023
1,000
(35,193)
(34,193)
575,609
575,609
541,416
Butler Snow UK, LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 December 2023
Page 4
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 January 2022
1,000
244,411
245,411
660,153
660,153
905,564
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
390,422
390,422
390,422
Profit for the financial year available for discretionary division among members
-
43,867
43,867
-
-
43,867
Members' interests after profit and remuneration for the year
1,000
288,278
289,278
1,050,575
1,050,575
1,339,853
Allocation of profit for the financial year
-
(167,465)
(167,465)
167,465
167,465
-
Drawings on account and distributions of profit
-
-
-
(687,335)
(687,335)
(687,335)
Other movements
-
-
-
52,518
52,518
52,518
Members' interests at 31 December 2022
1,000
120,813
121,813
583,223
583,223
705,036
Butler Snow UK, LLP
Notes to the Financial Statements
For the year ended 31 December 2023
Page 5
1
Accounting policies
Limited liability partnership information

Butler Snow UK, LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements, which are those of Butler Snow UK LLP as an individual entity, have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal financial policies adopted are set out below.

1.2
Going concern

The LLP’s principal risks are closely linked to those of the corporate member and it is consequently exposed to the corporate member’s willingness and capacity to provide financial support to the LLP with whom the LLP has trading balances. Butler Snow LLP has demonstrated their commitment to the long-term success of the company and view it as a critical component of it’s overall business strategy. The members' have reviewed the financial standing of the corporate member and are confident they are able to continue supporting the business. Butler Snow LLP have provided a letter of support for at least one year of the date of signing these financial statements.

1.3
Turnover

Turnover represents the fair value of legal services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.

1.4
Members' participating interests

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 FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Butler Snow UK, LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the term of the lease
Fixtures, fittings and equipment
Over 5 years at 20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Butler Snow UK, LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 7
1.7
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.12

Members' remuneration and equity

The treatment of members' remuneration in the profit and loss account is determined by reference to the nature of the participation rights that give rise to the remuneration. If the members' remuneration gives rise to a liability it is charged as an expense. Amounts subscribed or otherwise contributed by members are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity capital. Equity capital is any capital that is repayable to the member only at the discretion of the limited liability partnership.

Butler Snow UK, LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The members do not consider there to be any key estimates or judgements applicable to the limited liability partnership.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
1
1
4
Members' remuneration
2023
2022
Number
Number
Average number of members during the year
2
3
2023
2022
£
£
Profit attributable to the member with the highest entitlement
-
413,536
Butler Snow UK, LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
234,043
14,819
248,862
Additions
-
1,925
1,925
At 31 December 2023
234,043
16,744
250,787
Depreciation and impairment
At 1 January 2023
173,297
13,983
187,280
Depreciation charged in the year
23,405
558
23,963
At 31 December 2023
196,702
14,541
211,243
Carrying amount
At 31 December 2023
37,341
2,203
39,544
At 31 December 2022
60,746
836
61,582
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
67,695
112,625
Other debtors
15,594
1,685
Prepayments and accrued income
141,875
94,427
225,164
208,737
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
159,283
159,283
Total debtors
384,447
368,020
Butler Snow UK, LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,606
26,443
Amounts owed to group undertakings
60,361
58,453
Accruals and deferred income
139,682
45,962
207,649
130,858
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
5,204
18,810
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

 

Any reduction in members' other interests are subject to approval by the limited liability partnership's managing committee.

10
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
234,133
409,733
11
Related party transactions

There are no material transactions with related parties that were not concluded under normal market conditions.

12
Members' transactions

During the year, the limited liability partnership received services totalling £16,497 (2022: £82,771) from a designated member and provided services totalling £nil (2022: £15,227) to said member.

Butler Snow UK, LLP
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 11
13
Parent company

The ultimate controlling party is Butler Snow LLP (2022: Butler Snow LLP) by virtue of its voting interest of 90%. Butler Snow LLP is an entity incorporated in the United States of America.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Andrew Grieve
2023-12-312023-01-01false22 October 2024CCH SoftwareCCH Accounts Production 2024.210This audit opinion is unqualifiedfalsefalseMoore Kingston Smith LLPOC3854592023-01-012023-12-31OC3854592023-12-31OC385459bus:PartnerLLP22023-01-012023-12-31OC385459dpl:Item12023-01-012023-12-31OC3854592022-01-012022-12-31OC385459bus:LimitedLiabilityPartnershipLLP2023-01-012023-12-31OC385459bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31OC385459bus:FRS1022023-01-012023-12-31OC385459bus:Audited2023-01-012023-12-31OC385459bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:shares