REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Feilden + Mawson LLP |
REGISTERED NUMBER: |
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: |
Ms E K Davidson |
P N Taylor |
Ms E Barnston |
Registered office: |
Registered number: |
Accountants: |
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 |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
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 |
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 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 |
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 |
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 |
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 |
4. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost or valuation |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Loan from ex-member | 120,698 | 17,773 |
Hire purchase contracts and finance leases (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | 208,704 | 144,316 |
Other creditors |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts and finance leases (see note 9) |
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 |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases | 131,697 | 260,880 |
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 |
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 |