Registration number:
Prepared for the registrar
Glaisyers LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 July 2023
Glaisyers LLP
Contents
Limited liability partnership information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Glaisyers LLP
Limited liability partnership information
Designated members |
Wake Green Limited D P Simon |
Members |
S M Neale |
Registered office |
|
Bankers |
|
Accountants |
Hazlewoods LLP |
Glaisyers LLP
(Registration number: OC313203)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
- |
( |
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Other amounts |
267,125 |
99,577 |
|
267,125 |
99,577 |
||
Total members' interests |
|||
Loans and other debts due to members |
267,125 |
99,577 |
|
267,125 |
99,577 |
For the year ending 31 July 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.
The financial statements of Glaisyers LLP (registered number OC313203) were approved by the
.........................................
D P Simon
Designated member
Glaisyers LLP
Notes to the Financial Statements for the Year Ended 31 July 2023
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
4th Floor Colmore Place
39 Bennetts Hill
Birmingham
B2 5SN
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
|
Key sources of estimation uncertainty
Bad debt provision - due to the nature of the business, there are high levels of trade debtors at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £6,211 (2022 - £537).
Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify contingent matters and likely recoverable amounts. The carrying amount is £675,468 (2022 - £671,631).
Dilapidations - a provision for dilapidations on the LLP's property leases is included based on the amount expected to be payable at the cessation of the leases. This is considered to give a reasonable estimate of the costs which would be due at the balance sheet date. The carrying amount is £- (2022 - £50,000).
Glaisyers LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, expect where the final outcome cannot be assessed with reasonable certainty.
Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.
Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Members' remuneration and division of profits
The profits for the LLP are automatically divided amongst the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Individual fixed assets costing or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Office equipment |
15% of written down value |
Fixtures and fittings |
15% of written down value |
Computer equipment |
4 years straight line |
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Glaisyers LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
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 financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Glaisyers LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Particulars of employees |
The average number of persons employed by the LLP during the year was
Tangible fixed assets |
Fixtures and fittings |
Computers |
Total |
|
Cost |
|||
At 1 August 2022 |
- |
|
|
Additions |
|
- |
|
Disposals |
- |
( |
( |
At 31 July 2023 |
|
|
|
Depreciation |
|||
At 1 August 2022 |
- |
|
|
Charge for the year |
|
|
|
Eliminated on disposals |
- |
( |
( |
At 31 July 2023 |
|
|
|
Net book value |
|||
At 31 July 2023 |
|
|
|
At 31 July 2022 |
- |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts recoverable on contracts |
675,468 |
671,631 |
Prepayments and accrued income |
|
|
790,892 |
878,826 |
Glaisyers LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Creditors: Amounts falling due within one year |
2023 |
2022 |
|
Bank loans and overdrafts |
50,000 |
50,000 |
Trade creditors |
188,804 |
212,113 |
Other creditors |
127,976 |
110,239 |
Accruals and deferred income |
18,625 |
17,410 |
Taxation and social security |
49,972 |
63,635 |
435,377 |
453,397 |
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:
2023 |
2022 |
|
Bank loans |
50,000 |
50,000 |
Other loans |
59,930 |
59,930 |
109,930 |
109,930 |
Fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital and equipment
Creditors: Amounts falling due after more than one year |
2023 |
2022 |
|
Bank loans and overdrafts |
75,000 |
252,500 |
Other creditors |
29,500 |
40,000 |
104,500 |
292,500 |
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:
2023 |
2022 |
|
Bank loans |
75,000 |
252,500 |
Fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital and equipment
Glaisyers LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Provisions |
Dilapidations provision |
|
At 1 August 2022 |
50,000 |
Additional provisions |
7,161 |
Provisions used |
(57,161) |
At 31 July 2023 |
- |
|
Analysis of other amounts |
2023 |
2022 |
|
Money advanced to the LLP by the members by way of loan |
10,000 |
10,000 |
Money owed to / (due from) members by the LLP in respect of profits |
257,125 |
89,577 |
267,125 |
99,577 |
Control |
The ultimate controlling party is the same as the controlling party.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £