Limited Liability Partnership registration number OC372975 (England and Wales)
BRECHER LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BRECHER LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
A J Brecher
J A Abram
LLP registration number
OC372975
Registered office
4th Floor
64 North Row
London
W1K 7DA
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers
NatWest Bank
Regent Street Branch
246-250 Regent Street
London
W1B 3BN
BRECHER LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8
Statement of cash flows
9
Notes to the financial statements
10 - 19
BRECHER LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of the provision of legal services.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

A J Brecher
J A Abram
Approved by the members on 23 October 2024 and signed on behalf by:
A J Brecher
Designated Member
BRECHER LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRECHER LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRECHER LLP
- 3 -
Opinion

We have audited the financial statements of Brecher LLP (the 'limited liability partnership') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

BRECHER LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRECHER LLP
- 4 -
Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the members.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BRECHER LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRECHER LLP
- 5 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Miller (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
23 October 2024
BRECHER LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
16,877,653
16,429,598
Administrative expenses
(8,890,584)
(8,981,148)
Other operating income
-
10,292
Operating profit
4
7,987,069
7,458,742
Interest receivable and similar income
8
249,528
138,322
Interest payable and similar expenses
9
(85,344)
(81,759)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
8,151,253
7,515,305

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

BRECHER LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
82,300
83,181
Current assets
Debtors
11
10,863,287
10,308,445
Cash at bank and in hand
1,787,679
1,673,254
12,650,966
11,981,699
Creditors: amounts falling due within one year
12
(5,069,029)
(4,855,119)
Net current assets
7,581,937
7,126,580
Total assets less current liabilities
7,664,237
7,209,761
Creditors: amounts falling due after more than one year
13
(383,334)
(624,999)
Net assets attributable to members
7,280,903
6,584,762
Represented by:
Loans and other debts due to members within one year
16
Members' capital classified as a liability
3,000,000
2,850,000
Other amounts
4,280,903
3,734,762
7,280,903
6,584,762
The financial statements were approved by the members and authorised for issue on 23 October 2024 and are signed on their behalf by:
A J Brecher
Designated member
Limited Liability Partnership Registration No. OC372975
BRECHER LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
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
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
2,850,000
3,734,762
6,584,762
6,584,762
Profit for the financial year available for discretionary division among members
8,151,253
-
-
-
8,151,253
Members' interests after profit for the year
8,151,253
2,850,000
3,734,762
6,584,762
14,736,015
Allocation of profit for the financial year
(8,151,253)
-
8,151,253
8,151,253
-
Introduced by members
-
150,000
-
150,000
150,000
Drawings on account and distributions of profit
-
-
(7,605,112)
(7,605,112)
(7,605,112)
Members' interests at 31 March 2024
-
3,000,000
4,280,903
7,280,903
7,280,903
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
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
-
2,425,000
3,496,219
5,921,219
5,921,219
Profit for the financial year available for discretionary division among members
7,515,305
-
-
-
7,515,305
Members' interests after profit for the year
7,515,305
2,425,000
3,496,219
5,921,219
13,436,524
Allocation of profit for the financial year
(7,515,305)
-
7,515,305
7,515,305
-
Introduced by members
-
425,000
-
425,000
425,000
Drawings on account and distributions of profit
-
-
(7,276,762)
(7,276,762)
(7,276,762)
Members' interests at 31 March 2023
-
2,850,000
3,734,762
6,584,762
6,584,762
BRECHER LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
7,465,096
6,813,925
Payments to members
(7,605,112)
(7,276,762)
Interest paid
(85,344)
(81,759)
Net cash outflow from operating activities
(225,360)
(544,596)
Investing activities
Purchase of tangible fixed assets
(38,613)
(60,606)
Interest received
249,528
138,322
Net cash generated from investing activities
210,915
77,716
Financing activities
Capital introduced by members (classified as debt or equity)
150,000
425,000
Repayment of bank loans
(21,130)
400,655
Net cash generated from financing activities
128,870
825,655
Net increase in cash and cash equivalents
114,425
358,775
Cash and cash equivalents at beginning of year
1,673,254
1,314,479
Cash and cash equivalents at end of year
1,787,679
1,673,254
BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Limited liability partnership information

Brecher LLP is a limited liability partnership incorporated in England and Wales. The registered office is 4th Floor, 64 North Row, London, W1K 7DA.

 

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.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis for the following reasons:

 

The entity's turnover was £16,877,653 (2023: £16,429,598), its profits were £8,151,253 (2023: £7,515,305) and it had cash of £1,787,679 at the year-end.

 

The members have produced cash flow and profit and loss forecasts which present a positive financial outlook for the entity heading into 2024/2025 and 2025/2026.

 

Accordingly, at the time of approving the financial statements, the designated members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operation for the foreseeable future. Thus, the designated members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

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 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.

BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. 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.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. To the extent that they remain unpaid at the period end, they are shown as liabilities.

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, net of depreciation and any impairment losses.

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

Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
20% on cost or over period of lease

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 statement of comprehensive income.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.8
Retirement benefits and post retirement payments to members

The Limited Liability Partnership operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the year that they are payable.

BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.9
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.

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.

 

Trade debtors and unbilled disbursements trade debtors are valued on amounts billed to clients less an estimated provision for bad or irrecoverable debts. The provision estimate on trade debtors is calculated based on actual collection data, historical realisation rates and management judgement regarding other relevant factors. Unbilled disbursements relate to unbilled amounts at the year end that are billed at the discretion of the fee earner, on the basis of the length of the assignments and in agreement with clients. The carrying value of trade debtors including unbilled disbursements is £6,230,521 (2023: £5,909,168) as at 31 March 2024.

 

Work In Progress – is recognised as an estimate of amounts recoverable on time costs recorded the financial statements. Billing and collection data, historical realisation rates and management judgement, regarding other factors, are all used to determine the amounts recoverable. The carrying value of work in progress is £3,954,426 (2023: £3,967,235) as at 31 March 2024.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Fee income
16,877,653
16,429,598
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,826,043
14,458,849
Europe
772,365
915,991
Rest of the World
1,279,245
1,054,758
16,877,653
16,429,598
2024
2023
£
£
Other significant revenue
Interest income
249,528
138,322
BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
39,494
51,566
Operating lease charges
599,418
582,191
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
28,000
24,000
For other services
Audit-related assurance services
9,000
9,000
Other taxation services
7,000
7,000
All other non-audit services
9,774
3,781
25,774
19,781
6
Employees

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

2024
2023
Number
Number
Fee earners
38
39
Admin
34
33
Total
72
72

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,809,309
5,120,438
Social security costs
693,294
776,130
Pension costs
279,061
238,443
5,781,664
6,135,011
BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
7
Information in relation to members
2024
2023
Number
Number
The average number of members during the year was:
31
27
2024
2023
£
£
Profit attributable to the member with the highest entitlement
1,093,204
1,187,074
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
249,528
138,322
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
249,528
138,322
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
85,344
81,759
BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
10
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
285,929
958,185
1,244,114
Additions
-
38,613
38,613
At 31 March 2024
285,929
996,798
1,282,727
Depreciation and impairment
At 1 April 2023
285,929
875,004
1,160,933
Depreciation charged in the year
-
39,494
39,494
At 31 March 2024
285,929
914,498
1,200,427
Carrying amount
At 31 March 2024
-
82,300
82,300
At 31 March 2023
-
83,181
83,181
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,230,521
5,909,168
Prepayments and accrued income
4,632,766
4,399,277
10,863,287
10,308,445
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
14
1,746,951
1,568,082
Trade creditors
662,623
488,306
Other taxation and social security
973,104
932,650
Other creditors
41,744
166,746
Accruals and deferred income
1,644,607
1,699,335
5,069,029
4,855,119
BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
383,334
583,333
Other creditors
-
41,666
383,334
624,999

 

14
Loans and overdrafts
2024
2023
£
£
Bank loans
2,130,285
2,151,415
Payable within one year
1,746,951
1,568,082
Payable after one year
383,334
583,333

Bank loans are secured by a fixed and floating charge over the assets of the LLP.

Bank loans of £419,001 are due for repayment by July 2024. Interest is charged at a rate of 9.29% per annum.

 

Bank loans of £340,091 are due for repayment by October 2024. Interest is charged at a rate of 9.84% per annum.

 

Bank loans of £583,334 are repayable monthly, being repaid in full by January 2027. Interest is charged at a rate of 2.21% per annum.

15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
279,061
238,443

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership.

BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
16
Loans and other debts due to members
2024
2023
£
£
Loans advanced by members
3,000,000
2,850,000
Amounts due to members in respect of profits
4,280,903
3,734,762
7,280,903
6,584,762
Analysis of loans and other debts due to members
Amounts falling due within one year
7,280,903
6,584,762

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

 

The policies for Members' capital contributions, drawings, and repayments agreed by the members are as follows:

a) Members' capital contributions are set a level to ensure the long term financial stability of the partnership.

b) Members' drawings policy allows each member to draw their profit shares, subject to the cash requirements of the partnership's business.

c) Repayment of capital accounts and other amounts due to individual members is made on their retirement from the partnership, over a period of up to three years.

 

17
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, which fall due as follows:

2024
2023
£
£
Within one year
529,760
529,760
Between two and five years
1,465,911
1,995,671
1,995,671
2,525,431
BRECHER LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
18
Cash generated from operations
2024
2023
£
£
Profit for the year
8,151,253
7,515,305
Adjustments for:
Finance costs recognised in profit or loss
85,344
81,759
Investment income recognised in profit or loss
(249,528)
(138,322)
Depreciation and impairment of tangible fixed assets
39,494
51,566
Movements in working capital:
Increase in debtors
(554,842)
(455,816)
Decrease in creditors
(6,625)
(240,567)
Cash generated from operations
7,465,096
6,813,925
19
Analysis of changes in net debt
1 April 2023
Cash flows
Other non-cash changes
31 March 2024
£
£
£
£
Cash at bank and in hand
1,673,254
114,425
-
1,787,679
Borrowings excluding overdrafts
(2,151,415)
21,130
-
(2,130,285)
Balances before members' debt
(478,161)
135,555
-
(342,606)
Loans and other debts due to members:
- Members' capital
(2,850,000)
(150,000)
-
(3,000,000)
- Other amounts due to members
(3,734,762)
7,605,112
(8,151,253)
(4,280,903)
Balances including members' debt
(7,062,923)
7,590,667
(8,151,253)
(7,623,509)
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