Limited Liability Partnership Registration No. OC349755 (England and Wales)
Parker Bullen LLP
Annual report and unaudited financial statements
for the period ended 31 March 2024
Pages for filing with the registrar
Parker Bullen LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 10
Parker Bullen LLP
Balance sheet
As at 31 March 2024
1
31 March 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,795,964
1,736,075
Current assets
Debtors
5
780,688
596,162
Cash at bank and in hand
131,187
223,503
911,875
819,665
Creditors: amounts falling due within one year
6
(532,968)
(324,957)
Net current assets
378,907
494,708
Total assets less current liabilities
2,174,871
2,230,783
Creditors: amounts falling due after more than one year
7
(1,252,890)
(843,600)
Net assets attributable to members
921,981
1,387,183
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
306,631
371,834
Members' other interests
Members' capital classified as equity
615,350
1,015,349
921,981
1,387,183

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

For the financial period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

Parker Bullen LLP
Balance sheet (continued)
As at 31 March 2024
2
The financial statements were approved by the members and authorised for issue on
1 November 2024
01 November 2024
and are signed on their behalf by:
G Horner
Designated member
Limited Liability Partnership Registration No. OC349755
Parker Bullen LLP
Reconciliation of members' interests
For the period ended 31 March 2024
3
Current financial period
Equity
Debt
Total
Members' other interests
Loans and other debts due to members
Members' interests
Members' capital
Other reserves
Total
Other amounts
Total
2024
£
£
£
£
£
Members' interests at 1 May 2023
1,015,349
-
1,015,349
371,834
1,387,183
Members' interests after profit for the period
1,015,349
902,874
1,918,223
371,834
2,290,057
Allocation of profit for the period
-
(902,874)
(902,874)
902,874
-
Repayments of capital
(399,999)
-
(399,999)
-
(399,999)
Drawings on account and distributions of profit
-
-
-
(968,077)
(968,077)
Members' interests at 31 March 2024
615,350
-
615,350
306,631
921,981
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members
Members' interests
Members' capital
Other reserves
Total
Other amounts
Total
2023
£
£
£
£
£
Members' interests at 1 May 2022
1,015,349
-
1,015,349
448,312
1,463,661
Members' interests after profit for the year
1,015,349
1,069,889
2,085,238
448,312
2,533,550
Allocation of profit for the financial year
-
(1,069,889)
(1,069,889)
1,069,889
-
Drawings on account and distributions of profit
-
-
-
(1,146,367)
(1,146,367)
Members' interests at 31 March 2023
1,015,349
-
1,015,349
371,834
1,387,183
Parker Bullen LLP
Notes to the financial statements
For the period ended 31 March 2024
4
1
Accounting policies
Limited liability partnership information

Parker Bullen LLP is a limited liability partnership incorporated in England and Wales. The registered office is 45 Castle Street, Salisbury, Wiltshire, SP1 3SS.

 

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

1.1
Reporting period

The current reporting figures represent an 11 month period after the LLP shortened its financial period to end on 31 March 2024 during the year. The comparative reporting figures represent a period of 12 months from 1 May 2022 to 30 April 2023.

1.2
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Services provided to clients which had not been billed at the balance sheet date are recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement.

Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the firm's control.

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.

Parker Bullen LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
5

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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Other intangible assets
4 years straight line

1.6
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:

Land and buildings
Not depreciated
Fixtures and fittings
4 years straight line
Motor vehicles
25% reducing balance
Office equipment
4 years staight line

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.

Parker Bullen LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
6
1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

Additionally, the LLP holds cash and cash equivalents on behalf of clients in the client's name. These amounts are not disclosed on the balance sheet as they are not available to the LLP for working capital purposes.

1.9
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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Parker Bullen LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
7
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. The impairment reversal is recognised in profit or loss.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Parker Bullen LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
8
Derecognition of financial liabilities

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

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
79
75

The LLP does not employ anyone directly and instead uses a related company, Parker Bullen Services Limited, to supply staff and resource.

Parker Bullen LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
9
3
Intangible fixed assets
Other intangible assets
£
Cost
At 1 May 2023 and 31 March 2024
69,768
Amortisation and impairment
At 1 May 2023 and 31 March 2024
69,768
Carrying amount
At 31 March 2024
-
At 30 April 2023
-
4
Tangible fixed assets
Land and buildings
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
1,646,833
102,783
1,926
629,050
2,380,592
Additions
-
17,280
-
116,084
133,364
Disposals
-
-
(1,926)
-
(1,926)
At 31 March 2024
1,646,833
120,063
-
745,134
2,512,030
Depreciation and impairment
At 1 May 2023
-
78,892
-
565,625
644,517
Depreciation charged in the period
-
14,045
-
57,504
71,549
At 31 March 2024
-
92,937
-
623,129
716,066
Carrying amount
At 31 March 2024
1,646,833
27,126
-
122,005
1,795,964
At 30 April 2023
1,646,833
23,891
1,926
63,425
1,736,075
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
194,785
138,520
Other debtors
585,903
457,642
780,688
596,162
Parker Bullen LLP
Notes to the financial statements (continued)
For the period ended 31 March 2024
10
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
224,916
114,268
Taxation and social security
14,005
30,975
Other creditors
294,047
179,714
532,968
324,957

Creditors amounts falling due within one year includes bank loans and overdrafts totalling £224,916 (2023: £114,268) on which security has been given by the limited liability partnership.

 

Included within bank loans and overdrafts are loans which are secured by way of a fixed and floating charge over the property, trade and assets of the LLP.

 

Included in other creditors are amounts payable under hire purchase agreements in which security is held over the asset in which the agreement relates to.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,219,760
843,600
Other creditors
33,130
-
1,252,890
843,600

Creditors amounts falling due after more than one year includes bank loans and overdrafts totalling £1,219,760 (2023: £843,600) on which security has been given by the limited liability partnership.

 

Bank loans and overdrafts are secured by way of a fixed and floating charge over the property, trade and assets of the LLP.

 

Included in other creditors are amounts payable under hire purchase agreements in which security is held over the asset in which the agreement relates to.

8
Loans and other debts due to members

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

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