Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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386,906 | 367,671 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Investments |
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Cash at bank and in hand |
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616,610 | 646,430 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 12,540 | 61,266 | ||
Total assets less current liabilities | 399,446 | 428,937 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 86,160 | 26,160 | ||
Other amounts | 68,155 | 144,288 | ||
154,315 | 170,448 | |||
Loans and other debts due to members after more than one year | ||||
Members' capital classified as a liability | 221,520 | 247,680 | ||
Other amounts | (22,752) | (22,752) | ||
198,768 | 224,928 | |||
Members' other interests | ||||
Members' capital classified as equity | 15,100 | 100 | ||
15,100 | 100 | |||
368,183 | 395,476 | |||
Total members' interests | ||||
Loans and other debts due to members | 353,083 | 395,376 | ||
Members' other interests | 15,100 | 100 | ||
368,183 | 395,476 |
Members' responsibilities:
The financial statements of Davis, Bell & McCraith LLP (registered number:
R A Davis
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||||
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Members' capital (classified as equity) | Other reserves | Total | Members' capital (classified as debt) | Other amounts | Total | Total | |
£ | £ | £ | £ | £ | £ | £ | |
Amounts due to members | 300,000 | 109,939 | 409,939 | ||||
Balance at 01 April 2022 | 100 | 0 | 100 | 300,000 | 109,939 | 409,939 | 410,039 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 0 | 0 | 165,869 | 165,869 | 165,869 |
Members' interest after result for the financial year | 100 | 0 | 100 | 300,000 | 275,808 | 575,808 | 575,908 |
Repayment of capital | 0 | 0 | 0 | (26,160) | 0 | (26,160) | (26,160) |
Drawings | 0 | 0 | 0 | 0 | (154,272) | (154,272) | (154,272) |
Amounts due to members | 273,840 | 121,536 | 395,376 | ||||
Balance at 31 March 2023 | 100 | 0 | 100 | 273,840 | 121,536 | 395,376 | 395,476 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 0 | 0 | 0 | 110,532 | 110,532 | 110,532 |
Members' interest after result for the financial year | 100 | 0 | 100 | 273,840 | 232,068 | 505,908 | 506,008 |
Introduced by members | 15,000 | 0 | 15,000 | 60,000 | 0 | 60,000 | 75,000 |
Repayment of capital | 0 | 0 | 0 | (26,160) | 0 | (26,160) | (26,160) |
Drawings | 0 | 0 | 0 | 0 | (186,665) | (186,665) | (186,665) |
Amounts due to members | 307,680 | 45,403 | 353,083 | ||||
Balance at 31 March 2024 | 15,100 | 0 | 15,100 | 307,680 | 45,403 | 353,083 | 368,183 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Davis, Bell & McCraith LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 7 Princess Victoria Street, Bristol, BS8 4BX, England, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Other intangible assets |
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Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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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 credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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 the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
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Cost | |||||||||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other loans |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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Commitments
The total amount of financial commitments not included in the balance sheet is £237,100 (2022 - £101,500). The commitment relates to operating leases and is due over the following periods: £84,624 in one year and £152,476 in two to five years.