Registration number:
BPTW LLP
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BPTW LLP
Contents
Limited Liability Partnership Information |
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Statement of Financial Position |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
BPTW LLP
Limited Liability Partnership Information
Designated members |
N Campbell J Kelly A Wright R Ní Chatháin M Waite |
Members |
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Registered office |
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Auditors |
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BPTW LLP
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
53,413 |
121,635 |
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Members’ other interests |
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Members' capital classified as equity |
1,080,000 |
1,140,000 |
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1,133,413 |
1,261,635 |
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Total members' interests |
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Amounts due from members |
(197,028) |
(152,774) |
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Loans and other debts due to members |
53,413 |
121,635 |
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Equity |
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936,385 |
1,108,861 |
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
BPTW LLP
Statement of Financial Position as at 31 March 2024
The financial statements of BPTW LLP (registered number OC301697) were approved by the
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Registration number: OC301697
BPTW LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Members' other amounts |
Total |
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Amounts due to members |
- |
121,635 |
121,635 |
Amounts due from members |
- |
(152,774) |
(152,774) |
Members' interest at 1 April 2023 |
1,140,000 |
(31,139) |
1,108,861 |
Members' remuneration charged as an expense |
- |
1,213,449 |
1,213,449 |
Members' interests after total comprehensive income |
1,140,000 |
1,182,310 |
2,322,310 |
Repayments of capital |
(60,000) |
- |
(60,000) |
Drawings on account and distribution of profit |
- |
(1,325,924) |
(1,325,924) |
Amounts due to members |
- |
53,414 |
53,414 |
Amounts due from members |
- |
(197,028) |
(197,028) |
At 31 March 2024 |
1,080,000 |
(143,614) |
936,386 |
Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Members' other amounts |
Total |
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Members' interest at 1 April 2022 |
900,000 |
(356,634) |
543,366 |
Members' remuneration charged as an expense |
- |
1,185,057 |
1,185,057 |
Members’ capital introduced |
264,000 |
- |
264,000 |
Repayments of capital |
(24,000) |
- |
(24,000) |
Drawings on account and distribution of profit |
- |
(859,562) |
(859,562) |
At 31 March 2023 |
1,140,000 |
(31,139) |
1,108,861 |
BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is:
40 Norman Road
Greenwich
London
SE10 9QX
The principal activity of the limited liability partnership is the provision of architectural services.
AUDIT REPORT
Accounting policies |
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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (application of Companies Act 2006) Regulations 2008 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items may be shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The limited liability partnership generated a profit before members' remuneration and profit shares for the year ended 31 March 2024 and had net assets attributable to members of £1,133,413, including cash at bank of £149,709 at that date.
Subsequent to 31 March 2024 the limited liability partnership has continued to trade profitably. Therefore the members are confident that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the members continue to adopt the going concern basis in preparing the financial statements.
BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Revenue recognition
Turnover represents amounts receivable for services net of VAT and trade discounts. Services provided to clients, which at the statement of financial position date have not been billed, are recognised as accrued revenue. Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the statement of financial position date as a proportion of the total value of the engagement.
Revenue is only recognised where there is a contractual right to receive consideration for work undertaken. If at the statement of financial position 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 statement of financial position date are carried forward as work in progress.
Division and distribution of profits
A division of profits is the mechanism by which the profits of an limited liability partnership become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the limited liability partnership does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits required a decision to be made by the limited liability partnership, which it has the unconditional right to avoid making.
The limited liability partnership divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the profit and loss account.
Taxation
Any taxation payable on the partnership's profits is the personal liability of the members. No provisions are made in these accounts for any amounts payable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Software and licences |
3 years straight line or over the term of the licence |
Tangible fixed assets
Tangible assets are stated in the balance sheet at cost less accumulated depreciation and impairment. They are depreciated on a straight line basis over their estimated useful lives. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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:
BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Asset class |
Depreciation method and rate |
Leasehold improvements |
Straight line over the term of the lease |
Motor vehicles |
25% straight line |
Fixtures and fittings |
20% straight line |
Computer equipment |
33% straight line |
Office equipment |
20-33% straight line |
Amounts recoverable under long term contracts
Amounts recoverable under contracts are recognised based on the stage of completion of the contract at the end of the reporting period. Amounts calculated by reference to time spent are recognised as incurred.
Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
Provisions are charged as an expense to profit or loss in the year that the limited liability partnership becomes aware of the obligation, and are measured at the balance sheet date as the best estimate of the expenditure required to settle the obligation, taking into account any relevant risks and uncertainties.
BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Members' interests
Members' participation rights are the rights of a member against the limited liability partnership 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 limited liability partnership are analysed between those that are, from the limited liability partnership's perspective, either a financial liability or equity. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the limited liability partnership.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the limited liability partnership has an unconditional right to refuse payment to members. If the limited liability partnership does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the limited liability partnership does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the limited liability partnership or its representative, so that the limited liability partnership has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the limited liability partnership has, in each case, an unconditional right to refuse payment.
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'.
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 statement of financial position date.
Pensions and other post retirement obligations
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the LLP has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contributions plans are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Auditor's remuneration |
2024 |
2023 |
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Audit of the financial statements |
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Intangible fixed assets |
Software and licences |
Total |
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Cost |
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At 1 April 2023 |
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Disposals |
( |
( |
At 31 March 2024 |
- |
- |
Amortisation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposals |
( |
( |
At 31 March 2024 |
- |
- |
Net book value |
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At 31 March 2024 |
- |
- |
At 31 March 2023 |
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BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Leasehold improvements |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Computer equipment |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
- |
- |
- |
- |
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Disposals |
( |
- |
- |
- |
- |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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BPTW LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
3,934,898 |
3,067,191 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Other creditors |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Members' transactions |
Included within other debtors is an amount of £2,500 (2023 - £2,500) due from pension schemes of which certain members of the limited liability partnership are beneficiaries ('SIPP'). During the year an amount of £255,256 (2023 - £218,421) was paid to the SIPP in respect of rent.