Limited Liability Partnership registration number OC305057 (England and Wales)
NORMAN BROMLEY PARTNERSHIP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NORMAN BROMLEY PARTNERSHIP LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NORMAN BROMLEY PARTNERSHIP LLP (REGISTERED NUMBER: OC305057)
BALANCE SHEET
AS AT 31 MARCH 2024
2024-03-31
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,292
18,851
Current assets
Debtors
4
325,291
310,079
Cash at bank and in hand
38,759
192,088
364,050
502,167
Creditors: amounts falling due within one year
5
(97,630)
(140,315)
Net current assets
266,420
361,852
Total assets less current liabilities and net assets attributable to members
281,712
380,703
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
281,712
380,703
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 year 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.
The financial statements were approved by the members and authorised for issue on 25 November 2024 and are signed on their behalf by:
25 November 2024
M Roskilly
Designated member
NORMAN BROMLEY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information
Norman Bromley Partnership LLP is a limited liability partnership incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, England, TN1 2EP.
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 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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Fees receivable represents net invoiced fees, excluding value added tax.
Unbilled turnover on individual client contracts has been included as accrued income within debtors.
1.3
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:
Fixtures, fittings & equipment
15% on written down value
Computer equipment
33% on written down value
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.
1.4
Taxation
The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.
NORMAN BROMLEY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Retirement benefits and post retirement payments to members
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP.
The LLP also operates an annuity scheme for former partners. Amounts are charged to the profit and loss account in the year they are payable.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.8
The capital requirements of the firm are determined from time to time by the designated members. Each member may be required to make such contributions as necessary for the business.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
11
13
NORMAN BROMLEY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
51,574
200,515
252,089
Additions
-
2,719
2,719
At 31 March 2024
51,574
203,234
254,808
Depreciation and impairment
At 1 April 2023
47,722
185,516
233,238
Depreciation charged in the year
578
5,700
6,278
At 31 March 2024
48,300
191,216
239,516
Carrying amount
At 31 March 2024
3,274
12,018
15,292
At 31 March 2023
3,852
14,999
18,851
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
287,581
269,100
Other debtors
6,000
-
Prepayments and accrued income
31,710
40,979
325,291
310,079
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,608
30,918
Other taxation and social security
79,112
102,206
Other creditors
-
1,854
Accruals and deferred income
3,910
5,337
97,630
140,315
NORMAN BROMLEY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Reconciliation of Members' Interests
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
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
380,703
380,703
380,703
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
137,474
137,474
137,474
Profit for the financial year available for discretionary division among members
245,157
-
-
245,157
Members' interests after profit and remuneration for the year
245,157
518,177
518,177
763,334
Allocation of profit for the financial year
(245,157)
245,157
245,157
-
Drawings on account and distributions of profit
-
(481,622)
(481,622)
(481,622)
Members' interests at 31 March 2024
-
281,712
281,712
281,712
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
8
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, as follows:
2024
2023
£
£
12,445
27,558
9
Controlling party
During the year the LLP was controlled by the designated members.