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Registration number: OC349811

Mogers Drewett LLP

Annual Report and Financial Statements

for the Year Ended 31 May 2024

 

Mogers Drewett LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Mogers Drewett LLP

Limited liability partnership information

Designated members

F G Collins

S K McDonough

T J Webb
 

Members

R E Beresford

M M England

J B Hopkins

R G McFarlane

R J Silcock

A E Treble

J D Osman

D P Hill
 

Registered office

Spring House
East Mill Lane
Sherborne
England
DT9 3DP

Bankers

Barclays Bank Plc
36-38 Milsom Street
Bath
BA1 1DW

Auditors

Richardson Swift Audit Limited
11 Laura Place
Bathwick,
Bath
BA2 4BL

 

Mogers Drewett LLP

(Registration number: OC349811)
Balance Sheet as at 31 May 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

129,808

160,398

Investments

5

639,758

626,315

 

769,566

786,713

Current assets

 

Debtors

6

2,997,149

2,275,369

Cash and short-term deposits

 

402,021

547,635

 

3,399,170

2,823,004

Creditors: Amounts falling due within one year

7

(1,478,940)

(1,257,462)

Net current assets

 

1,920,230

1,565,542

Total assets less current liabilities

 

2,689,796

2,352,255

Creditors: Amounts falling due after more than one year

8

(31,933)

(100,454)

Net assets attributable to members

 

2,657,863

2,251,801

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1,424,000

1,197,000

Other amounts

1,233,863

43,887

 

2,657,863

1,240,887

Members’ other interests

 

Other reserves

 

-

1,010,914

   

2,657,863

2,251,801

Total members' interests

 

Loans and other debts due to members

 

2,657,863

1,240,887

Equity

 

-

1,010,914

   

2,657,863

2,251,801

For the year ending 31 May 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Mogers Drewett LLP (registered number OC349811) were approved by the members and authorised for issue on 30 October 2024. They were signed on behalf of the LLP by:

 

Mogers Drewett LLP

(Registration number: OC349811)
Balance Sheet as at 31 May 2024

.........................................
F G Collins
Designated member

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The place of registration of the LLP is England & Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Spring House
East Mill Lane
Sherborne
England
DT9 3DP

2

Accounting policies

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.

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.

Basis of preparation

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard FRS 102 1A (FRS 102 1A) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).

The functional currency of Mogers Drewett LLP is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Exemption from preparing group accounts

The limited liability partnership is part of a small group. The limited liability partnership has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Amounts recoverable on contracts - the process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. Fee earners review their time balances on a regular basis and identify irrecoverable amounts to be written off. The carrying amount is £1,064,187 (2023 - £858,582).

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assess with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Disbursements

Disbursements are not included in income or expenses but are netted against each other.

Members' remuneration and division of profits

The profits of the LLP are divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as allocation of profits.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

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:

Asset class

Depreciation method and rate

Leasehold property

over the period of the lease

Computer equipment

25% straight line

Office equipment

25% straight line

Fixed asset investments

Fixed asset investments are revalued each year at fair value with changes in fair value recognised in the Statement of Comprehensive Income.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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.

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the partnership, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Members' 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 balance sheet date.

Pensions and other post retirement obligations

The LLP operates a defined benefit contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

Derivative financial instruments and hedging

Derivatives
The limited liability partnership uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The limited liability partnership does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.


Hedging
The limited liability partnership designates certain derivatives as hedging instruments in respect of variable interest rate risk of the cash flows associated with recognised debt instruments measured at amortised cost and in respect of foreign exchange risk in firm commitments and highly probable forecast transactions.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with the clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge and on an ongoing basis, the limited liability partnership assesses whether the hedging instrument is highly effective in offsetting the designated hedged risk.

The effective portion of changes in the fair value of the designated hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.

Hedge accounting is discontinued when the limited liability partnership revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 5 (2023 - 3).

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Tangible fixed assets

Long leasehold land and buildings
£

Office equipment
 £

Total
£

Cost

At 1 June 2023

162,075

302,387

464,462

Additions

-

51,247

51,247

Disposals

-

(68,145)

(68,145)

At 31 May 2024

162,075

285,489

447,564

Depreciation

At 1 June 2023

135,205

168,859

304,064

Charge for the year

12,625

66,348

78,973

Eliminated on disposals

-

(65,281)

(65,281)

At 31 May 2024

147,830

169,926

317,756

Net book value

At 31 May 2024

14,245

115,563

129,808

At 31 May 2023

26,870

133,528

160,398

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

5

Investments held as fixed assets

2024
£

2023
£

Other investments

639,758

626,315

Other investments

Subsidiary undertakings
£

Total
£

Cost

At 1 June 2023

626,315

626,315

Revaluation

109,827

109,827

Disposals

(96,384)

(96,384)

At 31 May 2024

639,758

639,758

Net book value

At 31 May 2024

639,758

639,758

At 31 May 2023

626,315

626,315

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Subsidiary undertakings

Mogers Drewett Services Limited

England and Wales

Ordinary

100%

Trust Solutions Limited, previously a subsidiary undertaking, was liquidated on 29 May 2024.

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

6

Debtors

2024
 £

2023
 £

Trade debtors

1,117,196

877,603

Amounts owed by related parties

195,000

195,000

Other debtors

521,695

219,802

Amounts recoverable on long term contracts

1,064,187

858,582

Prepayments and accrued income

99,071

124,382

2,997,149

2,275,369

7

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

202,250

107,313

Trade creditors

897,147

699,965

Other creditors

5,699

109,498

Accruals and deferred income

151,401

133,847

Obligations under finance lease and hire purchase contracts

4,395

4,395

Other taxes and social security

218,048

202,444

1,478,940

1,257,462

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loans and overdrafts

202,250

107,313

Bank loans and overdrafts are secured by a debenture over the LLP's assets.

8

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans and overdrafts

21,311

85,437

Obligations under finance lease and hire purchase contracts

10,622

15,017

31,933

100,454

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loans and overdrafts

21,311

85,437

Bank loans and overdrafts are secured by a debenture over the LLP's assets.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £638,386 (2023 - £731,433). This relates to commitments under leases for office premises.

 

Mogers Drewett LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 October 2024 was Catherine Edwards BSc FCA, who signed for and on behalf of Richardson Swift Audit Limited.