Limited Liability Partnership registration number OC351623 (England and Wales)
WILSON WRIGHT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
WILSON WRIGHT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Bridge UK Bidco Limited
Bridge Partnerco Limited
Limited liability partnership number
OC351623
Registered office
First Floor
5 Fleet Place
London
EC4M 7RD
Auditor
Price Bailey LLP
Chartered Accountants
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
WILSON WRIGHT LLP
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
WILSON WRIGHT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Principal activities
The principal activity of the limited liability partnership was that of Chartered Accountants.
Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

A P Cramer
(Resigned 2 April 2024)
W E Baker
(Resigned 2 April 2024)
J Grossman
(Resigned 2 April 2024)
L P Davy-Martin
(Resigned 2 April 2024)
C R Nicholson
(Resigned 2 April 2024)
Bridge UK Bidco Limited
(Appointed 2 April 2024)
Bridge Partnerco Limited
(Appointed 2 April 2024)
Non designated members
The non designated members who held office during the year and up to the date of signature of the financial statements were as follows:
N A Crane
(Resigned 02/04/2024)
M A Biggs
(Resigned 31/03/2024)
T Tesfay
(Resigned 02/04/2024)
E Brown
(Resigned 02/04/2024)
K T M Spencer-Smith
(Resigned 02/04/2024)
D van Tonder
(Resigned 02/04/2024)
J M Mclellan
(Resigned 02/04/2024)
K J Rose
(Appointed 27 November 2023 - Resigned 02/04/2024)
Members' drawings, contributions and repayments

The members receive monthly drawings and from time to time additional profit distributions. The policy for the level and timing of any additional profit distributions is determined by the members after taking into account the LLP's cash requirements for operating and investment activities and after allowing for a tax reserve in respect of members' taxation on profit shares. The monthly drawings represent payments on account of the current period profit and are reclaimable from members if drawings are in excess of their profit share.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Auditor

The auditor, Price Bailey LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

WILSON WRIGHT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
On behalf of the members
Bridge UK Bidco Limited
Designated Member
19 November 2024
WILSON WRIGHT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILSON WRIGHT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILSON WRIGHT LLP
- 4 -
Opinion

We have audited the financial statements of Wilson Wright LLP (the ‘limited liability partnership’) for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the members report, other than the financial statements and our auditor’s report thereon.  The members are responsible for the other information contained within the members report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

 

WILSON WRIGHT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILSON WRIGHT LLP
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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 requires us to report to you if, in our opinion:

Responsibilities of members

As explained more fully in the members’ responsibilities statement set out on page 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the limited liability partnership’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

WILSON WRIGHT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILSON WRIGHT LLP
- 6 -

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership.

Our approach was as follows:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of 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. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Shaun Jordan ACA
Senior Statutory Auditor
For and on behalf of Price Bailey LLP
20 November 2024
Chartered Accountants and Statutory Auditor
Tennyson House
Cambridge Business Park
Cambridge, CB4 0WZ
WILSON WRIGHT LLP
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
15,908,948
13,556,151
Administrative expenses
(11,061,815)
(8,792,512)
Other operating income
3
95,930
81,076
Operating profit
4
4,943,063
4,844,715
Investment income
7
14,582
-
Finance costs
8
(13,317)
(17,044)
Other gains and losses
9
-
(24,198)
Profit for the financial year before members' remuneration and profit shares
4,944,328
4,803,473
Profit for the financial year before members' remuneration and profit shares
4,944,328
4,803,473
Members' remuneration charged as an expense
6
(4,944,328)
(4,803,473)
Profit for the financial year available for discretionary division among members
-
-

The income statement has been prepared on the basis that all operations are continuing operations.

WILSON WRIGHT LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
As restated
Notes
£
£
£
£
Non-current assets
Intangible assets
11
-
395,351
Property, plant and equipment
12
559,152
788,724
559,152
1,184,075
Current assets
Trade and other receivables
13
5,948,946
4,758,844
Cash and cash equivalents
529,463
1,639,559
6,478,409
6,398,403
Current liabilities
15
(2,742,884)
(2,325,807)
Net current assets
3,735,525
4,072,596
Total assets less current liabilities
4,294,677
5,256,671
Non-current liabilities
16
(599,410)
(918,591)
Net assets attributable to members
3,695,267
4,338,080
Represented by:
Loans and other debts due to members within one year
19
Other amounts
2,095,267
2,738,080
Members' other interests
19
Members' capital classified as equity
1,600,000
1,600,000
3,695,267
4,338,080
Total members' interests
19
Loans and other debts due to members
2,095,267
2,738,080
Members' other interests
1,600,000
1,600,000
3,695,267
4,338,080
The financial statements were approved by the members and authorised for issue on 19 November 2024 and are signed on their behalf by:
19 November 2024
Bridge UK Bidco Limited
Designated member
Limited Liability Partnership Registration No. OC351623
WILSON WRIGHT LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Members' capital
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1,600,000
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
Balance at 31 March 2023
1,600,000
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
Balance at 31 March 2024
1,600,000
WILSON WRIGHT LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
4,772,612
4,616,163
Investing activities
Purchase of intangible assets
-
(145,351)
Purchase of property, plant and equipment
(69,267)
(297,495)
Proceeds from disposal of property, plant and equipment
-
195,565
Interest received
14,582
-
Net cash used in investing activities
(54,685)
(247,281)
Financing activities
Payments to members
(5,497,761)
(3,289,908)
Repayment of borrowings
(200,000)
(145,351)
Proceeds from borrowings
-
545,351
Repayment of bank loans
(116,945)
(113,218)
Payment of finance leases obligations
-
(638)
Interest paid
(13,317)
(17,044)
Net cash used in financing activities
(5,828,023)
(3,020,808)
Net (decrease)/increase in cash and cash equivalents
(1,110,096)
1,348,074
Cash and cash equivalents at beginning of year
1,639,559
291,485
Cash and cash equivalents at end of year
529,463
1,639,559
WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Wilson Wright LLP is a limited liability partnership incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

 

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents the amounts receivable for professional services provided to clients excluding VAT and arises almost entirely within the United Kingdom. Uncompleted contracts at the reporting date are brought in to account with reference to the value of unbilled work performed and are disclosed in the financial statements as work in progress.

If, at the reporting 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 reporting date are carried forward as work in progress.

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.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 32 months.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Property, plant and equipment

Property, plant and equipment 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 on a straight line basis over their useful lives on the following bases:

Land and buildings Leasehold
10%
Fixtures, fittings & equipment
10%
Computer equipment
33.33%
Motor vehicles
20%

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 income statement.

1.7
Impairment of non-current 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

 

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
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.

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 trade and other receivables and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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, including trade and other payables, 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 payables 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 payables 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.

Derecognition of financial liabilities

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

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

The limited liability partnership contributes to defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the limited liability partnership in independently administered funds. Contributions payable are charged to the income statement in the period they are payable.

 

There are no retirement benefits for members and post-retirement payments are not made to members.

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.12
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 statement of financial position 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.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress

The value of work in progress has been derived on the basis of estimations and assumptions regarding the fair value of unbilled time at the year end, having regard to the accounting policy for revenue recognition.

Goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value.

3
Revenue

An analysis of the limited liability partnership's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Fees receivable
15,908,948
13,556,151
2024
2023
£
£
Revenue analysed by geographical market
UK
15,908,948
13,556,151
WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Revenue
(Continued)
- 16 -
2024
2023
£
£
Other significant revenue
Interest income
14,582
-
Commissions received
95,930
81,076
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
25,750
19,500
Depreciation of owned property, plant and equipment
121,703
101,728
Depreciation of property, plant and equipment held under finance leases
18,090
11,012
Profit on disposal of property, plant and equipment
(10,914)
(2,351)
Amortisation of intangible assets
-
150,000
Impairment of intangible assets
395,351
-
Operating lease charges
880,273
782,542
5
Employees

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

2024
2023
Number
Number
Fee earners
100
70
Non-fee earners
21
21
Total
121
91

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,344,732
5,140,023
Social security costs
640,094
566,319
Pension costs
384,515
236,208
7,369,341
5,942,550

Key management during the year was considered to be the members.

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
6
Members' remuneration
2024
2023
Number
Number
Average number of members during the year
12
12
2024
2023
£
£
Average members' remuneration
395,546
400,289
7
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
14,582
-
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
14,582
-
8
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
13,317
17,044
9
Other gains and losses
2024
2023
£
£
Other gains and losses
-
(24,198)
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Goodwill
11
395,351
-
Recognised in:
Administrative expenses
395,351
-
WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Impairments
(Continued)
- 18 -

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
-
(24,198)
Recognised in:
Other gains and losses
-
(24,198)
11
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
545,351
Amortisation and impairment
At 1 April 2023
150,000
Impairment losses
395,351
At 31 March 2024
545,351
Carrying amount
At 31 March 2024
-
At 31 March 2023
395,351
WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
12
Property, plant and equipment
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
441,748
173,778
48,168
246,390
910,084
Additions
-
34,951
34,316
-
69,267
Disposals
-
-
-
(246,390)
(246,390)
At 31 March 2024
441,748
208,729
82,484
-
732,961
Depreciation and impairment
At 1 April 2023
45,312
17,820
16,056
42,172
121,360
Depreciation charged in the year
45,312
21,814
27,495
45,172
139,793
Eliminated in respect of disposals
-
-
-
(87,344)
(87,344)
At 31 March 2024
90,624
39,634
43,551
-
173,809
Carrying amount
At 31 March 2024
351,124
169,095
38,933
-
559,152
At 31 March 2023
396,436
155,958
32,112
204,218
788,724

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £18,090 (2023 - £11,012) for the year.

2024
2023
£
£
Motor vehicles
-
70,041
13
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
3,851,074
2,934,799
Work in progress
1,359,727
1,092,416
Other receivables
11,828
85,043
Prepayments and accrued income
726,317
646,586
5,948,946
4,758,844
WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
14
Borrowings
2024
2023
£
£
Bank loans
342,038
458,983
Other loans
200,000
400,000
542,038
858,983
Payable within one year
320,788
316,914
Payable after one year
221,250
542,069

The bank loan is secured by fixed and floating charges over the assets of the LLP.

15
Current liabilities
2024
2023
As restated
Notes
£
£
Bank loan
14
120,788
116,914
Obligations under finance leases
17
-
9,762
Other borrowings
14
200,000
200,000
Trade payables
590,202
512,092
Other taxation and social security
1,106,257
941,324
Other payables
84,074
29,595
Accruals and deferred income
641,563
516,120
2,742,884
2,325,807
16
Non-current liabilities
2024
2023
As restated
Notes
£
£
Bank loans
14
221,250
342,069
Obligations under finance leases
17
-
70,818
Other borrowings
14
-
200,000
Other payables
378,160
305,704
599,410
918,591

Following a review during the year, it was noted that £305,704 was incorrectly shown as current liabilities in the prior year rather than non-current liabilities. The comparative has therefore been restated to reflect this change.

 

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
14,466
Within two and five years
-
82,521
-
96,987
Less: future finance charges
-
(16,407)
-
80,580

Finance lease payments represent rentals payable by the limited liability partnership for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Hire purchase assets are secured on the assets to which they relate.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
384,515
236,208

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
19
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
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
1,600,000
2,738,080
2,738,080
4,338,080
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
4,944,328
4,944,328
4,944,328
Members' interests after profit and remuneration for the year
1,600,000
7,682,408
7,682,408
9,282,408
Drawings
-
(5,497,761)
(5,497,761)
(5,497,761)
Other movements
-
(89,380)
(89,380)
(89,380)
Members' interests at 31 March 2024
1,600,000
2,095,267
2,095,267
3,695,267
20
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
2,095,267
2,738,080

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

21
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, which fall due as follows:

2024
2023
£
£
Within one year
517,560
310,536
Between two and five years
1,707,948
2,225,508
In over five years
1,707,948
1,707,948
3,933,456
4,243,992
WILSON WRIGHT LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
22
Events after the reporting date

On the 2nd April 2024 the LLP was acquired by Bridge UK Bidco Limited. Following the acquisition the bank loan and certain other creditors were repaid. Additional short term finance of £966,411 was obtained from the acquirer which was used to repay the existing obligations of the LLP including members capital and current accounts.

23
Cash generated from operations
2024
2023
£
£
Profit for the year
4,944,328
4,803,473
Adjustments for:
Finance costs recognised in profit or loss
13,317
17,044
Investment income recognised in profit or loss
(14,582)
-
Gain on disposal of property, plant and equipment
(10,914)
(2,351)
Amortisation and impairment of intangible assets
395,351
150,000
Depreciation and impairment of property, plant and equipment
139,793
112,740
Other gains and losses
-
24,198
Movements in working capital:
Increase in trade and other receivables
(1,190,102)
(1,002,468)
Increase in trade and other payables
495,421
513,527
Cash generated from operations
4,772,612
4,616,163
24
Analysis of changes in net funds/(debt)
1 April 2023
Cash flows
Other non-cash changes
31 March 2024
£
£
£
£
Cash at bank and in hand
1,639,559
(1,110,096)
-
529,463
Borrowings excluding overdrafts
(858,983)
316,945
-
(542,038)
Obligations under finance leases
(80,580)
-
80,580
-
Net debt before members' debt
699,996
(793,151)
80,580
(12,575)
Loans and other debts due to members:
- Other amounts due to members
(2,738,080)
642,813
-
(2,095,267)
Net debt including members' debt
(2,038,084)
(150,338)
80,580
(2,107,842)
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