Limited Liability Partnership registration number OC368927 (England and Wales)
NEW LINK CONSULTING LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
NEW LINK CONSULTING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mrs C Lincoln-White
Mr D L Newland
Mr R R Spencer
LLP registration number
OC368927
Registered office
c/o Streets Whittles
The Old Exchange
64 West Stockwell Street
Colchester
CO1 1HE
Auditor
Streets Audit LLP
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
NEW LINK CONSULTING LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Group balance sheet
9
LLP balance sheet
10
Reconciliation of members' interests
11 - 12
Group statement of cash flows
13
LLP statement of cash flows
14
Notes to the financial statements
15 - 24
NEW LINK CONSULTING LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of the group continued to be that of management consultancy.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

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".

Designated members

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

Mrs C Lincoln-White
Mr D L Newland
Mr R R Spencer
Auditor

The auditor, Streets Audit 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:

 

Approved by the members on 14 November 2024 and signed on behalf by:
14 November 2024
Mrs C  Lincoln-White
Mr D L Newland
Designated Member
Designated Member
Mr R R Spencer
Designated Member
NEW LINK CONSULTING LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

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 group and of the profit or loss of the group 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 group's transactions and disclose with reasonable accuracy at any time the financial position of the group 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NEW LINK CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEW LINK CONSULTING LLP
- 3 -
Opinion

We have audited the financial statements of New Link Consulting LLP (the 'parent limited liability partnership') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the reconciliation of members' interests, the group statement of cash flows, the company 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group'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 annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual 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.

NEW LINK CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW LINK CONSULTING LLP
- 4 -
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 requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

 

We identified the laws and regulations applicable to the LLP through discussions with partners and other management, and from our commercial knowledge and experience of the industry;

 

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including the Companies Act 2006, taxation legislation, Employment Law and Data Protection.

 

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. These were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

NEW LINK CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW LINK CONSULTING LLP
- 5 -

We identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:

 

The LLP earns fees from its consultancy and advisory activities and there is a risk that income is inappropriately accelerated or deferred between accounting periods.

 

We have assessed that there is a significant risk of material misstatement relating to revenue recognition which is pinpointed to the cut off assertion specifically around the year end. To address this risk:

 

• We obtained an understanding of the revenue process and the flow of financial information into the general ledger;

• Performed cut-off testing around the year-end date by reviewing revenue recognised after-date to identify any transactions which may have been erroneously recognised as revenue in the incorrect period.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments.

 

In addition to the above, our procedures to respond to the risks identified included the following:

 

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance in the year.

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 Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the group's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied 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 group'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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

NEW LINK CONSULTING LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW LINK CONSULTING LLP
- 6 -
Rachel Skells BA FCA
Senior Statutory Auditor
For and on behalf of Streets Audit LLP
14 November 2024
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
NEW LINK CONSULTING LLP
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
Period
Year
ended
ended
31 March
31 October
2024
2023
Notes
£
£
Turnover
2
8,239,509
13,782,525
Cost of sales
(6,126,774)
(10,761,441)
Gross profit
2,112,735
3,021,084
Administrative expenses
(334,627)
(679,492)
Operating profit
3
1,778,108
2,341,592
Interest receivable and similar income
6
24,424
18,911
Interest payable and similar expenses
7
(47,555)
(66,471)
Profit for the financial period before members' remuneration and profit shares available for discretionary division among members
1,754,977
2,294,032

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NEW LINK CONSULTING LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Period
Year
ended
ended
31 March
31 October
2024
2023
£
£
Profit for the financial period available for discretionary division among members
1,754,977
2,294,032
Other comprehensive income
-
-
Total comprehensive income for the period
1,754,977
2,294,032
NEW LINK CONSULTING LLP
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
31 March 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
8,159
5,187
Investments
9
90
190
8,249
5,377
Current assets
Debtors
11
2,462,387
2,465,280
Cash at bank and in hand
1,968,115
1,567,797
4,430,502
4,033,077
Creditors: amounts falling due within one year
12
(2,809,502)
(2,593,922)
Net current assets
1,621,000
1,439,155
Total assets less current liabilities and net assets attributable to members
1,629,249
1,444,532
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,329,149
1,144,432
Other amounts
200,000
200,000
1,529,149
1,344,432
Members' other interests
Members' capital classified as equity
100,100
100,100
1,629,249
1,444,532
The financial statements were approved by the members and authorised for issue on 14 November 2024 and are signed on their behalf by:
14 November 2024
Mrs C  Lincoln-White
Mr D L Newland
Designated member
Designated Member
Mr R R Spencer
Designated Member
Limited Liability Partnership registration number OC368927 (England and Wales)
NEW LINK CONSULTING LLP
LLP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
31 March 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
8,159
5,187
Investments
9
101
201
8,260
5,388
Current assets
Debtors
11
2,476,591
2,465,245
Cash at bank and in hand
1,936,067
1,552,644
4,412,658
4,017,889
Creditors: amounts falling due within one year
12
(2,797,260)
(2,588,717)
Net current assets
1,615,398
1,429,172
Total assets less current liabilities and net assets attributable to members
1,623,658
1,434,560
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
1,323,558
1,134,460
Other amounts
200,000
200,000
1,523,558
1,334,460
Members' other interests
Members' capital classified as equity
100,100
100,100
1,623,658
1,434,560
The financial statements were approved by the members and authorised for issue on 14 November 2024 and are signed on their behalf by:
14 November 2024
Mrs C  Lincoln-White
Mr D L Newland
Designated member
Designated Member
Mr R R Spencer
Designated Member
Limited Liability Partnership registration number OC368927 (England and Wales)
NEW LINK CONSULTING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Current financial year
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 reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 November 2023
100,100
-
100,100
1,344,432
1,344,432
1,444,532
Profit for the period available for discretionary division among members
-
1,754,977
1,754,977
-
-
1,754,977
Members' interests after profit for the period
100,100
1,754,977
1,855,077
1,344,432
1,344,432
3,199,509
Allocation of profit for the period
-
(1,754,977)
(1,754,977)
1,754,977
1,754,977
-
Drawings on account and distributions of profit
-
-
-
(1,570,260)
(1,570,260)
(1,570,260)
Members' interests at 31 March 2024
100,100
-
100,100
1,529,149
1,529,149
1,629,249
NEW LINK CONSULTING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
Prior financial year
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 reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 November 2022
100,100
-
100,100
881,606
881,606
981,706
Profit for the period available for discretionary division among members
-
2,294,032
2,294,032
-
-
2,294,032
Members' interests after profit for the year
100,100
2,294,032
2,394,132
881,606
881,606
3,275,738
Allocation of profit for the financial year
-
(2,294,032)
(2,294,032)
2,294,032
2,294,032
-
Drawings on account and distributions of profit
-
-
-
(1,831,206)
(1,831,206)
(1,831,206)
Member's interests at 31 October 2023
100,100
-
100,100
1,344,432
1,344,432
1,444,532
NEW LINK CONSULTING LLP
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
1,997,718
1,867,310
Interest paid
(47,555)
(66,471)
Net cash inflow from operating activities
1,950,163
1,800,839
Investing activities
Purchase of tangible fixed assets
(4,109)
(4,483)
Proceeds from disposal of tangible fixed assets
-
1
Proceeds from disposal of subsidiaries
100
Interest received
24,424
18,911
Net cash generated from investing activities
20,415
14,429
Financing activities
Payments to members
(1,570,260)
(1,831,206)
Net cash used in financing activities
(1,570,260)
(1,831,206)
Net increase/(decrease) in cash and cash equivalents
400,318
(15,938)
Cash and cash equivalents at beginning of period
1,567,797
1,583,735
Cash and cash equivalents at end of period
1,968,115
1,567,797
NEW LINK CONSULTING LLP
LLP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
1,981,458
1,895,064
Interest paid
(47,555)
(66,471)
Net cash inflow from operating activities
1,933,903
1,828,593
Investing activities
Purchase of tangible fixed assets
(4,109)
(4,483)
Proceeds from disposal of tangible fixed assets
-
1
Proceeds from disposal of subsidiaries
100
-
Interest received
23,789
18,617
Net cash generated from investing activities
19,780
14,135
Financing activities
Payments to members
(1,570,260)
(1,831,206)
Net cash used in financing activities
(1,570,260)
(1,831,206)
Net increase in cash and cash equivalents
383,423
11,522
Cash and cash equivalents at beginning of period
1,552,644
1,541,122
Cash and cash equivalents at end of period
1,936,067
1,552,644
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Limited liability partnership information

New Link Consulting LLP is a limited liability partnership incorporated in England and Wales. The registered office is c/o Streets Whittles, The Old Exchange, 64 West Stockwell Street, Colchester, CO1 1HE.

 

The group's principal activities are disclosed in the Members' Report.

 

The group consists of New Link Consulting LLP and all of its subsidiary LLPs and companies, with the exception of the Irish-registered company New Link Consulting (Europe) Limited, which is not material to the group.

1.1
Reporting period

These financial statements cover the period 1 November to 31 March 2024. The reporting period of the LLP and its group entities was changed to align the financial year end with the tax year end to aid the reporting requirements of the members. As a result, the figures presented in these financial statements may not be entirely comparable.

1.2
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 group. 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.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the group 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.

1.4
Turnover

Turnover represents the amounts receivable for services, net of VAT and trade discounts

1.5
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.

NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Payments to members are included on the cashflow statement on an arising basis.

1.6
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 3 years.

1.7
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 and fittings
25% straight line

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.

1.8
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Financial instruments

The group 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.

 

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

 

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt.

 

Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

 

Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions. Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

2
Turnover

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,121,553
13,446,885
Luxembourg
117,956
335,640
8,239,509
13,782,525
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
2
Turnover
(Continued)
- 18 -
2024
2023
£
£
Other significant revenue
Interest income
24,424
18,911
3
Operating profit
2024
2023
Operating profit for the period is stated after charging:
£
£
Exchange losses
1,736
645
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
18,650
17,735
Depreciation of owned tangible fixed assets
1,137
1,296
Amortisation of intangible assets
-
12,228
4
Employees

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

Group
LLP
2024
2023
2024
2023
Number
Number
Number
Number
Professional staff
94
66
94
66
Support staff
2
2
2
2
Total
96
68
96
68

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,845,444
9,031,701
4,845,444
9,031,701
Social security costs
876,024
1,095,692
876,024
1,095,692
Pension costs
182,899
110,295
182,899
110,295
5,904,367
10,237,688
5,904,367
10,237,688
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 19 -
5
Information in relation to members
2024
2023
Number
Number
Average number of members during the period
4
4
2024
2023
£
£
Profit attributable to the member with the highest entitlement
657,472
857,752
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
24,424
18,911
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
24,424
18,911
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest
47,555
66,471
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
8
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 November 2023
14,977
Additions
4,109
At 31 March 2024
19,086
Depreciation and impairment
At 1 November 2023
9,790
Depreciation charged in the period
1,137
At 31 March 2024
10,927
Carrying amount
At 31 March 2024
8,159
At 31 October 2023
5,187
LLP
Fixtures and fittings
£
Cost
At 1 November 2023
14,977
Additions
4,109
At 31 March 2024
19,086
Depreciation and impairment
At 1 November 2023
9,790
Depreciation charged in the period
1,137
At 31 March 2024
10,927
Carrying amount
At 31 March 2024
(8,159)
At 31 October 2023
5,187
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 21 -
9
Fixed asset investments
Group
LLP
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
90
190
101
201
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
190
Disposals
(100)
At 31 March 2024
90
Carrying amount
At 31 March 2024
90
At 31 October 2023
190
10
Subsidiaries

Details of the limited liability partnership's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Eclipse Business Consulting LLP
United Kingdom
Management consultancy
Designated member
100
New Link Consulting (Europe) Limited
United Kingdom
Management consultancy
Ordinary
100
New Link Consulting (Europe) Limited
Republic of Ireland
Dormant
Ordinary
100
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 22 -
11
Debtors
Group
LLP
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
757,575
911,089
771,316
607,460
Amounts owed by group undertakings
6,681
6,868
7,644
311,162
Other debtors
-
(66,404)
Prepayments and accrued income
1,698,131
1,613,727
1,697,631
1,546,623
2,462,387
2,465,280
2,476,591
2,465,245
12
Creditors: amounts falling due within one year
Group
LLP
2024
2023
2024
2023
£
£
£
£
Trade creditors
115,040
59,651
112,136
59,651
Amounts owed to group undertakings
90
190
-
100
Other taxation and social security
1,302,002
1,095,915
1,302,187
1,095,576
Other creditors
202,253
110,413
202,253
110,413
Accruals and deferred income
1,190,117
1,327,753
1,180,684
1,322,977
2,809,502
2,593,922
2,797,260
2,588,717
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
182,899
110,295

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.

14
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
1,529,149
1,344,432

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

NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 23 -
15
Related party transactions

During the year, the spouse of of of the members charged the group £6,000 (2023: £7,650) for services rendered. At the period end £1,500 (2023: £750) was outstanding.

16
Cash generated from group operations
2024
2023
£
£
Profit for the period
1,754,977
2,294,032
Adjustments for:
Finance costs recognised in profit or loss
47,555
66,471
Investment income recognised in profit or loss
(24,424)
(18,911)
Amortisation and impairment of intangible assets
-
12,228
Depreciation and impairment of tangible fixed assets
1,137
1,296
Movements in working capital:
Decrease/(increase) in debtors
2,893
(1,052,417)
Increase in creditors
215,580
564,610
Cash generated from operations
1,997,718
1,867,309
Cash generated from operations - LLP
2024
2023
£
£
Profit for the period
1,759,358
2,295,296
Adjustments for:
Finance costs recognised in profit or loss
47,555
66,471
Investment income recognised in profit or loss
(23,789)
(18,617)
Amortisation and impairment of intangible assets
-
12,228
Depreciation and impairment of tangible fixed assets
1,137
1,295
Increase in deferred income
-
-
Movements in working capital:
Increase in stocks
-
-
Increase in debtors
(11,346)
(1,023,610)
Increase in creditors
208,543
569,047
Decrease in deferred income
-
(7,046)
Cash generated from operations
1,981,458
1,895,064
NEW LINK CONSULTING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 24 -
17
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,567,797
400,318
1,968,115
Loans and other debts due to members:
- Other amounts due to members
(1,344,432)
(184,717)
(1,529,149)
Balances including members' debt
223,365
215,601
438,966
Analysis of changes in net funds - LLP
1 November 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,552,644
383,423
1,936,067
Loans and other debts due to members:
- Other amounts due to members
(1,334,460)
(189,098)
(1,523,558)
Balances including members' debt
218,184
194,325
412,509
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