REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Reconciliation of Members' Interests | 9 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 14 |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
3 Castlegate |
Grantham |
Lincs |
NG31 6SF |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property and business consultants in the agricultural, residential and commercial sector. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £8,628,387 (2023 - £6,363,894 profit). |
MEMBERS' INTERESTS |
Members' capital is subscribed to on the basis of equal shares once a member has completed an agreed number of years as an equity member. On the departure of a member from the LLP, their capital will be purchased by the remaining members. |
Profits for the year are all allocated to members in accordance with the members' agreement. |
It is the policy of the LLP to only allow members to withdraw profits to the extent that the LLP retains sufficient working capital to finance its ongoing operations. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs 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 LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE MEMBERS: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP |
Opinion |
We have audited the financial statements of Brown & Co-Property and Business Consultants LLP (the 'LLP') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance 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. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 LLP'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 members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP |
Auditors' 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 a Report of the Auditors 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: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with members and other management obtained as part of the work required by auditing standards. We have also discussed with the members and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the LLP is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. |
Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates. |
Secondly, the LLP is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws in addition to compliance with the RICS and ARLA regulations. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the members and other management and inspection. This inspection included a review of legal and professional fees for evidence of non-compliance, review of up-to-date Health and Safety licencing documentation and an assessment of the Employment laws. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs 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 LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
3 Castlegate |
Grantham |
Lincs |
NG31 6SF |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
8,628,387 |
6,363,894 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
8,628,387 |
6,363,894 |
Members' remuneration charged as an expense | 6 | (8,628,387 | ) | (6,363,894 | ) |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Property, plant and equipment | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 7,898,271 | 5,701,976 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 17 | 6,398,271 | 4,701,976 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 1,500,000 | 1,000,000 |
7,898,271 | 5,701,976 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 17 | 6,398,271 | 4,701,976 |
Members' other interests | 1,500,000 | 1,000,000 |
7,898,271 | 5,701,976 |
The financial statements were approved by the members of the LLP and authorised for issue on |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 April 2023 | 1,000,000 | - | 1,000,000 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 1,000,000 | - | 1,000,000 |
Introduced by members | 500,000 | - | 500,000 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 March 2024 | 1,500,000 | - | 1,500,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 4,701,976 |
Amount due from members | - |
Balance at 1 April 2023 | 4,701,976 | 5,701,976 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
8,628,387 |
8,628,387 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 13,330,363 | 14,330,363 |
Introduced by members | 734,292 | 1,234,292 |
Drawings on account and distributions of profit | (7,666,384 | ) | (7,666,384 | ) |
Amount due to members | 6,398,271 |
Amount due from members | - |
Balance at 31 March 2024 | 6,398,271 | 7,898,271 |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 April 2022 | 1,000,000 | - | 1,000,000 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 1,000,000 | - | 1,000,000 |
Introduced by members | - | - | - |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 March 2023 | 1,000,000 | - | 1,000,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 3,883,640 |
Amount due from members | - |
Balance at 1 April 2022 | 3,883,640 | 4,883,640 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
6,363,894 |
6,363,894 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 10,247,534 | 11,247,534 |
Introduced by members | 203,727 | 203,727 |
Drawings on account and distributions of profit | (5,749,285 | ) | (5,749,285 | ) |
Amount due to members | 4,701,976 |
Amount due from members | - |
Balance at 31 March 2023 | 4,701,976 | 5,701,976 |
All loans and other debts due to members are unsecured and do not rank above any other unsecured creditor in the event of a winding up. There are no restrictions in place on the ability of members to reduce the amount of 'Members' other interests'. |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 2 |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | ( |
) |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) |
Transactions with members and former | members |
Payments to members | (7,666,384 | ) | (5,749,285 | ) |
Contributions by members | 1,234,292 | 203,727 |
(6,432,092 | ) | (5,545,558 | ) |
Cash flows from other financing activities |
Loan repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 3 | 1,817,997 |
Cash and cash equivalents at end of year | 3 | 3,100,548 | 1,566,693 |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
Distributions of profits to members, as calculated per the members' agreement, are classified as operating cash flows under the heading Members' remuneration charged as an expense. |
2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year available for discretionary division among members | - | - |
Members' remuneration charged as an expense | 8,628,387 | 6,363,894 |
Profit on disposal of fixed assets | ( |
) |
Depreciation and amortisation charges | 209,228 | 180,849 |
Finance income | (208,762 | ) | (10,496 | ) |
8,572,674 | 6,534,247 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 3,100,548 | 1,566,693 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,566,693 | 1,817,997 |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 1,566,693 | 1,533,855 | 3,100,548 |
1,566,693 | 3,100,548 |
Debt |
Debts falling due |
within 1 year | (552,478 | ) | 292,699 | - | (259,779 | ) |
Debts falling due |
after 1 year | (492,430 | ) | 248,388 | - | (244,042 | ) |
(1,044,908 | ) | 541,087 | - | (503,821 | ) |
Net funds (before |
members' debt) | 521,785 | 2,074,942 | - | 2,596,727 |
Loans and other debts |
due to members |
Other amounts |
due to members | (4,701,976 | ) | 6,932,092 | (8,628,387 | ) | (6,398,271 | ) |
Net debt | (4,180,191 | ) | 9,007,034 | (8,628,387 | ) | (3,801,544 | ) |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Brown & Co-Property and Business Consultants LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The accounts of the subsidiary companies have not been consolidated with those of the LLP as the members consider that the amounts involved are not material. |
Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Revenue recognition |
Services provided to clients during the year, which at the financial reporting date have not been billed to clients, have been recognised as revenue. Revenue recognised in this manner is based on the assessment of the fair value of the service provided at the financial reporting date as a proportion of the total value of the engagement. Where the outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. If it is not possible to determine whether the costs are recoverable, then no revenue is recognised until the outcome can be measured reliably. Unbilled revenue is included in debtors as amounts recoverable on contracts. |
Goodwill |
Purchased goodwill is capitalised and amortised over ten years on a straight line basis. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - 10% on cost |
Plant and equipment | - 10% to 25% on cost |
Pension costs and other post-retirement benefits |
The LLP operates a fully insured pension scheme to provide for retirement benefits for employees. Contributions are made to an insurance company and are charged to the income statement as incurred. |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The LLP has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. |
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 the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group entities 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Investments |
Investments in subsidiaries and joint ventures are recognised at cost less impairment. |
Foreign currency exchange |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All exchange adjustments are dealt with through the income statement. |
Critical accounting judgements and estimation uncertainty |
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value 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. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
Revenue recognised in relation to services provided is based on an assessment of the fair value of the service provided at the financial reporting date as a proportion of the total value of the engagement. The degree of completion is estimated based on timesheets, where appropriate, and the fair value is based on fee quotes agreed with clients. |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | REVENUE |
The revenue and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
An analysis of revenue by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 25,788,033 | 23,598,602 |
Europe | 252,974 | 108,487 |
Other | 20,842 | 36,801 |
Revenue represents net invoiced sales of services, excluding value added tax. |
4. | EMPLOYEE INFORMATION |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Professional and support staff |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Computer software amortisation |
Auditors' remuneration |
6. | INFORMATION IN RELATION TO MEMBERS |
There were 36 members of the LLP throughout the year. |
The amount of profit attributable to the member with the largest entitlement as calculated per the members' agreement was £344,546 (2023 - £348,365). |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
to | Plant and |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
The LLP's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Poland |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Brown & Co Sp.z.o.o. accounts for the year ended 31 March 2024 are not currently available. |
Registered office: St Lucia |
Nature of business: |
% |
Class of shares: | holding |
Brown & Co (Caribbean) Limited accounts for the years ended 31 March 2023 and 2024 are not currently available. |
Registered office: Romania |
Nature of business: |
% |
Class of shares: | holding |
Brown & Co Property and Business Consultants SRL accounts for the years ended 31 December 2022 and 2023 are not currently available. |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Agricultural Asset Management Limited accounts for the year ended 31 March 2024 are not currently available. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on |
contracts |
Other debtors |
Prepayments and accrued income |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Social security and other taxes |
Other creditors and accruals |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases, including property leases, fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 527,547 | 460,128 |
Between one and five years | 1,709,953 | 1,449,172 |
In more than five years | 1,217,634 | 1,124,946 |
3,455,134 | 3,034,246 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans and overdraft are secured by a fixed and floating charge over the LLP's assets. |
BROWN & CO-PROPERTY AND BUSINESS |
CONSULTANTS LLP (REGISTERED NUMBER: OC302092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | FINANCIAL INSTRUMENTS |
The LLP has the following financial instruments: |
2024 | 2023 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 6,417,064 | 6,086,313 |
Amounts owed by related parties | 83,698 | 93,992 |
Amounts recoverable on contracts | 994,310 | 970,250 |
Other debtors | 15,080 | 8,584 |
Financial liabilities measured at amortised cost |
Bank loans and overdrafts | 503,821 | 1,044,908 |
Trade creditors | 653,095 | 838,833 |
Other creditors | 1,958,106 | 1,433,187 |
The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £nil (2023 - £nil) and £56,792 (2023 - £56,965) respectively. |
17. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 6,398,271 | 4,701,976 |
Falling due within one year | 6,398,271 | 4,701,976 |
18. | RELATED PARTY DISCLOSURES |
Key management personnel compensation |
2024 | 2023 |
£ | £ |
Members' share of profits | 8,628,387 | 6,363,894 |
Management Board salaries | 216,622 | 203,703 |
8,845,009 | 6,567,597 |