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Company No: OC313211 (England and Wales)

HARTNELL TAYLOR COOK LLP

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HARTNELL TAYLOR COOK LLP

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HARTNELL TAYLOR COOK LLP

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
HARTNELL TAYLOR COOK LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 7,896 19,271
Tangible assets 4 596,555 429,466
Investments 5 156 158
604,607 448,895
Current assets
Debtors 6 3,618,588 2,423,534
Cash at bank and in hand 115,841 472,505
3,734,429 2,896,039
Creditors: amounts falling due within one year 7 ( 2,794,535) ( 1,937,263)
Net current assets 939,894 958,776
Total assets less current liabilities 1,544,501 1,407,671
Provision for liabilities 8 ( 75,000) ( 100,000)
Net assets attributable to members 1,469,501 1,307,671
Represented by
Loans and other debts due to members within one year
Other amounts 1,029,258 867,428
1,029,258 867,428
Members' other interests
Members' capital classified as equity 440,243 440,243
440,243 440,243
1,469,501 1,307,671
Total members' interests
Loans and other debts due to members 1,029,258 867,428
Members' other interests 440,243 440,243
1,469,501 1,307,671

For the financial year ending 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Hartnell Taylor Cook LLP (registered number: OC313211) were approved and authorised for issue by the Board of Directors on 08 January 2025. They were signed on its behalf by:

S Howell
Designated member
HARTNELL TAYLOR COOK LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 30 April 2024
HARTNELL TAYLOR COOK LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 30 April 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other amounts Total
£ £ £
Amounts due to members 906,163
Balance at 01 May 2022 440,243 906,163 1,346,406
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 1,777,053 1,777,053
Members' interest after result for the financial year 440,243 2,683,216 3,123,459
Drawings 0 (1,505,207) (1,505,207)
Tax payments 0 (474,290) (474,290)
Introduced by members 0 163,709 163,709
Amounts due to members 867,428
Balance at 30 April 2023 440,243 867,428 1,307,671
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 2,136,798 2,136,798
Members' interest after result for the financial year 440,243 3,004,226 3,444,469
Drawings 0 (1,426,256) (1,426,256)
Tax payments 0 (747,902) (747,902)
Introduced by members 0 199,190 199,190
Amounts due to members 1,029,258
Balance at 30 April 2024 440,243 1,029,258 1,469,501

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

HARTNELL TAYLOR COOK LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HARTNELL TAYLOR COOK LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hartnell Taylor Cook LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Nightingale House Redland Hill, Redland, Bristol, BS6 6SH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Intangible assets are not amortised until the assets are available for use.

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 on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 5 years straight line
Fixtures and fittings 3 - 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The LLP as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 110 102

3. Intangible assets

Website costs Total
£ £
Cost
At 01 May 2023 34,125 34,125
At 30 April 2024 34,125 34,125
Accumulated amortisation
At 01 May 2023 14,854 14,854
Charge for the financial year 11,375 11,375
At 30 April 2024 26,229 26,229
Net book value
At 30 April 2024 7,896 7,896
At 30 April 2023 19,271 19,271

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 May 2023 303,539 48,832 81,366 766,368 1,200,105
Additions 250,747 0 10,884 62,549 324,180
Disposals 0 ( 29,999) 0 ( 6,384) ( 36,383)
At 30 April 2024 554,286 18,833 92,250 822,533 1,487,902
Accumulated depreciation
At 01 May 2023 95,246 30,627 47,196 597,570 770,639
Charge for the financial year 59,982 3,766 18,839 71,799 154,386
Disposals 0 ( 29,999) 0 ( 3,679) ( 33,678)
At 30 April 2024 155,228 4,394 66,035 665,690 891,347
Net book value
At 30 April 2024 399,058 14,439 26,215 156,843 596,555
At 30 April 2023 208,293 18,205 34,170 168,798 429,466

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 158
Disposals ( 2)
At 30 April 2024 156
Carrying value at 30 April 2024 156
Carrying value at 30 April 2023 158

6. Debtors

2024 2023
£ £
Trade debtors 2,939,625 1,588,917
Amounts owed by associates 39,162 0
Prepayments and accrued income 627,252 819,691
Other debtors 12,549 14,926
3,618,588 2,423,534

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 603,698 0
Trade creditors 429,979 409,822
Amounts owed to fellow subsidiaries 156 158
Accruals and deferred income 985,761 926,029
Other taxation and social security 725,064 558,253
Other creditors 49,877 43,001
2,794,535 1,937,263

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

8. Provision for liabilities

2024 2023
£ £
Other provisions 75,000 100,000
Other Total
£ £
At 01 May 2023 100,000 100,000
Utilisation of provision ( 25,000) ( 25,000)
At 30 April 2024 75,000 75,000

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 932,163 492,067

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 284,869 168,692
between one and five years 647,294 323,375
932,163 492,067

10. Related party transactions

At the year end, the entity owed a company under common control £39,162 (2023: £Nil).