Brachers Property LLP OC407511 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 Software OC407511 2023-05-01 2024-04-30 OC407511 2024-04-30 OC407511 core:CurrentFinancialInstruments 2024-04-30 OC407511 core:Non-currentFinancialInstruments 2024-04-30 OC407511 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 OC407511 bus:SmallEntities 2023-05-01 2024-04-30 OC407511 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 OC407511 bus:FullAccounts 2023-05-01 2024-04-30 OC407511 bus:RegisteredOffice 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP1 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP10 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP11 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP2 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP3 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP4 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP5 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP6 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP7 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP8 2023-05-01 2024-04-30 OC407511 bus:PartnerLLP9 2023-05-01 2024-04-30 OC407511 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC407511 bus:Agent1 2023-05-01 2024-04-30 OC407511 core:LandBuildings 2023-05-01 2024-04-30 OC407511 countries:AllCountries 2023-05-01 2024-04-30 OC407511 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 OC407511 2022-05-01 2023-04-30 OC407511 2023-04-30 OC407511 core:CurrentFinancialInstruments 2023-04-30 OC407511 core:Non-currentFinancialInstruments 2023-04-30 OC407511 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 iso4217:GBP xbrli:pure

Registration number: OC407511

Brachers Property LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Brachers Property LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Brachers Property LLP

Limited liability partnership information

Designated members

SP Alexander (resigned 1 May 2023)

K Baigent

JAD Bullock

CL Daw

SK Gaines

MA Jilani

MR Oatham

AS Palmer (resigned 1 May 2023)

JC Sheath

AHG Wilson (resigned 1 May 2023)

JP Worby
 

Registered office

Somerfield House
59 London Road
Maidstone
ME16 8JH

Bankers

HSBC Plc
1-5 Week Street
Maidstone
ME14 1QW

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Brachers Property LLP

(Registration number: OC407511)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

1,720,000

1,720,000

Current assets

 

Debtors

5

750

694

Cash and short-term deposits

 

30,334

98,254

 

31,084

98,948

Creditors: Amounts falling due within one year

6

(191,210)

(163,360)

Net current liabilities

 

(160,126)

(64,412)

Total assets less current liabilities

 

1,559,874

1,655,588

Creditors: Amounts falling due after more than one year

7

(948,091)

(1,001,216)

Net assets attributable to members

 

611,783

654,372

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

611,783

654,372

   

611,783

654,372

Total members' interests

 

Loans and other debts due to members

 

611,783

654,372

   

611,783

654,372

For the year ended 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

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

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

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

The financial statements of Brachers Property LLP (registered number OC407511) were approved by the members and authorised for issue on 12 December 2024. They were signed on behalf of the LLP by:

.........................................
JP Worby
Designated member

 

Brachers Property LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of the registered office is:
Somerfield House
59 London Road
Maidstone
ME16 8JH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Income relates to the rental of property and is recognised on an arising basis.

Members' remuneration and division of profits

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

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

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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.

Tangible fixed assets

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

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

 

Brachers Property LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

Depreciation

No depreciation is provided in respect of freehold land or buildings, because in the opinion of the members, the cost of freehold land and buildings, as shown in the accounts, is not less than their expected residual value at the end of the assets useful lives. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the members this policy is necessary for the financial statements to give a true and fair view.

Asset class

Depreciation method and rate

Freehold land and buildings

No depreciation

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

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

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

Financial instruments

Classification

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

Recognition and Measurement

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

 

Brachers Property LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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

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

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

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

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of members during the year was 8 (2023 - 11).

 

Brachers Property LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible fixed assets

Freehold land and buildings
£

Cost

At 1 May 2023

1,720,000

Depreciation

At 1 May 2023 and 30 April 2024

-

Net book value

At 30 April 2024

1,720,000

At 30 April 2023

1,720,000

The partnership's freehold land and buildings were re-valued at 30 April 2023 by the members having taken advice of Independent Chartered Surveyors. The valuations were undertaken in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation Manual (The Red Book). The members consider that the valuation remains appropriate as at 30 April 2024.

5

Debtors

2024
 £

2023
 £

Other debtors

750

694

750

694

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

143,952

143,952

Amounts due to former members

19,307

19,307

Other creditors

225

101

Accruals and deferred income

27,726

-

191,210

163,360

7

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans and overdrafts

948,091

1,001,216

The bank loan is secured on properties owned by the LLP.

 

Brachers Property LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

During the year ended 30 April 2024, rent of £183,194 (2023 - £252,800) was charged by Brachers Property LLP to Brachers LLP, a partnership which has some designated members in common.