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REGISTERED NUMBER: OC312864
Francis Bradshaw Partnership LLP
Filleted Unaudited Financial Statements
31 October 2023
Francis Bradshaw Partnership LLP
Statement of Financial Position
31 October 2023
31 Oct 23
31 Jan 23
Note
£
£
£
£
Fixed assets
Intangible assets
5
25,826
Tangible assets
6
3,053
6,246
-------
------
28,879
6,246
Current assets
Stocks
29,202
18,760
Debtors
7
170,606
113,448
Cash at bank and in hand
167,155
195,961
--------
--------
366,963
328,169
Creditors: amounts falling due within one year
8
163,481
69,069
--------
--------
Net current assets
203,482
259,100
--------
--------
Total assets less current liabilities
232,361
265,346
Creditors: amounts falling due after more than one year
9
10,833
27,744
--------
--------
Net assets
221,528
237,602
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
10
221,328
237,402
Members' other interests
Members' capital classified as equity
200
200
Other reserves
--------
--------
221,528
237,602
--------
--------
Total members' interests
Loans and other debts due to members
10
221,328
237,402
Members' other interests
200
200
--------
--------
221,528
237,602
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 October 2023 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) relating to small LLPs. The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements.
Francis Bradshaw Partnership LLP
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the member and authorised for issue on 18 December 2023 , and are signed on their behalf by:
Mr P Calvert
Designated Member
Registered number: OC312864
Francis Bradshaw Partnership LLP
Notes to the Financial Statements
Period from 1 February 2023 to 31 October 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Bank Chambers, 4 - 6 Church Street, Wilmslow, Cheshire, United Kingdom, SK9 1AU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2 Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
3 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
4 Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
5 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
6 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
20% straight line
7 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
8 Amounts recoverable on contracts
Amounts recoverable on contracts represents the value of work carried out but not invoiced at the year end based on charge out rates.
9 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
10 Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
11 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
12 Post-retirement payments due to members
The post-retirement payments due to members are determined annually based upon a formula directly linked to the profits of the partnership. Provision is made for such payments when a member obtains an actual or constructive right to the payments, which the LLP has no discretion to withhold. The provision is based upon the estimated present value of the expected future payments to members.
Amounts recognised in respect of current members are charged to the statement of comprehensive income within members' remuneration charged as an expense. The liability for post-retirement payments due to current members is recorded in the statement of financial position within loans and other debts due to members. In the year in which a member retires, the liability is transferred from loans and other debts due to members and is recorded as a liability due to former members within either creditors or provisions for liabilities.
Where provision for post-retirement payments due to former members is a contractual liability or a constructive obligation of certain timing amount, the provision will be recorded within creditors falling due within or after more than one year. In all other cases, the provision will be recorded within provisions for liabilities.
The unwinding of the discount on provisions for post-retirement payments due to current members is charged to the statement of comprehensive income as part of members' remuneration charged as an expense.
The unwinding of the discount on provisions for post-retirement payments due to former members is charged to the statement of comprehensive income and included adjacent to interest payable and similar charges.
All provisions are re-assessed annually and any changes in estimates are included within the statement of comprehensive income.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 8 (2023: 8 ).
5.
Intangible assets
Goodwill
£
Cost
Additions
25,826
-------
At 31 October 2023
25,826
-------
Amortisation
At 1 February 2023 and 31 October 2023
-------
Carrying amount
At 31 October 2023
25,826
-------
At 31 January 2023
-------
6.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
5,066
35,207
26,394
144,588
211,255
Additions
526
526
Disposals
( 26,394)
( 26,394)
------
-------
-------
--------
--------
At 31 October 2023
5,066
35,207
145,114
185,387
------
-------
-------
--------
--------
Depreciation
At 1 February 2023
5,066
34,237
24,151
141,555
205,009
Charge for the period
243
2,243
1,233
3,719
Disposals
( 26,394)
( 26,394)
------
-------
-------
--------
--------
At 31 October 2023
5,066
34,480
142,788
182,334
------
-------
-------
--------
--------
Carrying amount
At 31 October 2023
727
2,326
3,053
------
-------
-------
--------
--------
At 31 January 2023
970
2,243
3,033
6,246
------
-------
-------
--------
--------
7.
Debtors
31 Oct 23
31 Jan 23
£
£
Trade debtors
99,947
81,668
Other debtors
70,659
31,780
--------
--------
170,606
113,448
--------
--------
8. Creditors: amounts falling due within one year
31 Oct 23
31 Jan 23
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
2,862
8,195
Social security and other taxes
56,435
39,914
Other creditors
94,184
10,960
--------
-------
163,481
69,069
--------
-------
9. Creditors: amounts falling due after more than one year
31 Oct 23
31 Jan 23
£
£
Bank loans and overdrafts
10,833
18,333
Other creditors
9,411
-------
-------
10,833
27,744
-------
-------
10.
Loans and other debts due to members
31 Oct 23
31 Jan 23
£
£
Amounts owed to members in respect of profits
221,328
237,402
--------
--------