Registered number: OC311795
SAYERS BUTTERWORTH LLP
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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SAYERS BUTTERWORTH LLP
Information
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Mr MW Wright (resigned 30 April 2024)
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Mr PS Taylor (appointed 19 August 2024)
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Mrs HD Clegg (appointed 30 April 2024)
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3rd Floor
12 Gough Square
London
EC4A 3DW
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SAYERS BUTTERWORTH LLP
Registered number: OC311795
Balance sheet
As at 30 April 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Loans and other debts due to members
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Members' capital classified as a liability
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Loans and other debts due to members
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SAYERS BUTTERWORTH LLP
Registered number: OC311795
Balance sheet (continued)
As at 30 April 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 14 January 2025.
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Mr MB Bird
Designated member
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Mr JR Hearsey
Designated member
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Mr PS Taylor
Designated member
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Mrs HD Clegg
Designated member
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The notes on pages 3 to 8 form part of these financial statements.
Sayers Butterworth LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
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SAYERS BUTTERWORTH LLP
Notes to the financial statements
For the Year Ended 30 April 2024
Sayers Butterworth LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales. The partnership's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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SAYERS BUTTERWORTH LLP
Notes to the financial statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
The LLP operates both a defined contribution and a defined benefit pension scheme.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Defined benefit pension plan
Formal actuarial valuations are carried out every three years. The profit and loss account includes the expected return on scheme assets and the interest cost on scheme liabilities. Actuarial gains and losses are recognised directly to members' interests through the statement of total recognised gains and losses. Details in relation to the scheme are set out in Note 9 to the accounts.
The taxation payable on profits is the personal liability of the members.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the profit and loss account.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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SAYERS BUTTERWORTH LLP
Notes to the financial statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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SAYERS BUTTERWORTH LLP
Notes to the financial statements
For the Year Ended 30 April 2024
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The average monthly number of employees during the year was 41 (2023 - 38).
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S/Term Leasehold Property
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Charge for the year on owned assets
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Amounts recoverable on contracts
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Prepayments and accrued income
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SAYERS BUTTERWORTH LLP
Notes to the financial statements
For the Year Ended 30 April 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up apart from a loan of £303,260 (2023: £546,518) invested by a corporate member of the LLP, which is secured on the partnership assets.
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SAYERS BUTTERWORTH LLP
Notes to the financial statements
For the Year Ended 30 April 2024
Defined contribution scheme
The LLP operates defined contribution pension schemes for the benefit of the employees. The assets of these schemes are held separately from those of the LLP. The total contributions paid in the year amounted to £42,607 (2023: £60,188). There were no unpaid contributions included in creditors at the year end.
Defined benefit scheme
The LLP is the Principal Employer of the funded defined benefit scheme known as the Sayers Butterworth LLP Retirement Benefit Scheme which is for certain employees and former employees and was closed to new members from 1 May 2004. The scheme does not accrue any further entitlement for employees service after 30 April 2004. The assets of the scheme are held separately from those of the LLP. The scheme is non-contributory and is not contracted out of the state scheme. Current service contributions are charged to the profit and loss account as part of employment pension costs.
A full actuarial valuation was undertaken on 1 May 2021 by a qualified actuary from Royal London. The values of the scheme assets and liabilities at the current and previous actuarial valuation dates are set out below. Applying various assumptions the scheme had a surplus of £34,000.
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Fair value of scheme assets
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Present value of scheme liabilities
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Contributions made by the LLP in the year were £nil (2023 - £nil).
The date of the next actuarial valuation is 1 May 2024.
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Commitments under operating leases
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At 30 April 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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