Registration number:
Chapman Petrie LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2024
Pages for Filing with Registrar
Chapman Petrie LLP
(Registration number: OC352699)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
450,000 |
450,000 |
|
Other amounts |
(143,326) |
102,889 |
|
306,674 |
552,889 |
||
306,674 |
552,889 |
||
Total members' interests |
|||
Loans and other debts due to members |
306,674 |
552,889 |
|
306,674 |
552,889 |
Chapman Petrie LLP
(Registration number: OC352699)
Balance Sheet as at 31 March 2024
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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 Chapman Petrie LLP (registered number OC352699) were approved by the
......................................... |
......................................... |
Chapman Petrie LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
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.
General information and basis of accounting
The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Chapman Petrie LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue represents amounts chargeable to clients for surveyor and professional property services provided during the year, exclusive of Value Added Tax. Services provided to clients, which at the balance sheet date have not been billed to clients, are included in revenue.
Members' remuneration and division of profits
The members' agreement provides that all profits are required to be automatically allocated. The profits realised in the profit and loss account are treated as members' remuneration charged as an expense. Allocated profit is included within 'loans and other debts due to members' in 'other amounts''.
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.
Tangible fixed assets
Individual fixed assets are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Chapman Petrie LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Asset class |
Depreciation method and rate |
Computer equipment |
25% straight line basis |
Office equipment |
20% straight line basis |
Motor vehicles |
25% straight line basis |
Leasehold improvements |
20% straight line basis |
Trade debtors
Basic financial assets, including trade and other debtors, are intially 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Chapman Petrie LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Short leasehold land and buildings |
Motor vehicles |
Office equipment |
Total |
|
Cost |
||||
At 1 April 2023 |
1,996 |
34,718 |
33,783 |
70,497 |
Additions |
- |
- |
3,095 |
3,095 |
At 31 March 2024 |
1,996 |
34,718 |
36,878 |
73,592 |
Depreciation |
||||
At 1 April 2023 |
24 |
34,718 |
25,506 |
60,248 |
Charge for the year |
665 |
- |
3,630 |
4,295 |
At 31 March 2024 |
689 |
34,718 |
29,136 |
64,543 |
Net book value |
||||
At 31 March 2024 |
1,307 |
- |
7,742 |
9,049 |
At 31 March 2023 |
1,972 |
- |
8,277 |
10,249 |
Chapman Petrie LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
154,191 |
41,310 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
10,893 |
5,835 |
Accruals and deferred income |
22,906 |
12,586 |
Taxation and social security |
49,412 |
17,661 |
Total trade and other creditors |
83,211 |
36,082 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
85,000 |
11,123 |
Later than one year and not later than five years |
64,740 |
- |
149,740 |
11,123 |