Fanshawe (London) LLP
Annual Report and Unaudited Financial Statements
For the period ended 27 March 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC317812 (England and Wales)
Fanshawe (London) LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Fanshawe (London) LLP
Balance Sheet
As at 27 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
37,865
Current assets
Debtors
5
785,841
718,766
Cash and cash equivalents
59,134
1,577,569
844,975
2,296,335
Creditors: amounts falling due within one year
6
(71,870)
(294,867)
Net current assets
773,105
2,001,468
Total assets less current liabilities and net assets attributable to members
773,105
2,039,333
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
573,105
1,839,333
Members' other interests
Members' capital classified as equity
200,000
200,000
773,105
2,039,333
Total members' interests
Loans and other debts due to members
573,105
1,839,333
Members' other interests
200,000
200,000
773,105
2,039,333

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 27 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Fanshawe (London) LLP
Balance Sheet (Continued)
As at 27 March 2024
Page 2
The financial statements were approved by the members and authorised for issue on 13 December 2024 and are signed on their behalf by:
13 December 2024
D J Trott
Designated member
Limited Liability Partnership Registration No. OC317812
Fanshawe (London) LLP
Notes to the Financial Statements
For the period ended 27 March 2024
Page 3
1
Accounting policies
Limited liability partnership information

Fanshawe (London) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5-11 2nd Floor, Worship Street, London, United Kingdom, EC2A 2BH.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year the members of the LLP announced a group restructure which involved the transfer of trade and assets to Fanshawe Limited.

 

The LLP has ceased trading at 27 March 2024 and so accordingly the members have concluded that the accounts will be prepared on a basis other than that of a going concern. On 3 April 2024, the LLP changed its registered name from Fanshawe LLP to Fanshawe (London) LLP.

 

The adoption of a basis of preparation other than that of going concern has no impact on the recognition and measurement of the limited liability partnership's assets and liabilities. No additional provisions have been recognised.

1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Fanshawe (London) LLP
Notes to the Financial Statements (Continued)
For the period ended 27 March 2024
1
Accounting policies
(Continued)
Page 4
1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15% straight line
Plant and machinery
25% straight line
Fixtures, fittings & equipment
15% straight line
Computer equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Financial instruments

The limited liability partnership only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Fanshawe (London) LLP
Notes to the Financial Statements (Continued)
For the period ended 27 March 2024
1
Accounting policies
(Continued)
Page 5
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Fanshawe (London) LLP
Notes to the Financial Statements (Continued)
For the period ended 27 March 2024
Page 6
3
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
9
12
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
77,906
290,828
368,734
Additions
2,267
7,030
9,297
Disposals
(80,173)
(297,858)
(378,031)
At 27 March 2024
-
-
-
Depreciation and impairment
At 1 June 2023
46,775
284,094
330,869
Depreciation charged in the period
4,523
3,531
8,054
Eliminated in respect of disposals
(51,298)
(287,625)
(338,923)
At 27 March 2024
-
-
-
Carrying amount
At 27 March 2024
-
-
-
At 31 May 2023
31,131
6,734
37,865
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
651,574
615,839
Other debtors
134,267
39,778
Prepayments and accrued income
-
63,149
785,841
718,766
Fanshawe (London) LLP
Notes to the Financial Statements (Continued)
For the period ended 27 March 2024
Page 7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
427
51,907
Taxation and social security
56,579
165,159
Other creditors
4,664
15,853
Accruals and deferred income
10,200
61,948
71,870
294,867
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
529,993
601,137
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