Limited Liability Partnership registration number OC353532 (England and Wales)
GRAHAM EVANS & PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GRAHAM EVANS & PARTNERS LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Reconciliation of members' interests
4 - 5
Notes to the financial statements
6 - 9
GRAHAM EVANS & PARTNERS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRAHAM EVANS & PARTNERS LLP FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Graham Evans & Partners LLP for the year ended 30 April 2024 which comprise, the balance sheet, the reconciliation of members' interests and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the limited liability partnership's members of Graham Evans & Partners LLP, as a body, in accordance with the terms of our engagement letter dated. Our work has been undertaken solely to prepare for your approval the financial statements of Graham Evans & Partners LLP and state those matters that we have agreed to state to the limited liability partnership's members of Graham Evans & Partners LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Graham Evans & Partners LLP and its members as a body, for our work or for this report.
It is your duty to ensure that Graham Evans & Partners LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Graham Evans & Partners LLP. You consider that Graham Evans & Partners LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Graham Evans & Partners LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
12 December 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
GRAHAM EVANS & PARTNERS LLP
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
57,401
62,958
Current assets
Debtors
4
908,365
897,709
Cash at bank and in hand
2,917
3,653
911,282
901,362
Creditors: amounts falling due within one year
5
(232,002)
(217,958)
Net current assets
679,280
683,404
Total assets less current liabilities
736,681
746,362
Creditors: amounts falling due after more than one year
6
(13,865)
(23,546)
Net assets attributable to members
722,816
722,816
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
722,816
722,816
Total members' interests
Amounts due from members
(478,943)
(446,620)
Loans and other debts due to members
722,816
722,816
243,873
276,196
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 year ended 30 April 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) Regulations 2008) 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.
GRAHAM EVANS & PARTNERS LLP
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the members and authorised for issue on 12 December 2024 and are signed on their behalf by:
12 December 2024
Ms F J Lee
Designated member
Limited Liability Partnership registration number OC353532 (England and Wales)
GRAHAM EVANS & PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 May 2023
-
722,816
(446,620)
276,196
276,196
Profit for the financial year available for discretionary division among members
340,196
-
-
-
340,196
Members' interests after profit for the year
340,196
722,816
(446,620)
276,196
616,392
Allocation of profit for the financial year
(340,196)
-
340,196
340,196
-
Drawings on account and distributions of profit
-
-
(372,519)
(372,519)
(372,519)
Members' interests at 30 April 2024
-
722,816
(478,943)
243,873
243,873
Amounts due to members
-
Amounts due from members, included in debtors
(478,943)
(478,943)
GRAHAM EVANS & PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 May 2022
-
722,816
(447,679)
275,137
275,137
Profit for the financial year available for discretionary division among members
323,116
-
-
-
323,116
Members' interests after profit for the year
323,116
722,816
(447,679)
275,137
598,253
Allocation of profit for the financial year
(323,116)
-
323,116
323,116
-
Drawings on account and distributions of profit
-
-
(322,057)
(322,057)
(322,057)
Members' interests at 30 April 2023
-
722,816
(446,620)
276,196
276,196
Amounts due to members
-
Amounts due from members, included in debtors
(446,620)
(446,620)
GRAHAM EVANS & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
1
Accounting policies
Limited liability partnership information
Graham Evans & Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is Moorgate House, 6 Christina Street, Swansea, West Glamorgan, SA1 4EW.
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
Turnover
Turnover represents fee income chargeable to clients, excluding value added tax, and is measured at fair value of the right to consideration.
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.
Revenue is generally recognised as contract activity progresses so that for the incomplete contracts, it reflects the partial performance of the contractual obligations at the balance sheet date. For such contracts the amount of revenue reflects the accrual of the right to consideration be reference to the value of work performed. Revenue not billed to clients is included in debtors as amounts recoverable on contracts.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.3
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:
Freehold land and buildings
2% on cost
Plant and machinery
33% on cost
Fixtures and fittings
15% on cost
Computers
25% on cost
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.
GRAHAM EVANS & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.4
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.5
Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.
1.6
Disbursements are not included in income or expenses but are netted against each other.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
24
27
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
70,000
152,399
60,337
21,690
304,426
Depreciation and impairment
At 1 May 2023
11,200
152,398
60,337
17,533
241,468
Depreciation charged in the year
1,400
-
-
4,157
5,557
At 30 April 2024
12,600
152,398
60,337
21,690
247,025
Carrying amount
At 30 April 2024
57,400
1
-
-
57,401
At 30 April 2023
58,800
1
-
4,157
62,958
GRAHAM EVANS & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
297,985
246,258
Amounts owed by members
478,943
446,620
Other debtors
131,437
204,831
908,365
897,709
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
28,445
123,858
Trade creditors
80,860
4,646
Taxation and social security
86,957
65,259
Other creditors
35,740
24,195
232,002
217,958
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,865
23,546
The bank borrowings are secured on the assets of the LLP and personal guarantees given by the members.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
23,546
33,226
7
Loans and other debts due to members
Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.
8
Related party disclosures
During the period GEP Legal Limited (a company in which all of the members of Graham Evans & Partners LLP are directors) received a profit share of £68,039 (2023: £32,311).
The balance due to the company was £632,816, and from the company was £223,164 at 30th April 2024.
GRAHAM EVANS & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Ultimate controlling party
There is no ultimate controlling party.
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