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Registration number: OC304572

BTVK ADVISORY LLP

Annual Report and Financial Statements

for the Year Ended 31 May 2024

 

BTVK ADVISORY LLP

Contents

Limited liability partnership information

1

Members' Report

2

Statement of Members' Responsibilities

3

Independent Auditor's Report

4 to 6

Financial Statements

7 to 20

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Members’ Interests

9

Cash Flow Statement

11

Notes to the Financial Statements

12

 

BTVK ADVISORY LLP

Limited liability partnership information

Designated members

Baker Tilly Corporation

Baker Tilly Corporaiton 2, Inc
 

Registered office

2 London Wall Place
5th Floor
London
EC2Y 5AU

Auditors

DTL Auditors Ltd
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

BTVK ADVISORY LLP

Members' Report for the Year Ended 31 May 2024

The members present their report and the financial statements for the year ended 31 May 2024.

Designated members

The members who held office during the year were as follows:

J H F Stanbury (resigned 3 June 2024)

B J Hobby (resigned 3 June 2024)

Baker Tilly Corporation

K D Tuffin (resigned 3 June 2024)

J M Crick (resigned 3 June 2024)

A Mcphee (resigned 3 June 2024)

J Torpey (appointed 1 June 2023 and resigned 3 June 2024)

R Carruth (resigned 3 June 2024)

B Regan (resigned 3 June 2024)

C Burrows (resigned 3 June 2024)

C M Rawlin (resigned 3 June 2024)

A Bell (resigned 31 December 2023)

J Belcher (resigned 31 December 2023)

K Y Bozhilov (resigned 3 June 2024)

Mr Andrew Greenland (resigned 3 June 2024)

Mr Christian Skodczinski (resigned 3 June 2024)

The following member was appointed after the year end:

Baker Tilly Corporaiton 2, Inc (appointed 3 June 2024)

Members' drawings and the subscription and repayment of members' capital

The policies of BTVK Advisory LLP regarding the allocation of profits to Members' are disclosed in the accounting policies

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 4 February 2025 and signed on its behalf by:

.........................................
Baker Tilly Corporation
Designated member

   
 

BTVK ADVISORY LLP

Statement of Members' Responsibilities for the Year Ended 31 May 2024

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

 

BTVK ADVISORY LLP

Independent Auditor's Report to the Members of BTVK ADVISORY LLP

Opinion

We have audited the financial statements of BTVK ADVISORY LLP (the ‘limited liability partnership’) for the year ended 31 May 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the limited liability partnership's affairs as at 31 May 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

BTVK ADVISORY LLP

Independent Auditor's Report to the Members of BTVK ADVISORY LLP (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or

the limited liability partnership financial statements are not in agreement with the accounting records and returns; or

 

we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities [set out on page 3], the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

BTVK ADVISORY LLP

Independent Auditor's Report to the Members of BTVK ADVISORY LLP (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
John Tiltman (Senior Statutory Auditor)
For and on behalf of DTL Auditors Ltd, Statutory Auditor

5th Floor, North Side
7/10 Chandos StreetLondon
W1G 9DQ

5 February 2025

 

BTVK ADVISORY LLP

Profit and Loss Account for the Year Ended 31 May 2024

Note

Total
2024
£

Total
2023
£

Turnover

2

22,794,098

14,070,567

Cost of sales

 

(10,887,246)

(8,401,733)

Gross profit

 

11,906,852

5,668,834

Administrative expenses

 

(5,888,190)

(5,022,756)

Other operating income

 

-

3,854,079

Operating profit

3

6,018,662

4,500,157

Other interest receivable and similar income

4

8,908

13,880

Interest payable and similar expenses

5

(72,651)

(56,710)

Profit for the year before members' remuneration and profit shares

 

5,954,919

4,457,327

Members' remuneration charged as an expense

 

(5,954,919)

(4,457,327)

Profit/(loss) for the year available for discretionary division among members

 

-

-

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

 

BTVK ADVISORY LLP

(Registration number: OC304572)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

8

88,473

88,473

Tangible assets

9

637,941

825,158

 

726,414

913,631

Current assets

 

Debtors

10

7,810,484

9,112,646

Cash and short-term deposits

 

7,646,220

4,994,647

 

15,456,704

14,107,293

Creditors: Amounts falling due within one year

11

(3,407,311)

(3,558,563)

Net current assets

 

12,049,393

10,548,730

Total assets less current liabilities

 

12,775,807

11,462,361

Creditors: Amounts falling due after more than one year

12

-

(910,714)

Provisions for liabilities

 

Other provisions

 

(85,909)

(66,818)

Net assets attributable to members

 

12,689,898

10,484,829

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

6,521,961

4,701,086

Members’ other interests

 

Members' capital classified as equity

 

6,167,937

5,783,743

   

12,689,898

10,484,829

Total members' interests

 

Loans and other debts due to members

 

6,521,961

4,701,086

Equity

 

6,167,937

5,783,743

   

12,689,898

10,484,829

The financial statements of BTVK ADVISORY LLP (registered number OC304572) were approved by the Board and authorised for issue on 4 February 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Baker Tilly Corporation
Designated member

   
 

BTVK ADVISORY LLP

Statement of Changes in Members’ Interests
At 31 May 2024

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2024
£

Members' interest at 1 June 2023

5,783,743

5,783,743

4,701,085

4,701,085

10,484,828

Members' remuneration charged as an expense

-

-

5,954,919

5,954,919

5,954,919

Members' interests after total comprehensive income

5,783,743

5,783,743

10,656,004

10,656,004

16,439,747

Members’ capital introduced

1,609,554

1,609,554

-

-

1,609,554

Drawings (including tax payments)

-

-

(4,134,043)

(4,134,043)

(4,134,043)

Transfer of capital to former members’ balances

(1,225,360)

(1,225,360)

-

-

(1,225,360)

At 31 May 2024

6,167,937

6,167,937

6,521,961

6,521,961

12,689,898

 

BTVK ADVISORY LLP

Statement of Changes in Members’ Interests
At 31 May 2024 (continued)

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Total equity
£

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 June 2022

5,262,078

5,262,078

5,022,728

5,022,728

10,284,806

Members' remuneration charged as an expense

-

-

4,457,327

4,457,327

4,457,327

Members' interests after total comprehensive income

5,262,078

5,262,078

9,480,055

9,480,055

14,742,133

Members’ capital introduced

521,665

521,665

-

-

521,665

Transfer of capital to former members’ balances

-

-

(4,778,970)

(4,778,970)

(4,778,970)

At 31 May 2023

5,783,743

5,783,743

4,701,085

4,701,085

10,484,828

 

BTVK ADVISORY LLP

Cash Flow Statement for the Year Ended 31 May 2024

Note

2024
 £

2023
 £

Net cash inflow from operating activities

15

7,427,408

5,388,006

Cash flows from investing activities

 

Purchase of tangible fixed assets

 

(51,809)

(88,281)

Sale of tangible fixed assets

 

281

-

Interest received

 

8,908

13,880

Interest paid

 

(72,651)

(56,710)

Net cash flows from investing activities

 

(115,271)

(131,111)

Cash flows from financing activities

 

Repayment of loans and borrowings

 

(910,714)

(214,286)

Capital contributions by members

 

1,609,554

521,665

Payments to former members

 

(1,225,360)

-

Payments to members

 

(4,114,577)

(4,751,074)

Other transactions

 

(19,467)

6,368

Net cash flows from financing activities

 

(4,660,564)

(4,437,327)

Net increase in cash and cash equivalents

 

2,651,573

819,568

Cash and cash equivalents at 1 June

 

4,994,647

4,175,079

Cash and cash equivalents at 31 May

 

7,646,220

4,994,647

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024

1

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 BTVK ADVISORY 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.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the 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.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

Asset class

Amortisation method and rate

Development costs

Development costs are currently not amortised as the project is still in progress

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:

Asset class

Depreciation method and rate

Tangible fixed assets

over its estimated useful life

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Turnover

An analysis of the LLP's turnover for the year by class of business is as follows:

2024
£

2023
£

Professional fees

22,794,098

14,070,567

An analysis of the LLP's turnover for the year by geographical market is as follows:

2024
£

2023
£

UK

22,794,098

14,070,567

The analysis of the LLP's revenue for the year is as follows:

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

2024
£

2023
£

Rendering of services

22,794,098

14,070,567

3

Operating profit

Operating profit is stated after charging /(crediting):

2024
£

2023
£

Foreign currency gains

37,373

76,552

Profit on sale of tangible fixed assets

202

-

Depreciation of owned assets

238,543

247,900

Auditors remuneration

7,350

7,000

4

Other interest receivable and similar income

2024
£

2023
£

Other interest receivable and similar income

8,908

13,880

 

8,908

13,880

5

Interest payable and similar charges

2024
£

2023
£

Interest on bank borrowings and overdrafts

72,651

56,710

6

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

152

150

152

150

The aggregate payroll costs were as follows:

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

2024
 £

2023
 £

Wages and salaries

8,188,941

5,780,781

Social security costs

921,842

771,581

Other pension schemes

708,404

562,359

9,819,187

7,114,721

7

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

7,350

7,000

8

Intangible fixed assets

Other intangible assets
£

Total
£

Cost

At 1 June 2023

88,473

88,473

At 31 May 2024

88,473

88,473

Amortisation

At 31 May 2024

-

-

Net book value

At 31 May 2024

88,473

88,473

At 31 May 2023

88,473

88,473

9

Tangible fixed assets

Leasehold improvements
£

Fixtures and fittings
£

Total
£

Cost

At 1 June 2023

840,926

647,075

1,488,001

Additions

17,141

34,668

51,809

Disposals

-

(149,692)

(149,692)

At 31 May 2024

858,067

532,051

1,390,118

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

Leasehold improvements
£

Fixtures and fittings
£

Total
£

Depreciation

At 1 June 2023

324,822

338,021

662,843

Charge for the year

95,627

142,916

238,543

Eliminated on disposals

-

(149,209)

(149,209)

At 31 May 2024

420,449

331,728

752,177

Net book value

At 31 May 2024

437,618

200,323

637,941

At 31 May 2023

516,104

309,054

825,158

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £437,618 (2023 - £516,104) in respect of leaseholds.
 

10

Debtors

2024
£

2023
£

Trade debtors

6,684,395

6,294,287

Amounts owed by group undertakings

970,551

2,695,979

Other debtors

58,158

48,465

Prepayments and accrued income

97,380

73,915

7,810,484

9,112,646

11

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

34,623

43,106

Amounts owed to group undertakings

337,369

1,670,096

Other taxes and social security

786,309

706,726

Other creditors

36,872

233

Accruals and deferred income

2,212,138

1,138,402

3,407,311

3,558,563

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

12

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

-

910,714

13

Provisions

Other provisions
£

Total
£

At 1 June 2023

66,818

66,818

Additional provisions

19,091

19,091

At 31 May 2024

85,909

85,909

14

Pension and other schemes

Defined contribution pension scheme

The limited liability partnership operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the limited liability partnership to the scheme and amounted to £708,403 (2023 - £562,359).

 

 

BTVK ADVISORY LLP

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

15

Cash flow statement

2024
£

2023
£

Operating profit

6,018,662

4,500,157

Depreciation, amortisation and impairment charges

238,543

247,900

Loss on disposal of fixed assets

202

-

Decrease/(increase) in debtors

1,302,162

(1,142,160)

(Decrease)/increase in creditors

(151,252)

1,763,018

Increase in provisions

19,091

19,091

Cash generated by operations

7,427,408

5,388,006

Net cash inflow from operating activities

7,427,408

5,388,006

16

Non adjusting events after the financial period

In June 2024, Baker Tilly US, LLP underwent an organizational restructuring due to receiving a strategic investment from private equity firms Hellman & Friedman and Valeas Capital Partners. Due to professional standards regulations governing licensed CPA firms in the United States, Baker Tilly US, LLP restructured into two entities: Baker Tilly US, LLP and Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. Baker Tilly Advisory Group, LP’s international entities are subsidiaries of Baker Tilly Corporation, a wholly-owned subsidiary of Baker Tilly Advisory Group, LP.

17

Control

The limited liability partnership is controlled by Baker Tilly Corporation. The ultimate controlling party is the same as the controlling party.