Brewer Harding & Rowe Solicitors LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 31 August 2024
Registration number: OC385432
Brewer Harding & Rowe Solicitors LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Brewer Harding & Rowe Solicitors LLP
Balance Sheet
31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
1,134,000 |
1,107,000 |
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Other amounts |
1,402,496 |
804,320 |
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2,536,496 |
1,911,320 |
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Members’ other interests |
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Members' capital classified as equity |
7 |
6 |
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2,536,503 |
1,911,326 |
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Total members' interests |
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Loans and other debts due to members |
2,536,496 |
1,911,320 |
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Equity |
|
|
|
2,536,503 |
1,911,326 |
Brewer Harding & Rowe Solicitors LLP
Balance Sheet
31 August 2024
For the year ending 31 August 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships and the option not to file a profit and loss account has been taken.
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 Brewer Harding & Rowe Solicitors LLP (registered number OC385432) were approved by the
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Brewer Harding & Rowe Solicitors LLP
Notes to the Financial Statements
Year Ended 31 August 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 incorporating 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 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 Brewer Harding & Rowe Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account after arriving at 'profit for the financial year before members' remuneration and profit shares'.
In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are also included within members’ remuneration charged to the profit and loss account.
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
Brewer Harding & Rowe Solicitors LLP
Notes to the Financial Statements
Year Ended 31 August 2024
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.
Amortisation
Amortisation is provided on intangible 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 |
Amortisation method and rate |
Computer software |
25% straight line basis |
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 |
Freehold and leasehold property |
Freehold at valuation / Leasehold over the lease term. |
Office furniture |
15% reducing balance basis |
Office equipment |
25% reducing balance basis |
Motor vehicles |
3 - 4 years straight line basis |
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the partnership, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the Statement of Financial Activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
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.
Brewer Harding & Rowe Solicitors LLP
Notes to the Financial Statements
Year Ended 31 August 2024
Financial instruments
The LLP has chosen to apply the recognition and measurement principles in FRS102 Section 1A.
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP’s obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors and bank loans.
Except for bank loans such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Intangible fixed assets |
Computer software |
Total |
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Cost |
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At 1 September 2023 |
106,905 |
106,905 |
At 31 August 2024 |
106,905 |
106,905 |
Amortisation |
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At 1 September 2023 |
60,135 |
60,135 |
Charge for the year |
10,691 |
10,691 |
At 31 August 2024 |
70,826 |
70,826 |
Net book value |
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At 31 August 2024 |
36,079 |
36,079 |
At 31 August 2023 |
46,770 |
46,770 |
Brewer Harding & Rowe Solicitors LLP
Notes to the Financial Statements
Year Ended 31 August 2024
Tangible fixed assets |
Freehold land and buildings |
Office furniture |
Library |
Property improvements |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 September 2023 |
1,105,000 |
84,762 |
24,466 |
3,922 |
66,379 |
251,148 |
1,535,677 |
Additions |
- |
7,526 |
- |
- |
58,360 |
19,857 |
85,743 |
Disposals |
- |
- |
- |
- |
(23,990) |
- |
(23,990) |
At 31 August 2024 |
1,105,000 |
92,288 |
24,466 |
3,922 |
100,749 |
271,005 |
1,597,430 |
Depreciation |
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At 1 September 2023 |
- |
49,561 |
24,466 |
3,759 |
50,153 |
187,672 |
315,611 |
Charge for the year |
- |
6,409 |
- |
163 |
6,119 |
20,833 |
33,524 |
Eliminated on disposals |
- |
- |
- |
- |
(18,990) |
- |
(18,990) |
At 31 August 2024 |
- |
55,970 |
24,466 |
3,922 |
37,282 |
208,505 |
330,145 |
Net book value |
|||||||
At 31 August 2024 |
1,105,000 |
36,318 |
- |
- |
63,467 |
62,500 |
1,267,285 |
At 31 August 2023 |
1,105,000 |
35,201 |
- |
163 |
16,226 |
63,476 |
1,220,066 |
Brewer Harding & Rowe Solicitors LLP
Notes to the Financial Statements
Year Ended 31 August 2024
Revaluation
The fair value of the limited liability partnership's freehold property was revalued on
Debtors |
2024 |
2023 |
|
Trade debtors |
|
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Prepayments and accrued income |
|
|
1,542,897 |
1,296,311 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
78,287 |
78,590 |
Trade creditors |
79,848 |
55,045 |
Taxation and social security |
242,974 |
171,566 |
Other creditors |
115,481 |
100,265 |
Accruals and deferred income |
127,341 |
102,066 |
643,931 |
507,532 |
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
|
Bank loans and overdrafts |
28,287 |
28,590 |
Other creditors |
12,776 |
9,289 |
41,063 |
37,879 |
The bank loans and overdraft are secured by floating charge and by a fixed first charge over the partnership freehold properties.
Other creditors include obligations under finance leases and hire purchase contracts which are secured over the assets financed.
Brewer Harding & Rowe Solicitors LLP
Notes to the Financial Statements
Year Ended 31 August 2024
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Bank loans and overdrafts |
|
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Other creditors |
|
|
|
|
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
|
Bank loans and overdrafts |
332,121 |
360,105 |
Other creditors |
50,687 |
6,393 |
382,808 |
366,498 |
Analysis of other amounts |
2024 |
2023 |
|
Money owed to members by the LLP in respect of profits |
1,402,496 |
804,320 |
Loans and other debts due to members are secured by a second fixed charge over the freehold properties held within the LLP. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.