Limited Liability Partnership registration number OC363909 (England and Wales)
LAMB BROOKS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LAMB BROOKS LLP
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
43,745
52,495
Tangible assets
4
114,606
64,217
158,351
116,712
Current assets
Debtors
5
2,284,300
2,175,880
Cash at bank and in hand
603,522
472,627
2,887,822
2,648,507
Creditors: amounts falling due within one year
6
(1,555,064)
(1,081,709)
Net current assets
1,332,758
1,566,798
Total assets less current liabilities
1,491,109
1,683,510
Creditors: amounts falling due after more than one year
7
(110,001)
(272,677)
Provisions for liabilities
8
(100,000)
(100,000)
Net assets attributable to members
1,281,108
1,310,833
Represented by:
Loans and other debts due to members within one year
10
Amounts due in respect of profits
769,881
799,606
Other amounts
511,227
511,227
1,281,108
1,310,833

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 June 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.

LAMB BROOKS LLP
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 4 February 2025 and are signed on their behalf by:
04 February 2025
Mr A M Lowe
Mr A C Brooks
Designated member
Designated Member
Mrs S  Aston
Designated Member
Limited Liability Partnership Registration No. OC363909
LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Lamb Brooks LLP is a limited liability partnership incorporated in England and Wales. The registered office is Victoria House, 39 Winchester Street, Basingstoke, Hampshire, RG21 7EQ.

 

The limited liability partnership's principal activities and nature of its operations 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

The fees earned shown in the Profit and Loss account represents amounts receivable for services provided during the year in the normal course of business, exclusive of Value Added Tax.

 

Income is recognised when the limited liability partnership has performed services in accordance with the agreement with the relevant client and has obtained a right to consideration for those services. Where such income has not been billed at the year end date, it is included within accrued income presented in other debtors.

 

If, at the reporting date, completion of contractual obligations is dependent on external factors (and thus outside the control of the limited liability partnership), then revenue is recognised only when the event occurs.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
10% straight line
1.4
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 improvments
Over the term of the lease
Fixtures and fittings
10%, 20% and 33% straight line
Motor vehicles
20% straight line
LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's Balance Sheet when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation 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.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits and post retirement payments to members

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year.

 

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

1.10
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.

LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.11

Members' participation rights

Members' participation rights are the rights of a member against the limited liability partnership 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 limited liability partnership are analysed between those that are, from the limited liability partnership'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 limited liability partnership has an unconditional right to refuse payment to members, in which case they are

classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

1.12

Members' remuneration

Profits of the limited liability partnership are divided and shared between the members in such a proportion as per the Member’s Agreement, or in such other proportions as they shall from time to time by special resolution decide (profit share ratio) and shall be credited to the members’ current accounts with the limited liability partnership as soon as the annual financial statements for the relevant accounting year of the limited liability partnership are approved by the members.

 

Before the division of profits of the limited liability partnership, the limited liability partnership shall pay interest on the amount of each member’s proportion of the capital contributions provided that if the aggregate amount

of interest payable to the members exceeds the profits of the limited liability partnership for the year in question, then the amounts of interest payable abate in proportion to each member’s share of the capital contributions; and where the financial statements of the limited liability partnership for any accounting year show a loss then no interest is payable or to be credited to any member.

2
Employees

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

2024
2023
Number
Number
Total
48
52
LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
87,495
Amortisation and impairment
At 1 July 2023
35,000
Amortisation charged for the year
8,750
At 30 June 2024
43,750
Carrying amount
At 30 June 2024
43,745
At 30 June 2023
52,495
4
Tangible fixed assets
Leasehold improvments
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
337,603
1,308,453
145,876
1,791,932
Additions
-
-
102,970
102,970
Disposals
-
-
(101,876)
(101,876)
At 30 June 2024
337,603
1,308,453
146,970
1,793,026
Depreciation and impairment
At 1 July 2023
337,603
1,279,264
110,848
1,727,715
Depreciation charged in the year
-
10,922
14,571
25,493
Eliminated in respect of disposals
-
-
(74,788)
(74,788)
At 30 June 2024
337,603
1,290,186
50,631
1,678,420
Carrying amount
At 30 June 2024
-
18,267
96,339
114,606
At 30 June 2023
-
29,189
35,028
64,217
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,534,134
1,133,127
Other debtors
750,166
1,042,753
2,284,300
2,175,880
LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
37,508
-
Trade creditors
1,007,449
652,636
Taxation and social security
65,371
66,808
Other creditors
444,736
362,265
1,555,064
1,081,709
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
110,001
272,677

 

8
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
100,000
100,000
A provision has been made for dilapidations in respect of improvements made to leased premises which are expected to crystallise at the end of the lease.
9
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.

LAMB BROOKS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
10
Reconciliation of Members' Interests
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
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 July 2023
511,227
799,606
799,606
1,310,833
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
391,514
391,514
391,514
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
511,227
1,191,120
1,191,120
1,702,347
Drawings on account and distributions of profit
-
(421,239)
(421,239)
(421,239)
Members' interests at 30 June 2024
511,227
769,881
769,881
1,281,108
11
Related party transactions

During the year the limited liability partnership paid £27,625 (2023: £27,625) for rent on Burgundy House, a property whose ownership includes some of the members of Lamb Brooks LLP.

 

12
Controlling party

The limited liability partnership is controlled by its members as delegated to the management team and as such there is no one controlling party.

2024-06-302023-07-01false19 February 2025CCH SoftwareCCH Accounts Production 2024.210falsefalseOC3639092023-07-012024-06-30OC3639092024-06-30OC363909bus:PartnerLLP12023-07-012024-06-30OC363909bus:PartnerLLP22023-07-012024-06-30OC363909bus:PartnerLLP32023-07-012024-06-30OC3639092022-07-012023-06-30OC363909bus:LimitedLiabilityPartnershipLLP2023-07-012024-06-30OC363909bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-30OC363909bus:FRS1022023-07-012024-06-30OC363909bus:AuditExemptWithAccountantsReport2023-07-012024-06-30OC363909bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:shares