REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 May 2024 |
for |
Rothera Bray LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31 May 2024 |
for |
Rothera Bray LLP |
Rothera Bray LLP (Registered number: OC442163) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
General Information | 1 |
Report of the Members | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Reconciliation of Members' Interests | 11 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Rothera Bray LLP |
General Information |
for the Year Ended 31 May 2024 |
DESIGNATED MEMBERS: |
Mr P J Heseltine |
Mr D P Berridge |
Mr T B Preston |
Mr A J Hitchon |
Mr I W Johnson |
Mrs C E Angrave |
Mrs A R Sutcliffe |
Mr R Dalby |
Mr D Kaplan |
Mrs S J Dawson |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Rothera Bray LLP |
General Information |
for the Year Ended 31 May 2024 |
AUDITORS: |
Pinnacle House |
1 Pinnacle Way |
Derby |
Derbyshire |
DE24 8ZS |
Rothera Bray LLP (Registered number: OC442163) |
Report of the Members |
for the Year Ended 31 May 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 May 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of solicitors. |
REVIEW OF BUSINESS |
The LLP's turnover was £11.4 million (2023: £5.7 million) with an operating profit of £2.2 million (2023: £1.5 million). |
The financial results in 2024 were in line with the members' expectations and the LLP continues to be well placed to |
maintain its position in the future. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DESIGNATED MEMBERS |
The designated members during the year under review are shown on page 1. |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £2,854,532 (2023 - £1,898,215 profit). |
MEMBERS' INTERESTS |
The capital will be repaid by the LLP on the departure of a member from the LLP. |
It is a policy of the LLP to only allow members to withdraw profits to the extent that the LLP retains sufficient working capital to finance its ongoing operations. |
FINANCIAL INSTRUMENTS |
Treasury operations |
The LLP operates a centralised treasury function which is responsible for managing the liquidity and interest rate risks associated with the LLP's activities. The LLP's principal instruments are a bank loan and bank and cash balances. In addition the LLP has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the operations of the business. |
Liquidity risk |
The LLP manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst ensuring the the LLP has sufficient liquid resources to meet the operating needs of its business. |
Interest rate risk |
The LLP is exposed to fair value interest rate risk on its bank loan facility and overdraft facility. |
Foreign currency risk |
The LLP does not have foreign currency risk as all sales and purchases are made within the UK. |
Credit risk |
Investments of cash surpluses are made with the LLP's main bankers. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary. |
Rothera Bray LLP (Registered number: OC442163) |
Report of the Members |
for the Year Ended 31 May 2024 |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires 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 legislation applicable to limited liability partnerships 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 LLP and of the profit or loss of the LLP for that period. 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; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Rothera Bray LLP |
Opinion |
We have audited the financial statements of Rothera Bray LLP (the 'LLP') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 LLP'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 LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 LLP's ability to continue as a going concern for a period of at least twelve months from when the 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 in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinion relating to the proforma statements in note 21 |
The notes to the accounts include the above proforma statement regarding the results for the year to 31st May 2024 and 2023. |
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 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Rothera Bray LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page four, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Rothera Bray LLP |
Auditors' 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 a Report of the Auditors 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: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following; |
- The nature of the industry and sector, control environment and business performance |
- The company's own assessment of the risks that irregularities may occur either as a result of fraud or error that was approved by the members |
- Any matters identified having reviewed the LLP's procedures |
- Matters discussed among our audit engagement team and other members of Underwood Green regarding how fraud might occur in the financial statements. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risks of management override.We also obtained an understanding of the legal and regulatory framework that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered included UK companies Act and tax legislation. |
Audit response to risks identified |
As a result of performing the above, we identified the disclosure of adjusting items in the financial statements. |
In addition to the above, our procedures to respond to risks identified included; |
- Reviewing the financial statement disclosures |
- Enquiring of management concerning actual and potential litigation and claims |
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journals and assessing whether judgements made in making accounting estimates are indicative of potential bias. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following; |
- The nature of the industry and sector, control environment and business performance |
- The company's own assessment of the risks that irregularities may occur either as a result of fraud or error that was approved by the members |
- Any matters identified having reviewed the LLP's procedures |
- Matters discussed among our audit engagement team and other members of Underwood Green regarding how fraud might occur in the financial statements. |
Report of the Independent Auditors to the Members of |
Rothera Bray LLP |
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risks of management override.We also obtained an understanding of the legal and regulatory framework that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered included UK companies Act and tax legislation. |
Audit response to risks identified |
As a result of performing the above, we identified the disclosure of adjusting items in the financial statements. |
In addition to the above, our procedures to respond to risks identified included; |
- Reviewing the financial statement disclosures |
- Enquiring of management concerning actual and potential litigation and claims |
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journals and assessing whether judgements made in making accounting estimates are indicative of potential bias. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Pinnacle House |
1 Pinnacle Way |
Derby |
Derbyshire |
DE24 8ZS |
Rothera Bray LLP (Registered number: OC442163) |
Statement of Comprehensive |
Income |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,172,233 | 1,515,808 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income | 7 |
4,024,858 | 1,925,250 |
Interest payable and similar expenses | 8 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Rothera Bray LLP (Registered number: OC442163) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Work in progress | 11 |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,983,369 |
4,768,007 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
18 |
1,713,592 |
2,668,025 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 3,269,777 | 2,099,982 |
4,983,369 | 4,768,007 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 18 | 1,713,592 | 2,668,025 |
Members' other interests | 3,269,777 | 2,099,982 |
4,983,369 | 4,768,007 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Rothera Bray LLP (Registered number: OC442163) |
Reconciliation of Members' Interests |
for the Year Ended 31 May 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 June 2023 | 2,099,982 | - | 2,099,982 |
Profit for the financial year available for discretionary division among members |
- |
2,854,532 |
2,854,532 |
Members' interests after profit for the year | 2,099,982 | 2,854,532 | 4,954,514 |
Other divisions of profit | - | (2,854,532 | ) | (2,854,532 | ) |
Introduced by members | 1,169,795 | - | 1,169,795 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 May 2024 | 3,269,777 | - | 3,269,777 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 2,668,025 |
Amount due from members | - |
Balance at 1 June 2023 | 2,668,025 | 4,768,007 |
Profit for the financial year available for discretionary division among members |
- |
2,854,532 |
Members' interests after profit for the year | 2,668,025 | 7,622,539 |
Other divisions of profit | 2,854,532 | - |
Introduced by members | (1,163,673 | ) | 6,122 |
Drawings on account and distributions of profit | (2,645,292 | ) | (2,645,292 | ) |
Amount due to members | 1,713,592 |
Amount due from members | - |
Balance at 31 May 2024 | 1,713,592 | 4,983,369 |
Rothera Bray LLP (Registered number: OC442163) |
Reconciliation of Members' Interests |
for the Year Ended 31 May 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 June 2022 | - | - | - |
Profit for the financial year available for discretionary division among members |
- |
1,898,215 |
1,898,215 |
Members' interests after profit for the year | - | 1,898,215 | 1,898,215 |
Other divisions of profit | - | (1,898,215 | ) | (1,898,215 | ) |
Introduced by members | 2,099,982 | - | 2,099,982 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 May 2023 | 2,099,982 | - | 2,099,982 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | - |
Balance at 1 June 2022 | - | - |
Profit for the financial year available for discretionary division among members |
- |
1,898,215 |
Members' interests after profit for the year | - | 1,898,215 |
Other divisions of profit | 1,898,215 | - |
Introduced by members | 2,290,703 | 4,390,685 |
Drawings on account and distributions of profit | (1,520,893 | ) | (1,520,893 | ) |
Amount due to members | 2,668,025 |
Amount due from members | - |
Balance at 31 May 2023 | 2,668,025 | 4,768,007 |
Rothera Bray LLP (Registered number: OC442163) |
Cash Flow Statement |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 2 | ( |
) |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Government grants |
Interest received |
Net cash from investing activities | ( |
) |
Transactions with members and former | members |
Payments to members | (2,645,292 | ) | (1,520,893 | ) |
Contributions by members | 6,122 | 4,390,685 |
(2,639,170 | ) | 2,869,792 |
Cash flows from other financing activities |
New loans in year |
Loan repayments in year | ( |
) |
604,849 | 783,333 |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
3 |
- |
Cash and cash equivalents at end of year | 3 | 911,396 | 1,130,385 |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Cash Flow Statement |
for the Year Ended 31 May 2024 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
All of the LLP's profits are credited to the partners' current accounts and are included in the cashflow statement. |
2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
2,854,532 |
1,898,215 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Government grants | ( |
) |
Finance costs | 1,170,326 | 27,035 |
Finance income | (1,845,479 | ) | (409,442 | ) |
2,411,755 | 1,610,135 |
Increase in work in progress | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 911,396 | 1,130,385 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 1,130,385 | - |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Cash Flow Statement |
for the Year Ended 31 May 2024 |
4. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.6.23 | Cash flow | changes | At 31.5.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,130,385 | (218,989 | ) | 911,396 |
1,130,385 | ( |
) | 911,396 |
Debt |
Debts falling due |
within 1 year | (200,000 | ) | 19,201 | - | (180,799 | ) |
Debts falling due |
after 1 year | (583,333 | ) | (624,049 | ) | - | (1,207,382 | ) |
(783,333 | ) | (604,848 | ) | - | (1,388,181 | ) |
Net funds/(debt) (before |
members' debt) | 347,052 | (823,837 | ) | - | (476,785 | ) |
Loans and other debts |
due to members |
Other amounts |
due to members | (2,668,025 | ) | 3,808,965 | (2,854,532 | ) | (1,713,592 | ) |
Net debt | (2,320,973 | ) | 2,985,128 | (2,854,532 | ) | (2,190,377 | ) |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Rothera Bray LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition and work in progress |
Revenue represents amounts chargeable to clients for professional services provided during the year, net of VAT. Services to clients, which at the balance sheet date have not been billed, have been recognised as revenue. Revenue is recognised by reference to an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled revenue on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures and fittings | - |
Office equipment | - |
Computer equipment | - |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and bank deposits. |
Financial instruments |
The limited company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from and to related parties and bank loans. |
Trade debtors |
Trade debtors are amounts due for services rendered in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the debtor. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities of the LLP where the LLP does not have an unconditional right, at the end of the reporting date, 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. |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable ot the LLP's Pension scheme are charged to profit or loss in the period to which they relate. |
Depreciation and residual values |
The members have reviewed the asset lives and associated residual values of all tangible fixed asset classes and have concluded that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Recoverability of trade debtors |
Trade and other debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is considered to be uncertain. Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account. |
Provisions |
A provision is recognised when the LLP has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability. |
3. | TURNOVER |
Year Ended | Year Ended |
31.5.24 | 31.5.23 |
£ | £ |
Total Revenue | 11,414,604 | 5,697,151 |
Turnover consists entirely of the provision of services and was all achieved in the UK. |
4. | EMPLOYEE INFORMATION |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | EMPLOYEE INFORMATION - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Fee earners | 90 | 62 |
Other staff | 75 | 51 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
6. | AUDITORS' REMUNERATION |
Year Ended |
Year Ended |
31.5.24 | 31.5.23 |
£ | £ |
Fees payable to the LLP's auditors, for the audit of the LLP's financial statements |
17,750 |
17,000 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
This represents amounts receivable from banks and other financial institutes following the deposit of the LLP's cash balances. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Interest paid to clients |
9. | INFORMATION IN RELATION TO MEMBERS |
2024 | 2023 |
£ | £ |
The amount of profit attributable to the member with the largest entitlement was | 152,060 |
133,615 |
2024 | 2023 |
The average number of members during the year was | 26 | 18 |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Office | Computer |
improvements | fittings | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
11. | WORK IN PROGRESS |
2024 | 2023 |
£ | £ |
Work-in-progress |
This represents amounts recognised, but not invoiced, in accordance with the LLP's revenue recognition policy. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
Trade creditors |
Social security and other taxes |
Provision | 25,000 | 58,996 |
Other creditors |
Amounts owed to former partners | 821,975 | 329,091 |
Accruals and deferred income |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Loans |
Amounts falling due between one and two years: |
Loans | 194,359 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs | 338,028 | - |
The loan is repayable by installments and interest is charged at 2.25% over base rate. |
The loan is secured by a debenture over the assets of the LLP. |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
Net obligations payable - Land | 2024 | 2023 |
£ | £ |
Within one year | 343,619 | 197,743 |
Between one and five years | 1,234,478 | 791,772 |
1,578,097 | 989,715 |
Net obligations payable - Other |
Within one year | - | - |
Between one and five years | - | - |
- | - |
17. | GOVERNMENT GRANTS |
During the year the company received income in regard to an ARC Grant of £7,146 (2023: £nil). The amounts received are included in government grants. |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
18. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 1,713,592 | 2,668,025 |
Falling due within one year | 1,713,592 | 2,668,025 |
19. | PENSION COMMITMENTS |
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently managed fund. |
The pension charge represents contributions payable by the LLP to the fund and amounted to £262,392 (2023 : £90,248). |
Contributions totalling £35,834 (2023 : £nil) were payable at the balance sheet date. |
20. | POST BALANCE SHEET MERGER |
On the 1st October 2024, the firm Rothera Bray LLP merged with Massers Solicitors. |
21. | ULTIMATE CONTROLLING PARTY |
In the opinion of the members there was no controlling party at the balance sheet date, as defined by FRS 102. |
Rothera Bray LLP (Registered number: OC442163) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
22. | PROFORMA INCOME STATEMENT FOR THE YEAR TO 31ST MAY 2024, WITH COMPARATIVE |
Year ended |
Year ended |
31.05.24 | 31.05.23 |
£ | £ |
TURNOVER | 11,414,604 | 9,100,431 |
Cost of sales | 6,308,484 | 4,100,734 |
GROSS PROFIT | 5,106,120 | 4,999,697 |
Administrative expenses | 2,933,891 | 1,409,218 |
Other operating income | 7,146 | - |
OPERATING PROFIT | 2,179,375 | 3,590,479 |
Interest receivable and similar income | 1,845,479 | 572,591 |
4,024,854 | 4,163,070 |
Interest payable and similar expense | 1,170,326 | 38,771 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
2,854,528 |
4,124,299 |