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REGISTERED NUMBER: OC442163 (England and Wales)















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: A J Balkitis Limited
A M Bowman Limited
A W Fyson Limited
C M Yardley Limited
J D Allen Limited
J L Millward Limited
K A Hayward Limited
M Young Limited
P A Cobb Limited
R B Hammond Limited
R D Bates Limited
R L Emeleus Limited
T C W Redgate Limited
Mr G S Almond
Ms N M Hicks
Miss C L Bowler
Mrs K E Wood
Mr D J Tomlinson
Miss N A Abbott
Mr T M G Gladdle
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: 2 Kayes Walk
Stoney Street
The Lace Market
Nottingham
NG1 1PZ





REGISTERED NUMBER: OC442163 (England and Wales)






Rothera Bray LLP

General Information
for the Year Ended 31 May 2024







AUDITORS: Underwood Green Limited, Statutory Auditor
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:





C M Yardley Limited - Designated member


14 February 2025

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.




Gary Underwood (Senior Statutory Auditor)
for and on behalf of Underwood Green Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

14 February 2025

Rothera Bray LLP (Registered number: OC442163)

Statement of Comprehensive
Income
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

TURNOVER 3 11,414,604 5,697,151

Cost of sales 6,308,484 3,163,527
GROSS PROFIT 5,106,120 2,533,624

Administrative expenses 2,933,887 1,017,816
2,172,233 1,515,808

Other operating income 7,146 -
OPERATING PROFIT 5 2,179,379 1,515,808

Interest receivable and similar income 7 1,845,479 409,442
4,024,858 1,925,250

Interest payable and similar expenses 8 1,170,326 27,035
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




2,854,532




1,898,215


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,854,532

1,898,215

Rothera Bray LLP (Registered number: OC442163)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 873,208 451,477

CURRENT ASSETS
Work in progress 11 5,020,050 3,801,112
Debtors 12 1,936,577 1,068,462
Cash in hand 911,396 1,130,385
7,868,023 5,999,959
CREDITORS
Amounts falling due within one year 13 2,550,480 1,100,096
NET CURRENT ASSETS 5,317,543 4,899,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,190,751

5,351,340

CREDITORS
Amounts falling due after more than one
year

14

1,207,382

583,333
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 14 February 2025 and were signed by:





C M Yardley Limited - Designated member

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 1,794,287 (2,359,343 )
Interest paid (1,170,326 ) (27,035 )
Net cash from operating activities 623,961 (2,386,378 )

Cash flows from investing activities
Purchase of tangible fixed assets (661,381 ) (545,804 )
Sale of tangible fixed assets 127 -
Government grants 7,146 -
Interest received 1,845,479 409,442
Net cash from investing activities 1,191,371 (136,362 )

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 1,500,000 783,333
Loan repayments in year (895,151 ) -
604,849 783,333
Net cash from financing activities (2,034,321 ) 3,653,125

(Decrease)/increase in cash and cash equivalents (218,989 ) 1,130,385
Cash and cash equivalents at beginning of
year

3

1,130,385

-

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 239,649 94,327
Profit on disposal of fixed assets (127 ) -
Government grants (7,146 ) -
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 (1,218,938 ) (3,801,112 )
Increase in trade and other debtors (868,115 ) (1,068,462 )
Increase in trade and other creditors 1,469,585 900,096
Cash generated from operations 1,794,287 (2,359,343 )

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 (218,989 ) 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Fixtures and fittings - 10% on cost
Office equipment - 25% on reducing balance
Computer equipment - 33% on cost

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 EndedYear Ended
31.5.2431.5.23
££
Total Revenue11,414,6045,697,151

Turnover consists entirely of the provision of services and was all achieved in the UK.

4. EMPLOYEE INFORMATION
2024 2023
£    £   
Wages and salaries 4,964,786 2,484,586
Social security costs 443,675 232,284
Other pension costs 262,392 90,248
5,670,853 2,807,118

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
165 113

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 390,692 150,564
Depreciation - owned assets 239,650 94,327
Profit on disposal of fixed assets (127 ) -

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 105,790 19,033
Interest paid to clients 1,064,536 8,002
1,170,326 27,035

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 - 595,082 72,866 373,832 1,041,780
Additions 5,832 329,780 38,655 287,114 661,381
Disposals - (199 ) - - (199 )
At 31 May 2024 5,832 924,663 111,521 660,946 1,702,962
DEPRECIATION
At 1 June 2023 - 215,141 61,865 313,297 590,303
Charge for year 1,166 90,949 12,414 135,121 239,650
Eliminated on disposal - (199 ) - - (199 )
At 31 May 2024 1,166 305,891 74,279 448,418 829,754
NET BOOK VALUE
At 31 May 2024 4,666 618,772 37,242 212,528 873,208
At 31 May 2023 - 379,941 11,001 60,535 451,477

11. WORK IN PROGRESS
2024 2023
£    £   
Work-in-progress 5,020,050 3,801,112

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 1,317,327 652,252
Other debtors 127,565 44,684
Prepayments and accrued income 491,685 371,526
1,936,577 1,068,462

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 180,799 200,000
Trade creditors 70,891 7,469
Social security and other taxes 471,943 373,744
Provision 25,000 58,996
Other creditors 43,392 9,039
Amounts owed to former partners 821,975 329,091
Accruals and deferred income 936,480 121,757
2,550,480 1,100,096

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) 1,207,382 583,333

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Loans 180,799 200,000

Amounts falling due between one and two years:
Loans 194,359 200,000

Amounts falling due between two and five years:
Other loans - 2-5 years 674,995 383,333

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