45 0 false false false false false false false false false false false false false false false false false 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 500,000 300,000 50,000 350,000 150,000 200,000 xbrli:pure xbrli:shares iso4217:GBP OC404173 2023-04-01 2024-03-31 OC404173 2024-03-31 OC404173 2023-03-31 OC404173 2022-04-01 2023-03-31 OC404173 2023-03-31 OC404173 2022-03-31 OC404173 core:FurnitureFittings 2023-04-01 2024-03-31 OC404173 core:MotorVehicles 2023-04-01 2024-03-31 OC404173 bus:RegisteredOffice 2023-04-01 2024-03-31 OC404173 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 OC404173 bus:Director1 2023-04-01 2024-03-31 OC404173 bus:Director2 2023-04-01 2024-03-31 OC404173 core:FurnitureFittings 2023-03-31 OC404173 core:MotorVehicles 2023-03-31 OC404173 core:FurnitureFittings 2024-03-31 OC404173 core:MotorVehicles 2024-03-31 OC404173 core:WithinOneYear 2024-03-31 OC404173 core:WithinOneYear 2023-03-31 OC404173 core:FurnitureFittings 2023-03-31 OC404173 core:MotorVehicles 2023-03-31 OC404173 bus:SmallEntities 2023-04-01 2024-03-31 OC404173 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC404173 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC404173 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC404173 bus:FullAccounts 2023-04-01 2024-03-31 OC404173 core:Goodwill 2023-04-01 2024-03-31 OC404173 core:ComputerEquipment 2023-04-01 2024-03-31 OC404173 core:Goodwill 2024-03-31 OC404173 core:Goodwill 2023-03-31 OC404173 core:ComputerEquipment 2023-03-31 OC404173 core:ComputerEquipment 2024-03-31
REGISTERED NUMBER: OC404173
Bude Nathan Iwanier LLP
Unaudited Financial Statements
31 March 2024
Bude Nathan Iwanier LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
The following pages do not form part of the financial statements
Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements
13
Bude Nathan Iwanier LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was that of the provision of legal services.
Designated members
The designated members who served the LLP during the year were as follows:
Mr NN Iwanier
Mr V Vernick
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 7 January 2025 and signed on behalf of the members by:
Mr NN Iwanier
Designated Member
Registered office:
1-2 Temple Fortune Parade
Bridge Lane
London
NW11 0QN
Bude Nathan Iwanier LLP
Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
8,478,636
6,063,307
------------
------------
Gross profit
8,478,636
6,063,307
Administrative expenses
6,567,521
4,913,056
------------
------------
Operating profit
5
1,911,115
1,150,251
Other interest receivable and similar income
186,023
38,166
------------
------------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
2,097,138
1,188,417
------------
------------
All the activities of the LLP are from continuing operations.
Bude Nathan Iwanier LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
150,000
200,000
Tangible assets
7
20,248
33,329
---------
---------
170,248
233,329
Current assets
Work in progress
425,863
207,760
Debtors
8
439,228
156,971
Cash at bank and in hand
1,336,915
812,976
------------
------------
2,202,006
1,177,707
Creditors: amounts falling due within one year
9
1,941,903
1,183,403
------------
------------
Net current assets/(liabilities)
260,103
( 5,696)
---------
---------
Total assets less current liabilities
430,351
227,633
---------
---------
Net assets
430,351
227,633
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
10
430,351
227,633
---------
---------
Members' other interests
Other reserves
---------
---------
430,351
227,633
---------
---------
Total members' interests
Loans and other debts due to members
10
430,351
227,633
Members' other interests
---------
---------
430,351
227,633
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Bude Nathan Iwanier LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 7 January 2025 , and are signed on their behalf by:
Mr NN Iwanier
Designated Member
Registered number: OC404173
Bude Nathan Iwanier LLP
Reconciliation of Members' Interests
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Balance at 1 April 2023
227,634
227,634
227,634
Profit for the financial year available for discretionary division among members
2,097,138
2,097,138
2,097,138
------------
------------
---------
---------
------------
Members' interests after profit for the year
2,097,138
2,097,138
227,634
227,634
2,324,772
Other division of profits
(2,097,138)
(2,097,138)
2,097,138
2,097,138
Drawings
(1,894,421)
(1,894,421)
(1,894,421)
------------
------------
------------
------------
------------
Balance at 31 March 2024
430,351
430,351
430,351
------------
------------
------------
------------
------------
Bude Nathan Iwanier LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 April 2022
132,451
132,451
132,451
Profit for the financial year available for discretionary division among members
1,188,417
1,188,417
1,188,417
------------
------------
---------
---------
------------
Members' interests after profit for the year
1,188,417
1,188,417
132,451
132,451
1,320,868
Other division of profits
(1,188,417)
(1,188,417)
1,188,417
1,188,417
Drawings
(1,093,235)
(1,093,235)
(1,093,235)
------------
------------
------------
------------
------------
Balance at 31 March 2023
227,633
227,633
227,633
------------
------------
------------
------------
------------
Bude Nathan Iwanier LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1-2 Temple Fortune Parade, Bridge Lane, NW11 0QN, London.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP 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 LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fitings and equipment
-
10% reducing balance
Motor cars
-
25% reducing balance
Computer equipment
-
33% straight line
Work in progress
Work in progress is measured on the basis of a proportion of the total fee charged in relation to the work carried out by the balance sheet date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 45 (2023: 41 ).
5.
Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
50,000
50,000
Depreciation of tangible assets
32,631
28,640
--------
--------
6.
Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
500,000
---------
Amortisation
At 1 April 2023
300,000
Charge for the year
50,000
---------
At 31 March 2024
350,000
---------
Carrying amount
At 31 March 2024
150,000
---------
At 31 March 2023
200,000
---------
7.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,599
28,000
131,382
161,981
Additions
2,693
16,857
19,550
-------
--------
---------
---------
At 31 March 2024
5,292
28,000
148,239
181,531
-------
--------
---------
---------
Depreciation
At 1 April 2023
21,355
107,297
128,652
Charge for the year
1,323
1,661
29,647
32,631
-------
--------
---------
---------
At 31 March 2024
1,323
23,016
136,944
161,283
-------
--------
---------
---------
Carrying amount
At 31 March 2024
3,969
4,984
11,295
20,248
-------
--------
---------
---------
At 31 March 2023
2,599
6,645
24,085
33,329
-------
--------
---------
---------
8.
Debtors
2024
2023
£
£
Trade debtors
422,291
148,534
Other debtors
16,937
8,437
---------
---------
439,228
156,971
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
351,886
160,785
Social security and other taxes
466,460
321,270
Other creditors
1,123,557
701,348
------------
------------
1,941,903
1,183,403
------------
------------
10.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
430,351
227,633
---------
---------
Bude Nathan Iwanier LLP
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
Bude Nathan Iwanier LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Bude Nathan Iwanier LLP
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Bude Nathan Iwanier LLP for the year ended 31 March 2024, which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Bude Nathan Iwanier LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Bude Nathan Iwanier LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bude Nathan Iwanier LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Bude Nathan Iwanier LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bude Nathan Iwanier LLP. You consider that Bude Nathan Iwanier LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Bude Nathan Iwanier LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GK & CO. LLP Chartered accountants
Hallswelle House 1 Hallswelle Road London England NW11 0DH
7 January 2025