Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false2023-07-01false0No description of principal activity0falsefalse OC377158 2023-07-01 2024-06-30 OC377158 2022-07-01 2023-06-30 OC377158 2024-06-30 OC377158 2023-06-30 OC377158 1 2023-07-01 2024-06-30 OC377158 c:CurrentFinancialInstruments 2024-06-30 OC377158 c:CurrentFinancialInstruments 2023-06-30 OC377158 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 OC377158 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 OC377158 d:FRS102 2023-07-01 2024-06-30 OC377158 d:Audited 2023-07-01 2024-06-30 OC377158 d:FullAccounts 2023-07-01 2024-06-30 OC377158 d:LimitedLiabilityPartnershipLLP 2023-07-01 2024-06-30 OC377158 d:PartnerLLP1 2023-07-01 2024-06-30 OC377158 d:PartnerLLP2 2023-07-01 2024-06-30 OC377158 d:PartnerLLP3 2023-07-01 2024-06-30 OC377158 d:PartnerLLP4 2023-07-01 2024-06-30 OC377158 d:PartnerLLP5 2023-07-01 2024-06-30 OC377158 d:PartnerLLP6 2023-07-01 2024-06-30 OC377158 d:PartnerLLP7 2023-07-01 2024-06-30 OC377158 d:PartnerLLP8 2023-07-01 2024-06-30 OC377158 d:PartnerLLP9 2023-07-01 2024-06-30 OC377158 d:PartnerLLP10 2023-07-01 2024-06-30 OC377158 d:PartnerLLP11 2023-07-01 2024-06-30 OC377158 d:PartnerLLP12 2023-07-01 2024-06-30 OC377158 d:Director13 2023-07-01 2024-06-30 OC377158 d:Director14 2023-07-01 2024-06-30 OC377158 d:PartnerLLP15 2023-07-01 2024-06-30 OC377158 d:PartnerLLP16 2023-07-01 2024-06-30 OC377158 d:PartnerLLP17 2023-07-01 2024-06-30 OC377158 d:PartnerLLP18 2023-07-01 2024-06-30 OC377158 d:PartnerLLP19 2023-07-01 2024-06-30 OC377158 d:PartnerLLP20 2023-07-01 2024-06-30 OC377158 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-06-30 OC377158 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-06-30 OC377158 c:FurtherSpecificReserve2ComponentTotalEquity 2024-06-30 OC377158 c:FurtherSpecificReserve2ComponentTotalEquity 2023-06-30 OC377158 c:FurtherSpecificReserve3ComponentTotalEquity 2024-06-30 OC377158 c:FurtherSpecificReserve3ComponentTotalEquity 2023-06-30 OC377158 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure


Registered number: OC377158












BLICK ROTHENBERG AUDIT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 

BLICK ROTHENBERG AUDIT LLP

CONTENTS



Page
LLP Information
 
1
Members' report
 
2 - 3
Members' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Profit and loss account
 
9
Balance sheet
 
10
Reconciliation of members' interests
 
11
Notes to the financial statements
 
12 - 20


 

BLICK ROTHENBERG AUDIT LLP

INFORMATION



Designated Members
Blick Rothenberg Holdco Limited
Jacqueline Oakes
Mahmood Ramji
Marc Levy
Members
Adam Wildbore
Andrew Sanford
Andrew Snook
Christopher Shepherd
Constance Sharp
Darsh Shah
Heather Powell
James Rimell
Jaykishan Shah
Mark Cunningham
Mark Hart
Nicholas Winters
Nils Schmidt-Soltau
Shaun Melvin
Simon Lewis
Simon Rothenberg
Thomas Dickinson
Peter Trundle (resigned 14 July 2023)
Geoffrey Johnson (resigned 30 August 2024)
Russell Tenzer (resigned 30 August 2024)
Daniel Burke (resigned 8 November 2024)
Richard Hinton (appointed 11 July 2023)
Simon Mayston (appointed 18 January 2024)
Onisiforos Chourres (appointed 18 January 2024)
Krishan Sivathondan (appointed 1 February 2024)
Nicholas Anderson (appointed 15 May 2024)
Hayley Loft (appointed 29 October 2024)
Artur Vorobyev (appointed 8 January 2025)


LLP registered number
OC377158

Registered office
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Independent auditors
Langard Lifford Hall Limited
Lifford Lane
Kings Norton
Birmingham
B30 3JN

Page 1

 

BLICK ROTHENBERG AUDIT LLP
  
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The members present their annual report together with the audited financial statements of Blick Rothenberg Audit LLP (the "LLP") for the year ended 30 June 2024
 

Principal activities
 
 
The principal activity of the LLP is the provision of statutory audit and other regulated activities.
 
 
Designated Members
 
 
The current designated members are shown in the information page.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is as specified in the appropriate Members' Agreement.
 
 
Details of changes in members' capital in the year ended 30 June 2024 are set out in the reconciliation of members' interests.
 
 
The members, other than Blick Rothenberg Holdco Limited, are remunerated as employees of Blick Rothenberg Limited. From time to time, the committee of members will determine whether a member may make a drawing upon assessing the competing cash requirements of the business.
Going Concern
The financial statements have been prepared on a going concern basis which the Members consider to be appropriate.
In assessing the going concern position of the LLP for the year ended 30 June 2024, the Members have considered the LLP's cash flows, liquidity and business activities over the period to 30 June 2026.
 
In making their assessment of going concern, the Members have considered the LLP’s current and future prospects taking into consideration the current trading environment. The ongoing impact of the cost of living crisis within the UK has been considered and the impact of which is considered to be limited in terms of growth of revenue, profitability and liquidity.
 
The LLP has a broad and diversified client base including corporate clients, with no concentration of risk in any one particular sector and historically low client churn. The Members consider that the LLP is well positioned for growth despite the challenging current economic environment. As a result of this, the base case scenario applied by the Members in their assessment of going concern shows that the LLP will have adequate resources to continue in operational existence for the next 12 months.
 
For these reasons, the Members continue to believe that it is appropriate to continue to adopt a going concern basis for the preparation of the financial statements.

 

Page 2

 

BLICK ROTHENBERG AUDIT LLP
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 







Mahmood Ramji
Director of Blick Rothenberg Holdco Limited
Designated member



Date: 20 March 2025

Page 3

 

BLICK ROTHENBERG AUDIT LLP
 
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, 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 for the LLP's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity 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 to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They 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.

Page 4

 

BLICK ROTHENBERG AUDIT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP
 FOR THE YEAR ENDED 30 JUNE 2024

Opinion
 

We have audited the financial statements of Blick Rothenberg Audit LLP (the 'LLP') for the year ended 30 June 2024, which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests and the related notes, including a summary of significant accounting policiesThe 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 30 June 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 limited liability partnerships 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 United Kingdom, including the Financial Reporting Council'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.


Independence
We remained independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements


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.


Page 5

 

BLICK ROTHENBERG AUDIT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.


 
Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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.



Responsibilities of members
 

As explained more fully in the members' responsibilities statement on page 4, 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 is 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.


Page 6

 

BLICK ROTHENBERG AUDIT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

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 an auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Based on our understanding of the LLP and industry, we identified that the principal risks of non-compliance with laws and regulations related to those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and ICAEW regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias through judgements and assumptions in significant accounting estimates. Audit procedures performed included:
 
Discussions with, management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluation and where relevant testing of the operating effectiveness of management’s controls designed to prevent and detect fraud in financial reporting;
Review of minutes from members meetings; and
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to amounts recoverable on long term contracts.

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 auditors' report.


Page 7

 

BLICK ROTHENBERG AUDIT LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Use of our report
 

This report is made solely to the LLP's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our 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 an auditors' report 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 for our audit work, for this report, or for the opinions we have formed.





David Hanby (Senior Statutory Auditor)
  
for and on behalf of
Langard Lifford Hall Limited
 
Accountants & Statutory Auditor
  
Lifford Lane
Kings Norton
Birmingham
B30 3JN

 
 
Date: 
20 March 2025
Page 8

 

BLICK ROTHENBERG AUDIT LLP
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
30,140,562
22,227,797

Gross profit
  
30,140,562
22,227,797

Administrative expenses
  
(30,040,562)
(22,127,797)

Operating profit
 5 
100,000
100,000

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
100,000
100,000

  

Profit for the year before members' remuneration and profit shares
  
100,000
100,000

Profit for the financial year available for discretionary division among members
  
100,000
100,000

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly no statement of other comprehensive income has been presented.

Page 9


 
REGISTERED NUMBER:OC377158
BLICK ROTHENBERG AUDIT LLP

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 8 
10,999,101
10,143,923

Cash at bank and in hand
  
314,829
1,068,651

  
11,313,930
11,212,574

Creditors: amounts falling due within one year
 10 
(4,206,978)
(4,205,622)

Net current assets
  
 
 
7,106,952
 
 
7,006,952

Net assets
  
7,106,952
7,006,952


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
666,656
566,656

  
666,656
566,656

Members' other interests
  

Members' capital classified as equity
  
6,340,296
6,340,296

Other reserves classified as equity

  

100,000
100,000

  
 
6,440,296
 
6,440,296

  
7,106,952
7,006,952


Total members' interests
  

Loans and other debts due to members
  
666,656
566,656

Members' other interests
  
6,440,296
6,440,296

  
7,106,952
7,006,952


The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Mahmood Ramji
Designated member

Date: 20 March 2025

Page 10

 

BLICK ROTHENBERG AUDIT LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
100,000
100,000
-
-
100,000

Members' interests after profit for the year
6,340,296
200,000
6,540,296
466,656
466,656
7,006,952

Other division of profits
-
(100,000)
(100,000)
100,000
100,000
-

Amounts due to members
566,656
566,656

Balance at 30 June 2023
6,340,296
100,000
6,440,296
566,656
566,656
7,006,952

Profit for the year available for discretionary division among members
 
-
100,000
100,000
-
-
100,000

Members' interests after profit for the year
6,340,296
200,000
6,540,296
566,656
566,656
7,106,952

Other division of profits
-
(100,000)
(100,000)
100,000
100,000
-

Amounts due to members
666,656
666,656

Balance at 30 June 2024 
6,340,296
100,000
6,440,296
666,656
666,656
7,106,952

The notes on pages 12 to 20 form part of these financial statements.

The members of the LLP may not reduce the amount of Members' other interests while the LLP is continuing without the prior written consent of Blick Rothenberg Holdco Limited.

Page 11

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Blick Rothenberg Audit LLP is a limited liability partnership registered and incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London WC2B 5AH.
The financial statements are prepared in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and as applied to Limited Liability Partnerships and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).
The LLP was, at the end of the period, a wholly-owned subsidiary of Blick Rothenberg Holdco Limited whose registered address is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102: 
 
Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
Section 11 Financial Instruments paragraph 11.39 to 11.48A (disclosure relating to financial instruments);
Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).

The LLP is included in the consolidated financial statements of Blick Rothenberg Holdco Limited for the year ended 30 June 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF 14 3UZ.

The following principal accounting policies have been applied:

Page 12

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which the Members consider to be appropriate.
In assessing the going concern position of the LLP for the year ended 30 June 2024, the Members have considered the LLP’s cash flows, liquidity and business activities over the period to 30 June 2026.
In making their assessment of going concern, the Members have considered the LLP’s current and future prospects taking into consideration the current trading environment. The ongoing impact of the cost of living crisis within the UK has been considered and the impact of which is considered to be limited in terms of growth of revenue, profitability and liquidity. 
The LLP has a broad and diversified client base including corporate clients, with no concentration of risk in any one particular sector and historically low client churn. The Members consider that the LLP is well positioned for growth despite the challenging current economic environment. As a result of this, the base case scenario applied by the Members in their assessment of going concern shows that the LLP will have adequate resources to continue in operational existence for the next 12 months.
For these reasons, the Members continue to believe that it is appropriate to continue to adopt a going concern basis for the preparation of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.4

Unbilled receivables and work in progress

Work in progress (“WIP”) is worked performed, and not yet billed. The carrying value includes outlays incurred on behalf of clients and an appropriate portion of directly attributable costs and overheads on incomplete assignments. Revenue not billed to clients is included in work in progress. Payments on account in excess of the relevant amount of revenue are included in accruals and deferred income.

Page 13

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.6

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. 
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and balances with fellow group entities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and balances with fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 
Page 14

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 15

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.7

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 FRS 102. 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 profit and loss account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the balance sheet.
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 profit and loss account and are equity appropriations in the balance sheet.
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 balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.

Page 16

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income or interest payable and similar expenses'. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

  
2.9

Taxation

Tax to be paid on the profits arising in the LLP is a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the LLP’s accounting policies, which are described in note 2.1, the following judgements and key estimates have been made by the members:
Revenue recognition
Revenue on client assignments is recognised over time. This requires management to determine the measurement method that best depicts the LLP's performance in transferring services to its clients. Management has concluded that the input method of measuring progress is appropriate based on the time and external costs incurred to date as a percentage of total expected time and external costs.
This requires an estimate to be made of the stage of completion of those assignments. Management estimates the remaining time and external costs to be incurred in completing the assignments and the client's willingness and ability to pay for the services provided. A different assessment of the outturn on an assignment may result in a different value being determined for revenue and a different carrying value being determined for unbilled revenue for client work. Work in progress as at 30 June 2024 was £2,753,425, given that this has not yet been agreed with the clients, there remains a risk that elements of this balance are not billable and so will not be recovered in cash.

Page 17

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

The LLP's turnover is derived from its principal activity. Turnover principally arises in the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
4,188
2,219


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
10,500
9,900


7.


Employees




The LLP has no employees other than the members, who did not receive any remuneration.  Accordingly, no key management personnel were remunerated.
The average monthly number of employees, including members, during the year was 0 (2023 - 0).


8.


Debtors

2024
2023
£
£


Trade debtors
8,162,160
6,598,045

Other debtors
83,516
50,733

Work in progress
2,753,425
3,495,145

10,999,101
10,143,923


Page 18

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
314,829
1,068,651



10.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
584,092
404,799

Amounts owed to group undertakings
1,443,553
618,498

Accruals and deferred income
2,179,333
3,182,325

4,206,978
4,205,622


The amounts owed to group undertakings are interest-free, unsecured and repayable on demand.


11.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
666,656
566,656

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
666,656
566,656

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 19

 

BLICK ROTHENBERG AUDIT LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Related party transactions

The LLP has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
During the year, costs of £27,739,423 (2023: £21,521,337) were recharged by an associated group entity and at the year-end £1,443,553 (2023: £618,498) was owed to Blick Rothenberg Limited, which is unsecured, bears no interest and is repayable on demand.


13.


Post balance sheet events

Subsequent to the year-end, an associated group entity, Blick Rothenberg Limited, has exchanged contracts to acquire the trade and assets of Greenback Alan LLP, with completion expected on 31st March 2025. This transaction will be reflected in the financial statements for the year ending 30th June 2025. 


14.


Controlling party

The immediate parent company is Blick Rothenberg Holdco Limited, a company registered in England. Consolidated financial statements are drawn up and available from Companies House, Crown Way, Cardiff, CF14 3UZ.
There is no ultimate controlling party.

Page 20