Limited Liability Partnership registration number OC422790 (England and Wales)
EISNERAMPER (U.K.) LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
EISNERAMPER (U.K.) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Eisneramper (U.K.) l Ltd
Eisneramper (U.K.) lI Ltd
LLP registration number
OC422790
Registered office
Irwin Mitchell LLP
40 Holborn Viaduct
London
EC1N 2PZ
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
ME14 3EN
EISNERAMPER (U.K.) LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 15
EISNERAMPER (U.K.) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The members present their annual report and financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the LLP is the provision of services to EisnerAmper LLP, a limited liability partnership registered in New York, in the United States of America. The LLP is wholly reliant on EisnerAmper LLP for all its income and support.

Fair review of the business

The results for the period and the financial position at the period end were considered satisfactory.

 

As detailed further in note 1.2, it is the intention of the members to curtail UK operations by the end of 2025.

 

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Eisneramper (U.K.) l Ltd
Eisneramper (U.K.) lI Ltd
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Going concern

At the time of approving the financial statements, the members are considering options concerning the future of the LLP. It is currently proposed that UK operations will be curtailed within 12 months of the date of approval of the financial statements, and so the members have considered it inappropriate to prepare the financial statements on a going concern basis. As a result, the directors have prepared these financial statements on a break-up basis as set out in notes 1.1 and 1.2 to the financial statements.

Approved by the members on 27 March 2025 and signed on behalf by:
27 March 2025
Eisneramper (U.K.) l Ltd
Designated Member
EISNERAMPER (U.K.) LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

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 United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EISNERAMPER (U.K.) LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EISNERAMPER (U.K.) LLP
- 3 -
Opinion

We have audited the financial statements of EisnerAmper (U.K.) LLP (the 'limited liability partnership') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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.

Emphasis of matter

We draw attention to note 1.2 to the financial statements which explains the intention of the members to curtail the operations of the UK LLP within 12 months of the date of sign of off these financial statements. As such, it is not considered appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2.

 

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. 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. 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.

EISNERAMPER (U.K.) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EISNERAMPER (U.K.) LLP
- 4 -
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:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EISNERAMPER (U.K.) LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EISNERAMPER (U.K.) LLP
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied 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 limited liability partnership's members those matters we are required to state to them in an auditor's 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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Graves BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
28 March 2025
Chartered Accountants
Statutory Auditor
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
EISNERAMPER (U.K.) LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2024
2023
Notes
$
$
Turnover
289,972
382,832
Administrative expenses
(263,610)
(348,030)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
26,362
34,802

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EISNERAMPER (U.K.) LLP
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 7 -
2024
2023
Notes
$
$
$
$
Current assets
Debtors
6
98,281
50,873
Cash at bank and in hand
33,131
17,656
131,412
68,529
Creditors: amounts falling due within one year
7
(131,412)
(68,529)
Net current assets and net assets attributable to members
-
-
Represented by:
Members' other interests
Other reserves classified as equity
-
-
The financial statements were approved by the members and authorised for issue on 27 March 2025 and are signed on their behalf by:
27 March 2025
Eisneramper (U.K.) l Ltd
Designated member
Limited Liability Partnership Registration No. OC422790
EISNERAMPER (U.K.) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Other reserves
Total
2024
$
$
Members' interests at 1 July 2023
-
-
Profit for the financial year available for discretionary division among members
26,362
26,362
Members' interests after profit for the year
26,362
26,362
Allocation of profit for the financial year
(26,362)
(26,362)
Members' interests at 30 June 2024
-
-
EISNERAMPER (U.K.) LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Other reserves
Total
2023
$
$
Members' interests at 1 July 2022
-
-
Profit for the financial year available for discretionary division among members
34,802
34,802
Members' interests after profit for the year
34,802
34,802
Allocation of profit for the financial year
(34,802)
(34,802)
Members' interests at 30 June 2023
-
-
EISNERAMPER (U.K.) LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
10
15,475
2,430
Net increase in cash and cash equivalents
15,475
2,430
Cash and cash equivalents at beginning of year
17,656
15,226
Cash and cash equivalents at end of year
33,131
17,656
EISNERAMPER (U.K.) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Limited liability partnership information

EisnerAmper (U.K.) LLP is a limited liability partnership incorporated in England and Wales. The registered office is Irwin Mitchell LLP, 40 Holborn Viaduct, London, United Kingdom, EC1N 2PZ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting by Limited Liability Partnerships” issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

 

Accordingly, the financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

As set out in the Members' Report, due to the current proposal that UK operations will be curtailed within 12 months of the date of approval of the financial statements, the members have decided to prepare the financial statements on a basis other than that of a going concern. The financial statements have been prepared on a break-up basis at the year end. In adopting the break up basis at the year end, the following policies and procedures were implemented:

The functional currency of the limited liability partnership is sterling, which is the currency of the primary economic environment in which the LLP operates. However, the financial statements are prepared in US Dollars ($), which is the presentational currency of the limited liability partnership, as this is the currency used by the group into which the entity is consolidated. Monetary amounts in these financial statements are rounded to the nearest $1.

1.2
Going concern

At the time of approving the financial statements, the members are currently considering options concerning the future of the LLP and it is currently proposed that UK operations will be curtailed within 12 months of the date of approval of the financial statements, and so the members have considered it inappropriate to prepare the financial statements on a going concern basis. As a result, the directors have prepared these financial statements on a break up basis as set out above under the basis of preparation.

 

However, it is also the case that preparation under the break-up basis has no material impact to the carrying value of assets and liabilities reflected, and it is also proposed that the US parent will continue funding the costs of the UK LLP after planned curtailment of UK operations as there are currently no plans to liquidate the entity.

1.3
Turnover

Turnover represents fees receivable for services provided during the period in accordance with the LLP’s principal activity and arises from continuing activities in the UK.

Turnover is recognised when the amounts can be reliably quantified and it is probable that future economic benefits will flow.

EISNERAMPER (U.K.) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

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

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks. Any bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets are assessed for indicators of impairment at each period end and any impairment loss recognised through profit and loss.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

EISNERAMPER (U.K.) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities 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 receipts discounted at a market rate of interest.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The members do not believe that they have made any critical judgements or estimates in the process of applying the LLP's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
$
$
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
3,668
287
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
17,829
15,548
Fees payable to the LLP's auditor for other services
22,545
23,917
Operating lease charges
-
43,702
EISNERAMPER (U.K.) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
4
Employees

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

2024
2023
Number
Number
1
2

Their aggregate remuneration comprised:

2024
2023
$
$
Wages and salaries
187,281
223,843
Social security costs
16,674
4,956
Pension costs
1,872
3,417
205,827
232,216
5
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
6
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
4,872
32,842
Other debtors
30,188
18,031
35,060
50,873
2024
2023
Amounts falling due after more than one year:
$
$
Other debtors
63,221
-
Total debtors
98,281
50,873
EISNERAMPER (U.K.) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
7
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
6,551
-
Amounts owed to group undertakings
43,912
17,550
Accruals and deferred income
80,949
50,979
131,412
68,529
8
Related party transactions

Eisner Advisory Group LLC, a limited liability company registered in New York, United States of America, is a related party by the fact that it is the parent entity of EisnerAmper (U.K.) LLP (“the LLP)’s immediate controlling parties (previously EisnerAmper LLP, a limited liability partnership registered in New York). During the year ended 30 June 2024, the LLP charged Eisner Advisory Group LLC, its ultimate parent undertaking, services of $289,972 (2023: $382,832). Eisner Advisory Group LLC made payments on behalf of the LLP of $207,942 (2023: $391,968), and paid $110,000 (2023: $Nil) to the LLP. As at 30 June 2024 Eisner Advisory Group LLC owed the LLP $4,872 (2023: $32,842) which is included in note 6 to these financial statements.

 

The key management personnel of the LLP is comprised solely of its members. Details of members’ remuneration are disclosed in the Reconciliation of members’ interests and note 5.

9
Ultimate controlling party

The LLP has no one immediate controlling party.

 

The largest group of undertakings for which consolidated accounts have been drawn up and which include the LLP is headed by Eisner Advisory Group LLC, a limited liability company registered in New York, United States of America.

10
Cash generated from operations
2024
2023
$
$
Profit for the year
26,362
34,802
Movements in working capital:
(Increase)/decrease in debtors
(47,408)
67,071
Increase/(decrease) in creditors
36,521
(99,443)
Cash generated from operations
15,475
2,430
11
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
$
$
$
Cash at bank and in hand
17,656
15,475
33,131
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