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REGISTERED NUMBER: OC416293 (England and Wales)













REEDS SOLICITORS LLP

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Balance Sheet 7

Reconciliation of Members' Interests 8

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 13


REEDS SOLICITORS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: J J D Wilkins
N J Thorington
S G Matthews
J S Matthews
J P Richards





REGISTERED OFFICE: Unit 11
Station Field Ind. Estate
Rowles Way
Kidlington
OX5 1JD





REGISTERED NUMBER: OC416293 (England and Wales)





AUDITORS: Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024


The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of solicitors.

DESIGNATED MEMBERS
The designated members during the year under review were:

J J D Wilkins
N J Thorington
S G Matthews
J S Matthews
J P Richards

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £4,647,574 (2023 - £1,576,456 profit).

MEMBERS' INTERESTS

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.

AUDITORS
The auditors, Carston ETL, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:





J S Matthews - Designated member


29 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REEDS SOLICITORS LLP


Opinion
We have audited the financial statements of Reeds Solicitors LLP (the 'LLP') for the year ended 31 March 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 March 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.

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.

Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page two, 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
REEDS SOLICITORS 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- enquiry of management, about litigations and claims and inspection of relevant correspondence;
- analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;
- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal
course of business;

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REEDS SOLICITORS LLP


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.




Steven Davies (Senior Statutory Auditor)
for and on behalf of Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

29 January 2025

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £

TURNOVER 17,766,423 14,297,140

Cost of sales (1,939,053 ) (1,311,668 )
GROSS PROFIT 15,827,370 12,985,472

Administrative expenses (11,167,392 ) (11,390,029 )
OPERATING PROFIT 4 4,659,978 1,595,443

Income from participating interests - 13,109
Interest receivable and similar income 15,807 3,465
4,675,785 1,612,017

Interest payable and similar expenses 5 (28,211 ) (35,561 )
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT SHARES
AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS



4,647,574



1,576,456


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,647,574 1,576,456

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 7 131,143 178,831
Tangible assets 8 174,630 196,871
Investments 9 125,043 75,000
430,816 450,702

CURRENT ASSETS
Debtors 10 5,600,301 5,197,296
Cash at bank and in hand 735,918 2,648
6,336,219 5,199,944
CREDITORS
Amounts falling due within one year 11 2,832,976 3,762,512
NET CURRENT ASSETS 3,503,243 1,437,432
TOTAL ASSETS LESS CURRENT LIABILITIES 3,934,059 1,888,134

CREDITORS
Amounts falling due after more than one year 12 625,000 900,000
NET ASSETS ATTRIBUTABLE TO MEMBERS 3,309,059 988,134

LOANS AND OTHER DEBTS DUE TO MEMBERS 15 3,309,059 988,134

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 15 3,309,059 988,134

The financial statements were approved by the members of the LLP and authorised for issue on 29 January 2025 and were signed by:





J S Matthews - Designated member

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£ £ £
Amount due to members 988,135
Amount due from members -
Balance at 1 April 2023 - 988,135 988,135
Profit for the financial year available
for discretionary division among
members


4,647,574


-


4,647,574


Members' interests after profit for the
year

4,647,574

988,135

5,635,709

Other divisions of profit (4,647,574 ) 4,647,574 -
Introduced by members - 46,900 46,900
Drawings on account and distributions
of profit

-

(2,373,550

)

(2,373,550

)

Amount due to members 3,309,059
Amount due from members -
Balance at 31 March 2024 - 3,309,059 3,309,059

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£ £ £
Amount due to members 1,231,581
Amount due from members -
Balance at 1 April 2022 - 1,231,581 1,231,581
Profit for the financial year available
for discretionary division among
members


1,576,456


-


1,576,456


Members' interests after profit for the
year

1,576,456

1,231,581

2,808,037

Other divisions of profit (1,576,456 ) 1,576,456 -
Introduced by members - 98,782 98,782
Drawings on account and distributions
of profit

-

(1,918,685

)

(1,918,685

)

Amount due to members 988,134
Amount due from members -
Balance at 31 March 2023 - 988,134 988,134

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 2 4,126,616 1,398,947
Interest paid (28,211 ) (35,561 )
Net cash from operating activities 4,098,405 1,363,386

Cash flows from investing activities
Purchase of tangible fixed assets (72,726 ) (69,349 )
Purchase of fixed asset investments (50,043 ) -
Sale of tangible fixed assets 6,260 -
Return on investments - 6,815
Interest received 15,807 3,465
Dividends received - 13,109
Net cash from investing activities (100,702 ) (45,960 )

Transactions with members and former members
Payments to members (2,373,550 ) (1,918,685 )
Contributions by members 46,900 98,782
(2,326,650 ) (1,819,903 )

Cash flows from other financing activities
Loan repayments in year (274,999 ) (300,002 )
Net cash from financing activities (2,601,649 ) (2,119,905 )

Increase/(decrease) in cash and cash equivalents 1,396,054 (802,479 )
Cash and cash equivalents at beginning of year 3 (660,136 ) 142,343

Cash and cash equivalents at end of year 3 735,918 (660,136 )

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

The net cash increase during the year of £1,396,054 is made up of an increase in cash from operating activities of £4,098,405, a decrease in cash from investing activities of £100,702 and a decrease in cash from financing activities of £2,601,649.

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

4,647,574

1,576,456
Depreciation charges 136,395 300,928
Finance costs 28,211 35,561
Finance income (15,807 ) (16,574 )
4,796,373 1,896,371
Decrease in stocks - 2,584,260
Increase in trade and other debtors (403,005 ) (3,363,588 )
(Decrease)/increase in trade and other creditors (266,752 ) 281,904
Cash generated from operations 4,126,616 1,398,947

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 March 2024
31/3/24 1/4/23
£ £
Cash and cash equivalents 735,918 2,648
Bank overdrafts - (662,784 )
735,918 (660,136 )
Year ended 31 March 2023
31/3/23 1/4/22
£ £
Cash and cash equivalents 2,648 142,343
Bank overdrafts (662,784 ) -
(660,136 ) 142,343


REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


4. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/4/23 Cash flow changes At 31/3/24
£ £ £ £
Net cash
Cash at bank
and in hand 2,648 733,270 735,918
Bank overdrafts (662,784 ) 662,784 -
(660,136 ) 1,396,054 735,918
Debt
Debts falling due
within 1 year (300,000 ) - - (300,000 )
Debts falling due
after 1 year (900,000 ) 275,000 - (625,000 )
(1,200,000 ) 275,000 - (925,000 )
Net debt (before
members' debt) (1,860,136 ) 1,671,054 - (189,082 )

Loans and other debts
due to members
Other amounts
due to members (988,135 ) 2,326,650 (4,647,574 ) (3,309,059 )
Net debt (2,848,271 ) 3,997,704 (4,647,574 ) (3,498,141 )

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Reeds Solicitors 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% straight line on cost
Plant and machinery - 33.33% straight line on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33.33% straight line on cost

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION
2024 2023
£ £
Wages and salaries 8,104,811 8,058,575
Social security costs 648,228 707,000
Other pension costs 505,005 456,313
9,258,044 9,221,888

The average number of employees during the year was as follows:
2024 2023

Employees 161 165

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Other operating leases 304,367 282,378
Depreciation - owned assets 88,707 50,675
Goodwill amortisation 47,688 47,687
Auditors' remuneration 12,500 -
Foreign exchange differences - 33,489

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 28,211 35,561

6. INFORMATION IN RELATION TO MEMBERS
2024 2023
£ £
The amount of profit attributable to the member with the largest entitlement was 811,484 204,137

2024 2023

The average number of members during the year was 12 13

7. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 476,875
AMORTISATION
At 1 April 2023 298,044
Amortisation for year 47,688
At 31 March 2024 345,732
NET BOOK VALUE
At 31 March 2024 131,143
At 31 March 2023 178,831

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TANGIBLE FIXED ASSETS
Improvements Plant and Motor Computer
to property machinery vehicles equipment Totals
£ £ £ £ £
COST
At 1 April 2023 637 23,019 171,341 270,574 465,571
Additions - - - 72,726 72,726
Disposals - - - (6,260 ) (6,260 )
At 31 March 2024 637 23,019 171,341 337,040 532,037
DEPRECIATION
At 1 April 2023 637 19,801 90,459 157,803 268,700
Charge for year - 1,638 16,176 70,893 88,707
At 31 March 2024 637 21,439 106,635 228,696 357,407
NET BOOK VALUE
At 31 March 2024 - 1,580 64,706 108,344 174,630
At 31 March 2023 - 3,218 80,882 112,771 196,871

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
At 1 April 2023 75,000
Additions 50,043
At 31 March 2024 125,043
NET BOOK VALUE
At 31 March 2024 125,043
At 31 March 2023 75,000

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 2,409,019 2,177,445
Other debtors 5,355 10,219
Accrued income 3,059,155 2,848,605
Prepayments 126,772 161,027
5,600,301 5,197,296

REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 13) 300,000 962,784
Trade creditors 705,386 886,633
Social security and other taxes 144,465 181,938
Pension 43,258 40,219
VAT 600,280 681,021
Other creditors 505,905 388,074
Accruals and deferred income 533,682 621,843
2,832,976 3,762,512

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 13) 625,000 900,000

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts - 662,784
Bank loans - less than 1 yr 300,000 300,000
300,000 962,784

Amounts falling due between one and two years:
Bank loans - 1-2 years 600,000 600,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 25,000 300,000

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 153,930 181,045
Between one and five years 121,643 354,914
275,573 535,959

15. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£ £
Amounts owed to members in respect of profits 3,309,059 988,134

Falling due within one year 3,309,059 988,134