REGISTERED NUMBER: |
REEDS SOLICITORS LLP |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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: |
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. |
for and on behalf of |
Tudor House |
16 Cathedral Road |
Cardiff |
CF11 9LJ |
REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Income from participating interests |
Interest receivable and similar income |
4,675,785 | 1,612,017 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
REEDS SOLICITORS LLP (REGISTERED NUMBER: OC416293) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 |
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 |
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 |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (50,043 | ) | - |
Sale of tangible fixed assets |
Return on investments |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 3 | (660,136 | ) | 142,343 |
Cash and cash equivalents at end of year | 3 | 735,918 | ( |
) |
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 |
Finance costs | 28,211 | 35,561 |
Finance income | (15,807 | ) | (16,574 | ) |
4,796,373 | 1,896,371 |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) |
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 | ( |
) |
(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 | ) | 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 |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Employees |
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 |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
Foreign exchange differences |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
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 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Accrued income |
Prepayments |
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) |
Trade creditors |
Social security and other taxes |
Pension | 43,258 | 40,219 |
VAT | 600,280 | 681,021 |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 13) |
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 |
Bank loans - less than 1 yr |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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 |