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REGISTERED NUMBER: OC302760 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

FRY HEATH & SPENCE LLP

FRY HEATH & SPENCE LLP (REGISTERED NUMBER: OC302760)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRY HEATH & SPENCE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DESIGNATED MEMBERS: G J Lock
Lock G & R Limited





REGISTERED OFFICE: Chart House
2 Effingham Road
Reigate
Surrey
RH2 7JN





REGISTERED NUMBER: OC302760 (England and Wales)





ACCOUNTANTS: John Williams & Co Limited
Chartered Certified Accountants
Chart House
2 Effingham Road
Reigate
Surrey
RH2 7JN

FRY HEATH & SPENCE LLP (REGISTERED NUMBER: OC302760)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 95,855 111,867
Investments 6 305,540 -
401,395 111,867

CURRENT ASSETS
Work in Progress 17,840 13,553
Debtors 7 533,589 3,238,028
Cash at bank and in hand 241,698 4,443
793,127 3,256,024
CREDITORS
Amounts falling due within one year 8 207,797 385,766
NET CURRENT ASSETS 585,330 2,870,258
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

986,725

2,982,125

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

986,725

2,982,125

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 986,725 2,982,125
Amounts due from members 7 (3,392 ) (3,392 )
983,333 2,978,733

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

FRY HEATH & SPENCE LLP (REGISTERED NUMBER: OC302760)

BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 January 2025 and were signed by:





Lock G & R Limited - Designated member

FRY HEATH & SPENCE LLP (REGISTERED NUMBER: OC302760)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Fry Heath & Spence 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" including the provisions of Section 1A "Small Entities" 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 represents net invoiced fees, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Work in progress
Work in progress is valued at a fair value of the services provided.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

The average number of employees during the year was 6 (2023 - 6 ) .

FRY HEATH & SPENCE LLP (REGISTERED NUMBER: OC302760)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 926,436
AMORTISATION
At 1 September 2023
and 31 August 2024 926,436
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2023 303,063 18,718 63,925 385,706
Additions - 143 779 922
At 31 August 2024 303,063 18,861 64,704 386,628
DEPRECIATION
At 1 September 2023 198,193 11,825 63,821 273,839
Charge for year 15,731 1,056 147 16,934
At 31 August 2024 213,924 12,881 63,968 290,773
NET BOOK VALUE
At 31 August 2024 89,139 5,980 736 95,855
At 31 August 2023 104,870 6,893 104 111,867

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 305,540
At 31 August 2024 305,540
NET BOOK VALUE
At 31 August 2024 305,540

FRY HEATH & SPENCE LLP (REGISTERED NUMBER: OC302760)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 374,266 353,875
Amounts due from members 3,392 3,392
Other debtors 147,333 2,868,813
Prepayments 8,598 11,948
533,589 3,238,028

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 79,095 89,232
VAT 43,167 207,580
Other creditors 46,954 42,505
Accruals and deferred income 4,750 4,736
Accrued expenses 33,831 41,713
207,797 385,766

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 986,725 2,982,125

Falling due within one year 986,725 2,982,125

In the event of a winding up, loans and other debts due to members will be paid from the surplus once all other unsecured creditors are paid. No legally enforceable protection is offered to unsecured creditors in the event of a winding up of the limited liability partnership.

10. CONTROL

The Limited Liability Partnership is controlled by G J Lock, Esq.