REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Bruton Knowles (1862) LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Bruton Knowles (1862) LLP |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Reconciliation of Members' Interests | 10 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
Bruton Knowles (1862) LLP |
General Information |
for the Year Ended 30 September 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Report of the Members |
for the Year Ended 30 September 2024 |
The members present their report with the financial statements of the LLP for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
Business review and Going concern |
The members of the LLP made the decision for the LLP to cease trading on the 30th September 2023 and, on the 1st October 2023, transferred the entirety of the trading business, assets and liabilities to a company under the common control of the members. |
As the LLP has ceased to trade, the members consider it appropriate to prepare the financial statements on a basis other than going concern. However, for clarity, there is no difference between the accounting values presented within the financial statements using this alternative basis, and the going concern basis. Further explanation has been included in note 2 and 17. |
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 £NIL (2023 - £631,802 profit). |
MEMBERS' INTERESTS |
The total of members' capital is agreed by the members collectively and on leaving, capital is repaid to members in accordance with the members' agreement. |
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. |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Report of the Members |
for the Year Ended 30 September 2024 |
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 ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Bruton Knowles (1862) LLP |
Opinion |
We have audited the financial statements of Bruton Knowles (1862) LLP (the 'LLP') for the year ended 30 September 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 30 September 2024; |
- | 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. |
Emphasis of matter - Basis of preparation |
We draw attention to notes 2 and 17 of the financial statements which explains that the LLP ceased trading on the 30th September 2023, with the business being transferred as a going concern on the 1st October 2023. In these circumstances the members have considered it appropriate to prepare the financial statements on a basis other than going concern, as described in note 17. In the context of the immediate business transfer on the 1st October 2023, the adoption of this alternative basis of preparation results in no material difference in the accounting treatments adopted, nor values used, in preparing the financial statements. |
Our opinion is not modified in respect of this matter. |
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. |
Report of the Independent Auditors to the Members of |
Bruton Knowles (1862) LLP |
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 |
Bruton Knowles (1862) 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 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. |
We considered the nature of the LLP's industry and its control environment, and reviewed the LLP's |
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
We obtained an understanding of the legal and regulatory frameworks that the LLP operates in, and identified the key laws and regulations that: |
- had a direct effect on the determination of material amounts and disclosures in the financial statements, and |
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the LLP's ability to operate or to avoid a material penalty. |
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: |
In common with all audits under ISAs (UK); we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addition to the above, our procedures to respond to the risks identified included the following: |
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements, inclusive of, but not limited to, The Royal Institute of Chartered Surveyors, the Health & Safety Executive and employment legislation; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; |
- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
- reading minutes of meetings of those charged with governance. |
However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
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 |
Bruton Knowles (1862) 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 |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Statement of Comprehensive |
Income |
for the Year Ended 30 September 2024 |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
- | 643,768 |
Interest payable and similar expenses | 7 |
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 |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
- |
1,640,646 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
14 |
- |
1,400,646 |
MEMBERS' OTHER INTERESTS |
Capital accounts | - | 240,000 |
- | 1,640,646 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 14 | - | 1,400,646 |
Members' other interests | - | 240,000 |
- | 1,640,646 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Reconciliation of Members' Interests |
for the Year Ended 30 September 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 October 2023 | 240,000 | - | 240,000 |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 240,000 | - | 240,000 |
Repayments of capital | (240,000 | ) | - | (240,000 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 30 September 2024 | - | - | - |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,400,646 |
Amount due from members | - |
Balance at 1 October 2023 | 1,400,646 | 1,640,646 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 1,400,646 | 1,640,646 |
Repayments of capital | - | (240,000 | ) |
Drawings on account and distributions of profit | (1,400,646 | ) | (1,400,646 | ) |
Amount due to members | - |
Amount due from members | - |
Balance at 30 September 2024 | - | - |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Reconciliation of Members' Interests |
for the Year Ended 30 September 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 July 2023 | 360,000 | - | 360,000 |
Profit for the financial year available for discretionary division among members |
- |
631,802 |
631,802 |
Members' interests after profit for the year | 360,000 | 631,802 | 991,802 |
Other divisions of profit | - | (631,802 | ) | (631,802 | ) |
Repayments of capital | (120,000 | ) | - | (120,000 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 30 September 2023 | 240,000 | - | 240,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,923,526 |
Amount due from members | - |
Balance at 1 July 2023 | 1,923,526 | 2,283,526 |
Profit for the financial year available for discretionary division among members |
- |
631,802 |
Members' interests after profit for the year | 1,923,526 | 2,915,328 |
Other divisions of profit | 631,802 | - |
Repayments of capital | - | (120,000 | ) |
Drawings on account and distributions of profit | (1,154,682 | ) | (1,154,682 | ) |
Amount due to members | 1,400,646 |
Amount due from members | - |
Balance at 30 September 2023 | 1,400,646 | 1,640,646 |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
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 | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Transactions with members and former | members |
Payments to members | (1,640,646 | ) | (1,274,682 | ) |
Cash flows from other financing activities |
Loan repayments in period | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
3 |
423,232 |
Cash and cash equivalents at end of year | 3 | - | 343,148 |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
All of the LLP's profits are credited to the members' current accounts and are included in the cashflow statement. |
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 |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
£ | £ |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
- |
631,802 |
Depreciation charges |
Finance costs | - | 11,966 |
Finance income | - | (13,937 | ) |
- | 669,096 |
Decrease/(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 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | - | 343,148 |
Period ended 30 September 2023 |
30.9.23 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 343,148 | 423,232 |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
4. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 343,148 | (343,148 | ) | - |
343,148 | ( |
) | - |
Debt |
Debts falling due within 1 year | (6,027 | ) | 6,027 | - |
(6,027 | ) | 6,027 | - |
Net funds (before members' debt) | 337,121 | (337,121 | ) | - |
Loans and other debts |
due to members |
Other amounts due to members | (1,400,646 | ) | 1,400,646 | - |
Net debt | (1,063,525 | ) | 1,063,525 | - |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Bruton Knowles (1862) 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 as modified by the use of fair values for certain financial instruments in accordance with the accounting policies set out below. |
Basis other than going concern |
These financial statements have been prepared on a basis other than going concern. The LLP has ceased to trade on the 30th September 2023, transferring the entirety of its trade, assets and liabilities as a going concern, on the 1st October 2023, to a company under the common control of its members. |
Although the members believe it is appropriate to prepare the financial statements on a basis other than going concern, there is no difference between the accounting treatments, or values, presented within these financial statements, than those that would be presented on the going concern basis. The members believe this presents a true and fair view of the state of affairs of the LLP. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover for services represents the fair value of professional services provided during the period on client assignments. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax. |
Professional services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with Section 23 Revenue of Financial Reporting Standard 102. Fee income recognised in this manner is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. |
Unbilled fee income is included as amounts recoverable on contracts within debtors. Amounts recoverable on contracts are stated at fair value where the right to consideration has been obtained. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on factors outside the control of the LLP. Contingent fee income (over and above any agreed minimum fee which is recognised as above) is recognised in the period when the contingent event occurs. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the LLP becomes a 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 LLP after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments which meet the conditions of FRS 102 section 11.9 are subsequently measured at amortised cost using the effective interest method. |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the LLP, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Fair value measurement |
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below. |
- Non-financial assets |
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
- Financial assets |
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate, where this effect is deemed material. |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
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. |
Members' interests |
Members' capital is repayable on retirement of the member and is therefore classified as a liability. Because members may retire with less than one year's notice and typically have their capital repaid within one year of serving notice, members' capital is shown as being due within one year. |
Members' capital contributions are determined by the members having regard, inter alia, to the working capital need of the business. Individual members' capital contributions are set by reference to capital share proportions and are not repayable until the member retires. |
Divisible profits and members' interests |
The LLP SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice. |
Profit shares which have not been allocated until after the balance sheet date are treated in these financial statements as unallocated at the balance sheet date and included within other reserves. |
In the event of liquidation, loans and other debts due to members (excluding members' capital) rank equally with unsecured creditors; members' other interests and members' capital rank after unsecured creditors and no additional protection is afforded to creditors. |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the LLP's accounting policies, which are described in note 1, the members are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the members have made in the process of applying the LLP's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Revenue recognition - amounts recoverable on contracts |
The value of accrued revenue is derived on the basis of estimations and assumptions regarding the fair value of unbilled time at the period-end, having regard to the LLP's accounting policy for revenue recognition. |
lmpairment of debtors, other debtors and amounts recoverable on contracts |
The LLP makes an estimate of the recoverable value of debtors, other debtors and amounts recoverable on contracts. When assessing impairment of trade receivables, other debtors and amounts recoverable on contracts, management considers factors including the current credit rating of the debtor, the ageing profile and historic experience. |
4. | EMPLOYEE INFORMATION |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
Property services | - | 136 |
Administration | - | 20 |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | EXCEPTIONAL ITEMS |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
£ | £ |
Exceptional items | - | 85,000 |
The exceptional item within the comparative figure represents the sale of goodwill, in progress contracts and other assets at the, now closed, Plymouth Office |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
£ | £ |
Bank interest |
Other interest |
8. | INFORMATION IN RELATION TO MEMBERS |
Period |
1.7.23 |
Year Ended | to |
30.9.24 | 30.9.23 |
The average number of members during the year was | 4 | 4 |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Trade creditors |
Social security and other taxes |
VAT | - | 334,173 |
Other creditors |
Accruals and deferred income |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
The above loan analysis is solely in relation to a Business Loan entered into by the LLP in September 2020 on a 3 year term. |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The amount of operating lease payments charged as an expense during the accounting period amounts to £Nil (period end 30th September 2023: £62,067). |
14. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | - | 547,539 |
Taxation provision accounts | - | 853,107 |
- | 1,400,646 |
Falling due within one year | - | 1,400,646 |
Loans and other debts due to members rank pari passu with unsecured creditors and may be set off against amounts due from members included in debtors. Members' other interest rank pari passu with unsecured creditors. |
15. | RELATED PARTY DISCLOSURES |
The LLP has ceased to trade, transferring the entirety of its trade, assets and liabilities as a going concern, on the 1st October 2023, to a company under common control with common directors/members. At the end of the period the related party owed a balance of £Nil (30th September 2023: £Nil) to the LLP. |
During the period a company under common control with common directors/members held a related party balance with the LLP. At the end of the period the LLP owed a balance of £Nil (30th September 2023: £40,586) to the related party. The outstanding balance has been provided free from interest and is repayable on demand. |
During the period a company under common control with common directors/members held a related party balance with the LLP. At the end of the period the LLP owed a balance of £Nil (30th September 2023: £43,194) to the related party. The outstanding balance has been provided free from interest and is repayable on demand. |
During the period a company under common control with common directors/members held a related party balance with the LLP. At the end of the period the LLP owed a balance of £Nil (30th September 2023: £1,804) to the related party. The outstanding balance has been provided free from interest and is repayable on demand. |
16. | ULTIMATE CONTROLLING PARTY |
The LLP is controlled by its members and as such there is no one controlling party. |
Bruton Knowles (1862) LLP (Registered number: OC418768) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
17. | BASIS OTHER THAN GOING CONCERN |
These financial statements have been prepared on a basis other than going concern. The LLP has ceased to trade on the 30th September 2023, transferring the entirety of its trade, assets and liabilities as a going concern, on the 1st October 2023, to a company under the common control of its members. |
Although the members believe it is appropriate to prepare the financial statements on a basis other than going concern, there is no difference between the accounting treatments, or values, presented within these financial statements, and those that would be presented on the going concern basis. The members believe this presents a true and fair view of the state of affairs of the LLP. |