32 false false false false false false false false false false false false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC348151 2023-10-01 2024-09-30 OC348151 2024-09-30 OC348151 2023-09-30 OC348151 2022-10-01 2023-09-30 OC348151 2023-09-30 OC348151 2022-09-30 OC348151 core:FurnitureFittings 2023-10-01 2024-09-30 OC348151 core:MotorVehicles 2023-10-01 2024-09-30 OC348151 bus:Director1 2023-10-01 2024-09-30 OC348151 bus:Director2 2023-10-01 2024-09-30 OC348151 bus:Director3 2023-10-01 2024-09-30 OC348151 core:FurnitureFittings 2023-09-30 OC348151 core:MotorVehicles 2023-09-30 OC348151 core:FurnitureFittings 2024-09-30 OC348151 core:MotorVehicles 2024-09-30 OC348151 core:WithinOneYear 2024-09-30 OC348151 core:WithinOneYear 2023-09-30 OC348151 core:FurnitureFittings 2023-09-30 OC348151 core:MotorVehicles 2023-09-30 OC348151 bus:SmallEntities 2023-10-01 2024-09-30 OC348151 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 OC348151 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 OC348151 bus:LimitedLiabilityPartnershipLLP 2023-10-01 2024-09-30 OC348151 bus:FullAccounts 2023-10-01 2024-09-30 OC348151 core:OfficeEquipment 2023-10-01 2024-09-30 OC348151 core:OfficeEquipment 2023-09-30 OC348151 core:OfficeEquipment 2024-09-30
REGISTERED NUMBER: OC348151
Thornton-Firkin LLP
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Thornton-Firkin LLP
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
142,493
146,031
Current assets
Debtors
6
1,380,693
1,229,944
Cash at bank and in hand
2,460,933
2,768,382
------------
------------
3,841,626
3,998,326
Creditors: amounts falling due within one year
7
894,287
785,559
------------
------------
Net current assets
2,947,339
3,212,767
------------
------------
Total assets less current liabilities
3,089,832
3,358,798
------------
------------
Net assets
3,089,832
3,358,798
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
8
2,089,832
2,358,798
Members' other interests
Members' capital classified as equity
1,000,000
1,000,000
Other reserves
------------
------------
3,089,832
3,358,798
------------
------------
Total members' interests
Loans and other debts due to members
8
2,089,832
2,358,798
Members' other interests
1,000,000
1,000,000
------------
------------
3,089,832
3,358,798
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 30 September 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Thornton-Firkin LLP
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the members and authorised for issue on 24 February 2025 , and are signed on their behalf by:
M Bradbury
A B Robinson
Designated Member
Designated Member
A J Jones
Designated Member
Registered number: OC348151
Thornton-Firkin LLP
Notes to the Financial Statements
Year ended 30 September 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 98 West Parade, Lincoln, LN1 1JZ, Lincolnshire.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 32 (2023: 33 ).
5.
Tangible assets
Computer equipment
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 October 2023
210,576
158,045
72,080
440,701
Additions
7,820
59,010
1,852
68,682
Disposals
( 43,995)
( 43,995)
---------
---------
--------
---------
At 30 September 2024
218,396
173,060
73,932
465,388
---------
---------
--------
---------
Depreciation
At 1 October 2023
173,533
50,299
70,838
294,670
Charge for the year
16,073
42,327
989
59,389
Disposals
( 31,164)
( 31,164)
---------
---------
--------
---------
At 30 September 2024
189,606
61,462
71,827
322,895
---------
---------
--------
---------
Carrying amount
At 30 September 2024
28,790
111,598
2,105
142,493
---------
---------
--------
---------
At 30 September 2023
37,043
107,746
1,242
146,031
---------
---------
--------
---------
6.
Debtors
2024
2023
£
£
Trade debtors
1,163,354
1,022,720
Other debtors
217,339
207,224
------------
------------
1,380,693
1,229,944
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
87,679
116,557
Social security and other taxes
294,116
131,318
Other creditors
512,492
537,684
---------
---------
894,287
785,559
---------
---------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
2,089,832
2,358,798
------------
------------
9.
Related party transactions
The LLP was under the control of the members throughout the year.