Boardman, Hawkins & Osborne LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC401342

BOARDMAN, HAWKINS & OSBORNE LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

BOARDMAN, HAWKINS & OSBORNE LLP

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		233	626

Current assets

Debtors	6	376,588	300,017
Cash at bank and in hand		209,612	118,490
		---------	---------
		586,200	418,507

Creditors: amounts falling due within one year	7	126,684		135,649
		---------		---------
Net current assets			459,516	282,858
			---------	---------
Total assets less current liabilities			459,749	283,484
			---------	---------
Net assets			459,749	283,484
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	8		309,749	133,484

Members' other interests

Members' capital classified as equity	150,000	150,000
Other reserves	–	–
	---------	---------
	459,749	283,484
	---------	---------

Total members' interests

Loans and other debts due to members	8	309,749	133,484
Members' other interests		150,000	150,000
		---------	---------
		459,749	283,484
		---------	---------

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 31 March 2025 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 .

BOARDMAN, HAWKINS & OSBORNE LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 20 May 2025 , and are signed on their behalf by:

Mrs R C Hawkins	Ms E Boardman
Designated Member	Designated Member

Mrs I Skapin Osborne
Designated Member

Registered number: OC401342

BOARDMAN, HAWKINS & OSBORNE LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 1-3 Ock Street, Abingdon-on-Thames.

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 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties, events or conditions that the Limited Liability Partnership will not be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the Members 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

Revenue is recognised at the fair value consideration received or receivable, excluding discounts, rebates, value added tax and the other sales taxes. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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'.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Fixtures and fittings	-	25% reducing balance
Computers and equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 7 (2024: 6 ).

5.	Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2024	758	35,303	36,061
Additions	–	183	183
	----	--------	--------
At 31 March 2025	758	35,486	36,244
	----	--------	--------
Depreciation
At 1 April 2024	609	34,826	35,435
Charge for the year	37	539	576
	----	--------	--------
At 31 March 2025	646	35,365	36,011
	----	--------	--------
Carrying amount
At 31 March 2025	112	121	233
	----	--------	--------
At 31 March 2024	149	477	626
	----	--------	--------

6.	Debtors

	2025	2024
	£	£
Trade debtors	94,168	34,642
Other debtors	282,420	265,375
	---------	---------
	376,588	300,017
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	9,166
Trade creditors	36,943	44,601
Social security and other taxes	54,002	46,233
Other creditors	35,739	35,649
	---------	---------
	126,684	135,649
	---------	---------

8.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	309,749	133,484
	---------	---------

9.	Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	53,600	51,666
Later than 1 year and not later than 5 years	200,000	3,600
Later than 5 years	237,500	–
	---------	--------
	491,100	55,266
	---------	--------

10.	Related party transactions

There were no related party transactions in this or the previous year in respect of the requirements under FRS102.