Limited Liability Partnership Registration No. OC343684 (England and Wales)
Saunders & Dolleymore LLP
Annual report and unaudited financial statements
for the period ended 31 March 2025
Pages for filing with the registrar
Saunders & Dolleymore LLP
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
5 - 10
Saunders & Dolleymore LLP
Statement of financial position
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,856
5,076
Current assets
Stocks
46,206
64,850
Debtors
4
630,984
721,572
Cash at bank and in hand
191,534
249,827
868,724
1,036,249
Creditors: amounts falling due within one year
5
(419,272)
(451,078)
Net current assets
449,452
585,171
Total assets less current liabilities
458,308
590,247
Creditors: amounts falling due after more than one year
6
(31,851)
(53,084)
Net assets attributable to members
426,457
537,163
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
259,790
370,496
Members' other interests
Members' capital classified as equity
166,667
166,667
426,457
537,163

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2025 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Saunders & Dolleymore LLP
Statement of financial position (continued)
As at 31 March 2025
2
The financial statements were approved by the members and authorised for issue on 17 July 2025 and are signed on their behalf by:
17 July 2025
Victoria Bennett
John Kensett
Designated member
Designated Member
Limited Liability Partnership registration number OC343684 (England and Wales)
Saunders & Dolleymore LLP
Reconciliation of members' interests
For the year ended 31 March 2025
3
Current financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
interests
Members' capital
Other amounts
Total
Total
2025
£
£
£
£
Members' interests at 1 April 2024
166,667
370,496
370,496
537,163
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
476,011
476,011
476,011
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
166,667
846,507
846,507
1,013,174
Drawings
-
(586,717)
(586,717)
(586,717)
Members' interests at 31 March 2025
166,667
259,790
259,790
426,457
Saunders & Dolleymore LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
4
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
interests
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 13 April 2023
211,111
412,264
412,264
623,375
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
731,124
731,124
731,124
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the period
211,111
1,143,388
1,143,388
1,354,499
Repayments of capital
(44,444)
-
-
(44,444)
Transfer to creditors
-
(84,935)
(84,935)
(84,935)
Drawings
-
(687,957)
(687,957)
(687,957)
Members' interests at 31 March 2024
166,667
370,496
370,496
537,163
Saunders & Dolleymore LLP
Notes to the financial statements
For the year ended 31 March 2025
5
1
Accounting policies
Limited liability partnership information

Saunders & Dolleymore LLP is a limited liability partnership incorporated in England and Wales. The registered office is 9 Rickmansworth Road, Watford, Herts, WD18 0JU.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to LLPs subject to the small LLPs regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Saunders & Dolleymore LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
15% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct purchases and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Saunders & Dolleymore LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
7
1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Saunders & Dolleymore LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
8
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes and post retirement payments to members are charged as an expense as they fall due.

Saunders & Dolleymore LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
9
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
13
15
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
13,766
Additions
6,179
At 31 March 2025
19,945
Depreciation and impairment
At 1 April 2024
8,690
Depreciation charged in the year
2,399
At 31 March 2025
11,089
Carrying amount
At 31 March 2025
8,856
At 31 March 2024
5,076
Saunders & Dolleymore LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
10
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
460,376
550,199
Other debtors
170,608
171,373
630,984
721,572
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
307,504
315,272
Taxation and social security
73,947
74,471
Other creditors
37,821
61,335
419,272
451,078
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
31,851
53,084
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
242,616
64,616
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