Limited Liability Partnership registration number OC322823 (England and Wales)
ANDREWS GWYNNE LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
ANDREWS GWYNNE LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr A J P Gwynne
Mr D A Croft
Mr M P Smith
LLP registration number
OC322823
Registered office
Aquilifer House
2 Kelso Road
Leeds
West Yorkshire
LS2 9PW
Auditor
Davies Tracey
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
Bankers
Svenska Handelsbanken
1st Floor, Northspring
21-23 Wellington Street
Leeds
West Yorkshire
LS1 4DL
ANDREWS GWYNNE LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 18
ANDREWS GWYNNE LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of investment management services.

Members' drawings, contributions and repayments

The member's subscription to the capital of the LLP is determined by the member's share of the profit and is repayable following retirement from the LLP.

 

Details of changes in members' capital during the year are set out in the reconciliation of members' interests.

 

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A J P Gwynne
Mr D A Croft
Mr M P Smith
Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

ANDREWS GWYNNE LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Approved by the members on 25 February 2025 and signed on behalf by:
25 February 2025
Mr M P Smith
Designated Member
ANDREWS GWYNNE LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANDREWS GWYNNE LLP
- 3 -
Opinion

We have audited the financial statements of Andrews Gwynne LLP (the 'limited liability partnership') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 - financial statements prepared on a basis other than going conern

We draw your attention to Note 1.2 to the financial statements which explains that the members intend to wind the activities of the limited liability partnership down on a managed basis and therefore do not consider it appropriate to adopt the going concern basis. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. 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. 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 course of 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 in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

ANDREWS GWYNNE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANDREWS GWYNNE LLP
- 4 -
Responsibilities of members

As explained more fully in the members' responsibilities statement, 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 is 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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 the extent to which an audit conducted under ISAs (UK) is capable of detecting irregularity, including fraud. Our procedures include:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ANDREWS GWYNNE LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANDREWS GWYNNE LLP
- 5 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied 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 limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Craig Davies (Senior Statutory Auditor)
for and on behalf of Davies Tracey
Chartered Accountants and Statutory Auditor
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
25 February 2025
ANDREWS GWYNNE LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
927,769
1,147,750
Administrative expenses
(791,182)
(908,367)
Operating profit
4
136,587
239,383
Interest receivable and similar income
7
93,396
111,572
Profit/(loss) on disposal of operations
8
- Sale of assets
(450,000)
2,366,614
- Profit not attributable to members
(226,076)
(183,038)
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(446,093)
2,534,531
ANDREWS GWYNNE LLP
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
9
150,000
600,000
Debtors falling due within one year
9
368,417
548,027
Cash at bank and in hand
270,370
365,522
788,787
1,513,549
Creditors: amounts falling due within one year
10
(90,294)
(217,937)
Net current assets and net assets attributable to members
698,493
1,295,612
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
152,500
182,500
Other amounts
545,993
1,113,112
698,493
1,295,612
The financial statements were approved by the members and authorised for issue on 25 February 2025 and are signed on their behalf by:
25 February 2025
Mr M P Smith
Designated member
Limited Liability Partnership registration number OC322823 (England and Wales)
ANDREWS GWYNNE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
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
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 November 2023
-
182,500
1,113,112
1,295,612
1,295,612
Loss for the financial year available for discretionary division among members
(446,093)
-
-
-
(446,093)
Members' interests after loss for the year
(446,093)
182,500
1,113,112
1,295,612
849,519
Allocation of loss for the financial year
446,093
-
(446,093)
(446,093)
-
Introduced by members
-
-
59,991
59,991
59,991
Repayment of debt (including members' capital classified as a liability)
-
(30,000)
-
(30,000)
(30,000)
Drawings on account and distributions of profit
-
-
(181,017)
(181,017)
(181,017)
Members' interests at 31 October 2024
-
152,500
545,993
698,493
698,493
ANDREWS GWYNNE LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
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
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 November 2022
-
165,000
508,775
673,775
673,775
Profit for the financial year available for discretionary division among members
2,534,531
-
-
-
2,534,531
Members' interests after profit for the year
2,534,531
165,000
508,775
673,775
3,208,306
Allocation of profit for the financial year
(2,534,531)
-
2,534,531
2,534,531
-
Introduced by members
-
-
615
615
615
Reclassifications
-
17,500
(17,500)
-
-
Drawings on account and distributions of profit
-
-
(1,913,309)
(1,913,309)
(1,913,309)
Members' interests at 31 October 2023
-
182,500
1,113,112
1,295,612
1,295,612
ANDREWS GWYNNE LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
15
(187,522)
221,097
Investing activities
Proceeds of disposal of business
150,000
1,466,614
Interest received
93,396
111,572
Net cash generated from investing activities
243,396
1,578,186
Financing activities
Capital introduced by members (classified as debt or equity)
59,991
615
Repayment of capital or debt to members
(30,000)
-
Payments to members that represent a return on amounts subscribed or otherwise contributed
(181,017)
(1,913,309)
Net cash used in financing activities
(151,026)
(1,912,694)
Net decrease in cash and cash equivalents
(95,152)
(113,411)
Cash and cash equivalents at beginning of year
365,522
478,933
Cash and cash equivalents at end of year
270,370
365,522
ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Andrews Gwynne LLP is a limited liability partnership incorporated in England and Wales. The registered office is Aquilifer House, 2 Kelso Road, Leeds, West Yorkshire, LS2 9PW.

 

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 2021, 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.

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
Going concern

Following the sale of the limited liability partnership's business in March 2023 the activities of the limited liability partnership will be wound down on a managed basis, with the assets under management being transferred in accordance with FCA regulations. This process is expected to be completed within 12 months of the balance sheet date. As a result, the financial statements have not been prepared on the going concern basis.

1.3
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.

1.4
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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Cash and cash equivalents

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.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' 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 and cash and bank balances, 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.

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.

ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

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.

1.7
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.

1.8
Retirement benefits and post retirement payments to members

Payments to a defined contribution retirement benefit scheme are charged as an expense as they fall due.

1.9
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.

ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no key sources of estimation uncertainty in applying accounting policies in the financial statements.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Fees
711,177
818,301
Commission received
216,592
329,449
927,769
1,147,750
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
927,769
1,147,750
2024
2023
£
£
Other significant revenue
Interest income
93,396
111,572
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
9,700
9,290
Operating lease charges
30,000
34,319
ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
5
Employees

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

2024
2023
Number
Number
Consultants
-
1
Support
-
2
Total
-
0
3

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
-
176,234
Social security costs
-
20,136
Pension costs
-
5,287
-
201,657
6
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
3
3
2024
2023
£
£
Profit attributable to the member with the highest entitlement
-
1,141,984
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
93,396
111,572
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
93,396
111,572
ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
8
Discontinued operations
Sale of assets

In March 2023 the limited liability partnership sold its business for consideration of £2,366,614, £450,000 of which was contingent on future performance. At 31 October 2023 the members considered that it was virtually certain that the future performance conditions would be met and the relevant element of the consideration was provided in full. At 31 October 2024, the members, due to a number of factors, consider that it is probable (but no longer virtually certain) that the future performance conditions will be met. As a result, the debtor of £450,000 which was recognised at 31 October 2023 is no longer recognised at 31 October 2024 and has been released to the Statement of Comprehensive Income.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,098
12,957
Other debtors
150,000
300,000
Prepayments and accrued income
203,319
235,070
368,417
548,027
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
150,000
600,000
Total debtors
518,417
1,148,027
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,486
3,171
Other taxation and social security
16,029
13,953
Other creditors
28,770
183,038
Accruals and deferred income
38,009
17,775
90,294
217,937
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
5,287

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
12
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
698,493
1,295,612

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests. Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

13
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, which fall due as follows:

2024
2023
£
£
Within one year
22,176
39,906
Between two and five years
-
22,176
22,176
62,082
14
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Rent payable
2024
2023
£
£
Key management personnel
30,000
30,000
2024
2023
Amounts due to related parties
£
£
Key management personnel
698,493
1,295,612
ANDREWS GWYNNE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
15
Cash (absorbed by)/generated from operations
2024
2023
£
£
(Loss)/profit for the year
(446,093)
2,534,531
Adjustments for:
Investment income recognised in profit or loss
(93,396)
(111,572)
Loss/(gain) on disposal of business
450,000
(2,183,576)
Movements in working capital:
Decrease in debtors
29,610
16,891
Decrease in creditors
(127,643)
(35,177)
Cash (absorbed by)/generated from operations
(187,522)
221,097
16
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
365,522
(95,152)
270,370
Loans and other debts due to members:
- Members' capital
(182,500)
30,000
(152,500)
- Other amounts due to members
(1,113,112)
567,119
(545,993)
Balances including members' debt
(930,090)
501,967
(428,123)
17
Clients' assets held under discretionary management

The value of the clients' assets held under discretionary management at 31 October 2024 was £88,577,686 (2023 : £93,340,419). Since that date approximately £85m of clients' assets have been transferred from the LLP's management following the sale of the LLP's business in March 2023.

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