REGISTERED NUMBER: OC356907 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

THATCHER AND HALLAM LLP

Page

General Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

G H H Persson

L A Ablett

K Oakes

REGISTERED OFFICE:

Island House

The Island

Midsomer Norton

Radstock

Somerset

BA3 2HJ

REGISTERED NUMBER:

OC356907 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Thatcher and Hallam LLP for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Thatcher and Hallam LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thatcher and Hallam LLP and state those matters that we have agreed to state to the members of Thatcher and Hallam LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thatcher and Hallam LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Thatcher and Hallam LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thatcher and Hallam LLP. You consider that Thatcher and Hallam LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Thatcher and Hallam LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

2 September 2025

FIXED ASSETS

Intangible assets

4

712,636

637,677

Tangible assets

5

158,252

117,660

870,888

755,337

CURRENT ASSETS

Debtors

6

957,805

735,397

Cash at bank and in hand

296,373

146,523

1,254,178

881,920

CREDITORS

Amounts falling due within one year

7

1,087,313

903,187

NET CURRENT ASSETS/(LIABILITIES)

166,865

(21,267

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,037,753

734,070

CREDITORS

Amounts falling due after more than one year

8

(87,762

)

(44,658

)

PROVISIONS FOR LIABILITIES

(10,000

)

(10,000

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

939,991

679,412

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

605,019

500,188

MEMBERS' OTHER INTERESTS

Other reserves

334,972

179,224

939,991

679,412

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

605,019

500,188

Members' other interests

334,972

179,224

Amounts due from members

6

(165,362

)

(94,902

)

774,629

584,510

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 2 September 2025 and were signed by:

G H H Persson - Designated member

1.	STATUTORY INFORMATION

Thatcher and Hallam 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" including the provisions of Section 1A "Small Entities" 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.

Turnover

Turnover comprises revenue recognised by the LLP in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when services are rendered.

Goodwill

The original goodwill was purchased in 2020. Further goodwill was purchased in 2024. Both amounts are being amortised over the useful life of 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Office Equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the entity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members interests and drawings

Members capital is repayable and is therefore classified as a liability. Other than in exceptional cases and drawings, it is not paid until after retirement.

There shall be paid to each designated member such sum by way of regular drawings as the equity members may from time to time decide. The LLP reserves the right to charge interest on drawings in excess of a member's profit share for an accounting period.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 42 (2024 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

684,382

Additions

264,794

At 31 March 2025

949,176

AMORTISATION

At 1 April 2024

46,705

Charge for year

189,835

At 31 March 2025

236,540

NET BOOK VALUE

At 31 March 2025

712,636

At 31 March 2024

637,677

5.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Motor

Equipment

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

305,498

67,639

23,620

396,757

Additions

13,161

7,255

67,597

88,013

Disposals

-

-

(23,620

)

(23,620

)

At 31 March 2025

318,659

74,894

67,597

461,150

DEPRECIATION

At 1 April 2024

222,143

42,652

14,302

279,097

Charge for year

24,447

3,592

10,064

38,103

Eliminated on disposal

-

-

(14,302

)

(14,302

)

At 31 March 2025

246,590

46,244

10,064

302,898

NET BOOK VALUE

At 31 March 2025

72,069

28,650

57,533

158,252

At 31 March 2024

83,355

24,987

9,318

117,660

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

352,798

351,809

Amounts due from members

165,362

94,902

Other debtors

388,940

226,252

Prepayments

50,705

62,434

957,805

735,397

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

99,554

107,542

Hire purchase contracts

14,708

1,250

Trade creditors

-

230

Taxation and social security

189,194

133,015

Other creditors

783,857

661,150

1,087,313

903,187

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

67,468

44,658

Hire purchase contracts

20,294

-

87,762

44,658

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

10.	OTHER FINANCIAL COMMITMENTS

At the year end, the company was committed to making operating lease commitments totalling £6,782 (2024: £7,127).

11.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the members in preparing these financial statements.