Knox Cropper LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC420583 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

KNOX CROPPER LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

K P Lally

N P Wilkinson

G N C D Stevenson

R B Billinghurst

S F Anderson

J S Holland-Leader

J S Goodridge

S Arshad

REGISTERED OFFICE:

153-155 London Road

Hemel Hempstead

Hertfordshire

HP3 9SQ

REGISTERED NUMBER:

OC420583 (England and Wales)

CURRENT ASSETS

Stocks

110,493

41,867

Debtors

5

909,879

926,389

Cash at bank and in hand

1,164,073

1,077,152

2,184,445

2,045,408

CREDITORS

Amounts falling due within one year

6

382,277

411,831

NET CURRENT ASSETS

1,802,168

1,633,577

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,802,168

1,633,577

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

1,802,168

1,633,577

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

1,802,168

1,633,577

Amounts due from members

5

(35,572

)

-

1,766,596

1,633,577

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 December 2024.

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 31 May 2025 and were signed by:

K P Lally - Designated member

1.	STATUTORY INFORMATION

Knox Cropper 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts earned under a wide variety of contracts to provide professional services, when and to the extent the LLP obtains the right to consideration in exchange for its performance under the contracts. It is measured at the fair value of the right to consideration, including expenses and disbursements, but excluding VAT, by reference to the stage of completion.

Tangible fixed assets

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

Improvements to property

-

33% on cost

Stocks

Stocks comprise work in progress, which is valued at the lower of cost and net realisable value.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Increases in annual rentals following rent reviews are recognised over the remaining lease term from the time they take effect. The value of lease incentives received is recognised in the Profit and Loss account so as to reduce the rental expense on a straight line basis over the contracted term of the lease.

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.

Going concern

The Members are satisfied that the LLP has adequate resources to continue in business for the foreseeable future. This has been determined by a review of cash flow forecasts and trading performance for a period of 12 months from the date of approval of the financial statements

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice.

Taxation

Income tax payable on all LLP profits is solely the personal liability of individual members. Consequently, neither income tax nor related deferred taxation is accounted for in the financial statements.

Provisions and contingencies

Provision is made for obligations in relation to properties held under leases which require properties to be returned in a certain condition at the end of the lease where it is probable that an outflow of economic resources will be required from the LLP and amount can be estimated reliably.

Provision is made, on a case by case basis, in respect of client claims. Provision is made for all such matters where costs of defending or concluding claims are likely to be incurred, net of anticipated related insurance recoveries.

Provisions are measured at the estimated expenditure required to settle the present obligations, discounted to their present values if the time value of money is significant.

Contingent liabilities, including liabilities that are not probable or which cannot be measured reliably, are not recognised, but are disclosed unless the possibility of settlement is remote. Contingent assets are not recognised, but are disclosed where an inflow of economic benefits is probable.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 38 (2023 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

property

£

COST

At 1 January 2024

and 31 December 2024

40,976

DEPRECIATION

At 1 January 2024

and 31 December 2024

40,976

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

796,989

856,440

Other debtors

112,890

69,949

909,879

926,389

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

15,966

39,833

Taxation and social security

224,695

225,599

Other creditors

141,616

146,399

382,277

411,831

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

106,768

Between one and five years

266,162

331,399

In more than five years

-

41,531

372,930

479,698

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Capital loans and other debts due to current and former members of the LLP rank pari passu with all creditors, in accordance with the members’ agreement.