Grant Thornton NI LLP iXBRL

Grant Thornton NI LLP

Report and Financial Statements

for the financial year ended 31 December 2024

Grant Thornton NI LLP

MEMBERS AND OTHER INFORMATION

Members	Louise Kelly
	Neal Taylor
	Bronagh Bourke (Appointed 3 January 2025)
	John Rogers (Appointed 3 January 2025)
	Kevin Foley (Appointed 3 January 2025)
	Stephen Tennant (Appointed 3 January 2025)
	Alan Gourley (Resigned 3 January 2025)
	Grant Thornton (Holdings) NI Limited (Resigned 3 January 2025)
	Peter Legge (Resigned 3 January 2025)
	Richard Gillan (Resigned 3 January 2025)
	Grant Thornton Kaizen Ltd (Resigned 3 January 2025)
	Paul Jacobs (Resigned 1 October 2024)


Limited Liability Partnership Number	NC001123


Registered Office and Business Address	12-15 Donegall Square
	Belfast
	BT1 6JH


Auditors	McDowell Beggy Traynor Ltd T/A MBT Chartered Accountants
	Regus Building
	1 Blanchardstown Corporate Park
	Dublin 15
	Ireland


Bankers	Ulster Bank
	Belfast City Office
	Belfast


	Danske Bank
	Corporate Banking
	PO Box 183
	Donegall Square West
	Belfast BT1 6JS


Solicitors	Mills Selig Solicitors
	21 Arthur Street
	Belfast
	BT1 4GA


	Mc Cann Fitzgerald Solicitors
	Riverside One
	Sir John Rogerson‘s Quay
	Dublin 2

Grant Thornton NI LLP

MEMBERS' REPORT

for the financial year ended 31 December 2024

The members present their report and the audited financial statements of the Limited Liability Partnership for the financial year ended 31 December 2024.

Principal Activity and Review of the Business

The principal activity of the partnership is the provision of professional services. Grant Thornton (NI) LLP is registered in Northern Ireland as a limited liability partnership under the Limited Liability Partnerships Act 2000.

The members are satisfied with the performance of the business during the year.

Principal Risks and Uncertainties

In common with all entities operating in this sector, the entity faces economic, financial and competitor risk. The partners of the entity manage competition through close attention to customer service level. The entity has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. The continued success of the entity has been achieved by the people working in it. Their continued loyalty and hard work is much appreciated. The entity faces increasing energy costs and increasing cost of living claims from employees. The partnership has access to considerable financial resources, namely members' capital, undistributed profits and borrowing facilities. This funding together with well established relationships with many clients and suppliers across different areas and industries, leaving the partnership well placed to manage the financial impact of our business risks and those that may arise as a result of other wider economic impacts. The members are of the opinion that the LLP is well positioned to manage these issues.

Results for the Financial Year and Allocation to Members

The profit for the financial year available for distribution to members amounted to £2,264,915 (2023 - £2,508,304).

Designated Members

The designated members who served during the financial year are as follows:

Louise Kelly

Neal Taylor

Bronagh Bourke

Alan Gourley

Grant Thornton (Holdings) NI Limited

Peter Legge

Richard Gillan

Grant Thornton Kaizen Ltd

Paul Jacobs

Policy with respect to Members' Drawings and Subscription and Repayments of Amounts Subscribed or Otherwise Contributed by Members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash requirements of the Limited Liability Partnership for operating and investment activities.

The partnership is financed through a combination of members‘ capital, undistributed profits and borrowing facilities. Members‘ capital is provided by each member on becoming a partner and is only repayable on retirement or resignation.

The members can decide on how much undistributed income will be retained within the Limited Liability Partnership as capital.

Future Developments

The Limited Liability Partnership plans to continue its present activities and current trading levels.

Post Statement of Financial Position Events

There have been no significant events affecting the Limited Liability Partnership since the financial year-end.

Political Contributions

The Limited Liability Partnership did not make any disclosable political donations in the current financial year.

Statement of Disclosure of Information to Auditors

So far as the designated members are aware, there is no relevant audit information of which the LLP‘s auditors are unaware and the designated members have all taken all the steps that they ought to have taken as designated members in order to make themselves aware of any relevant audit information and to establish that the LLP‘s auditors are aware of that information.

Auditors

A resolution to re-appoint McDowell Beggy Traynor Ltd T/A MBT Chartered Accountants as auditor for the ensuing financial year will be proposed at the annual general meeting in accordance with Section 485 of the Companies Act 2006.

Special provisions relating to medium-sized Limited Liability Partnerships

The accounts are prepared in accordance with the special provisions in Section 445(3) of the Companies Act 2006 in regards to medium-sized companies as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, as amended.

This report was approved by the members of the Limited Liability Partnership on 30 September 2025 and signed on its behalf by:

__________________________________

Louise Kelly

Designated Member

30 September 2025

Grant Thornton NI LLP

STATEMENT OF MEMBERS' RESPONSIBILITIES

for the financial year ended 31 December 2024

The members are responsible for preparing the Members’ Report and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law), including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law as applied to Limited Liability Partnerships 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.

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 to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. The members 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.

The members are responsible for the maintenance and integrity of the corporate and financial information included on the limited liability partnership website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the members are aware:

-there is no relevant audit information (information needed by the Limited Liability Partnership's auditors in connection with preparing their report) of which the Limited Liability Partnership's auditors are unaware, and
-the members have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Limited Liability Partnership's auditors are aware of that information.

Approved by the members on 30 September 2025

and signed on behalf of the members



__________________________________
Louise Kelly
Designated Member

INDEPENDENT AUDITOR'S REPORT

to the members of Grant Thornton NI LLP

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Grant Thornton NI LLP ('the Limited Liability Partnership') for the financial year ended 31 December 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
-give a true and fair view of the state of the Limited Liability Partnership's affairs as at 31 December 2024 and of its profit and cash flows for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, as amended.

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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Limited Liability Partnership's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

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

In the light of our knowledge and understanding of the Limited Liability Partnership and its environment obtained in the course of the audit, we have not identified material misstatements in the members’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the partnership financial statements are not in agreement with the accounting records and returns; and we have not received all the information and explanations we require for our audit.

Responsibilities of members for the financial statements

As explained more fully in the Statement of Members' Responsibilities as set out on page 5, the Limited Liability Partnership's 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 they 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 has 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 detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most significant laws and regulations to be:

-  those that relate to the reporting framework (International Accounting Standards in conformity with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2008.

- regulations governing auditors and accountants enforced by the FRC, ICAEW and PCAOB

We understood how the entity is complying with the relevant legal and regulatory frameworks by making enquiries of management and those charged with governance and those responsible for legal and compliance procedures.  We corroborated our enquires through our review of board minutes, legal correspondence and circularisation of external legal counsel.

Audit procedures performed by the engagement team included:

-  Holding discussions with management regarding the valuation and provisions of Work in Progress and Accounts Receivables
-  Testing a sample of the journals that meet our risk and fraud criteria and corroborating to supporting documentation
- Review board minutes to ensure that matters discussed are consistent with our understanding and other audit evidence obtained
- Holding discussions with management regarding professional indemnity claims and discussions with the Risk partner

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.  The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve deliberate concealment, forgery or intentional misrepresentations also the further removed non compliance with laws and regulation is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:<www.frc.org.uk/auditorsresponsibilities>. The description forms part of our Auditor's Report.

Use of this 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 to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, as amended. 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.

__________________________________

Margaret Traynor (Senior Statutory Auditor)

for and on behalf of

MCDOWELL BEGGY TRAYNOR LTD T/A MBT CHARTERED ACCOUNTANTS

Senior Statutory Auditor

Regus Building

1 Blanchardstown Corporate Park

Dublin 15

Ireland

30 September 2025

Grant Thornton NI LLP

INCOME STATEMENT

for the financial year ended 31 December 2024

2024

2023

Notes

Turnover

23,100,927

18,439,589

Cost of sales

(12,134,868)

(10,108,834)

─────────

Gross profit

10,966,059

8,330,755

Administrative expenses

(8,645,427)

(5,742,759)

─────────

Operating profit

2,320,632

2,587,996

Interest payable and similar expenses

(55,717)

(79,692)

─────────

Profit for the financial year available for

discretionary division among members

2,264,915

2,508,304

═════════

The Limited Liability Partnership has no recognised gains or losses other than the profit and cash flows for the financial year. The Limited Liability Partnership's turnover and expenses all relate to continuing operations.

Grant Thornton NI LLP

Limited Liability Partnership Number: NC001123

STATEMENT OF FINANCIAL POSITION

as at 31 December 2024


		2024	2023
	Notes	£	£

Non-Current Assets

Property, plant and equipment

14,050

396,420

─────────

Current Assets

Stock

2,606,931

2,067,110

Debtors

4,410,937

4,030,621

Cash at bank and in hand

1,261,061

346,582

─────────

8,278,929

6,444,313

Creditors: Amounts falling due within one year

(5,563,069)

(2,773,371)

─────────

Net Current Assets

2,715,860

3,670,942

─────────

Total Assets less Current Liabilities

2,729,910

4,067,362

Creditors: Amounts falling due after more than one year

(31,363)

(558,240)

─────────

Net assets attributable to members

2,698,547

3,509,122

═════════

Represented By:

Members' other interests

Members' capital classified as equity

433,634

1,029,444

Other reserves classified as equity

2,264,913

2,479,678

─────────

2,698,547

3,509,122

═════════

Total Members' Interests

Members' other interests

2,698,547

3,509,122

═════════

These financial statements were approved by the members and authorised for issue on 30 September 2025, and signed on their behalf by:

________________________________

Louise Kelly

Designated Member

LLP No. NC001123

Grant Thornton NI LLP

STATEMENT OF CASH FLOWS

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Cash flows from operating activities

Profit for the financial year

2,264,915

2,508,304

Adjustments for:

Interest payable and similar charges

55,717

79,692

Depreciation

114,238

114,570

─────────

2,434,870

2,702,566

Movements in working capital:

Movement in stocks

(539,821)

(634,793)

Movement in debtors

(380,316)

(417,222)

Movement in creditors

(21,489)

25,902

─────────

Cash generated from operations

1,493,244

1,676,453

Interest paid

(55,717)

(79,692)

─────────

Net cash generated from operating activities

1,437,527

1,596,761

─────────

Cash flows from investing activities

Payments to acquire property, plant and equipment

(9,598)

(3,232)

Receipts from sales of property, plant and equipment

277,730

─────────

Net cash generated from/(used in) investment activities

268,132

(3,232)

─────────

Cash flows from financing activities

Repayment of short term loan		(503,372)	(659,967)
Advances to connected parties		-	924,559
Advances from subsidiaries/group companies		2,787,682	336,162
Contribution by members		173,541	494,444
Payments to members		(3,249,031)	(2,933,238)
		─────────	─────────
Net cash generated from financing activities		(791,180)	(1,838,040)
		─────────	─────────

Net decrease in cash and cash equivalents		914,479	(244,511)
Cash and cash equivalents at 1 January 2024		346,582	591,093
		─────────	─────────
Cash and cash equivalents at 31 December 2024	20	1,261,061	346,582
		═════════	═════════

Grant Thornton NI LLP

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

GENERAL INFORMATION

Grant Thornton NI LLP is an LLP incorporated in Northern Ireland. 12-15 Donegall Square, Belfast, BT1 6JH, is the registered office, which is also the principal place of business of the LLP. The nature of the LLP’s operations and its principal activities are set out in the Members' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

ACCOUNTING POLICIES

Statement of compliance

The financial statements of the Limited Liability Partnership for the financial year ended 31 December 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis of preparation

The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Limited Liability Partnership's financial statements.

Turnover

Turnover comprises amounts invoiced by the Limited Liability Partnership exclusive of value added tax. All revenue of the partnership is generated from contracts with customers.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the partnership and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Members' remuneration

Members' remuneration is treated as a charge against profits. It includes profits that are automatically divided between members by virtue of the members' agreement.

A member's share in the profit and loss for the financial year is accounted for as an allocation of profits.

Tangible non-current assets and depreciation

Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

10% & 6.67% Straight line

Fixtures and fittings

15% Straight line

Computer equipment

33% Straight line

Work in progress

In accordance with UITF 40, work in progress is reflected in the accounts at the expected recoverable revenue due for work carried out during the financial period that has not yet been invoiced after impairment .

Trade and other debtors

Trade and other debtors including amounts owed to fellow group companies are initially recognised at fair value. Subsequently these are recognised less impairment losses for bad and doubtful debts. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. All movements in the level of provision are recognised in the Profit & Loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position bank overdrafts are shown within Creditors.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other creditors

Trade and other creditors are initially recognised at fair value. Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities.

Related parties

For the purposes of these financial statements a party is considered to be related to the Limited Liability Partnership if:

the party has the ability, directly or indirectly, through one or more intermediaries to control the Limited Liability Partnership or exercise significant influence over the Limited Liability Partnership in making financial and operating policy decisions or has joint control over the Limited Liability Partnership;

the Limited Liability Partnership and the party are subject to common control;

the party is an associate of the Limited Liability Partnership or forms part of a joint venture with the Limited Liability Partnership;

the party is a member of key management personnel of the Limited Liability Partnership or the Limited Liability Partnership's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;

the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or

the party is a post-employment benefit plan which is for the benefit of employees of the Limited Liability Partnership or of any entity that is a related party of the Limited Liability Partnership.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the Limited Liability Partnership.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions, during the financial year, which are denominated in foreign currencies are translated at the rates of exchange ruling at the date of the transaction. The resulting exchange differences are dealt with in the profit and loss account.

Pensions

The Limited Liability Partnership operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Limited Liability Partnership. Annual contributions payable to the pension scheme are charged to the Income Statement in the financial period to which they relate.

SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the application of policies and reported amounts if assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The partnership makes estimates and assumptions concerning the future.  The resulting accounting estimates, will by definition seldom equal the actual results.  The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year as discussed below:

Revenue

In calculating revenue from service contracts, the partnership make certain estimates as to the extent to which performance obligations have been satisfied.  In doing so, the partnership estimate the remaining time and external costs to be incurred in completing contracts and the clients' willingness and ability to pay for the services provided.  These estimates depend upon the outcome of future events and may need to be revised as circumstances change.  Estimates of revenue, cost or extent of progress toward completion are revised if circumstances change.  Estimates are updated at each reporting date, including application of any constraint in respect of variable consideration until the uncertainty is resolved.  Any resulting increases in estimated revenues or costs are reflected in the income statement in the period in which the circumstances arose.

Impairment of Trade Debtors

The company trades with a large and varied number of clients on credit terms.  Some debts due will not be paid through the default of a small number of clients.  The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required.  The level of impairment is reviewed on an ongoing basis.  The total of trade debtors after impairment provision  is £4,049,181 (2023:£ 3,733,944).

Work in progress

The company makes an estimate of the provision required against work in progress for non-recoverability.  These estimates are based on historical experience and the level of provision is reviewed on an on-going basis.

TURNOVER

The whole of the Limited Liability Partnership's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of provision of professional services. All income is classified as professional fee income and no other analysis is provided.


5.	OPERATING PROFIT	2024	2023
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of tangible assets	114,238	114,570
	Loss on foreign currencies	4,972	19,779
		═════════	═════════


6.	INTEREST PAYABLE AND SIMILAR CHARGES	2024	2023
		£	£

	On bank loans and overdrafts	55,717	79,692
		═════════	═════════

EMPLOYEES AND REMUNERATION

Number of employees

The average number of persons employed during the financial year was as follows:

2024

2023

Number

Number

Professional staff

230

213

═════════

The staff costs comprise:

2024

2023

Wages and salaries

9,046,157

7,655,695

Social security costs

849,393

788,023

Pension costs

423,564

408,499

─────────

10,319,114

8,852,217

═════════

INTANGIBLE NON-CURRENT ASSETS

Goodwill

Cost

At 31 December 2024

30,000

─────────

Amortisation

At 31 December 2024

30,000

─────────

Net book value

At 31 December 2024

═════════

Intangible assets relates to historic goodwill on acquisitions which have been fully amortised.


9.	PROPERTY, PLANT AND EQUIPMENT
		Land and	Fixtures and	Computer	Total
		buildings	fittings	equipment
		freehold
		£	£	£	£
	Cost
	At 1 January 2024	823,074	198,652	189,793	1,211,519
	Additions	-	-	9,598	9,598
	Disposals	(823,074)	(198,652)	-	(1,021,726)
		─────────	─────────	─────────	─────────
	At 31 December 2024	-	-	199,391	199,391
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2024	486,003	149,802	179,294	815,099
	Charge for the financial year	81,259	26,932	6,047	114,238
	On disposals	(567,262)	(176,734)	-	(743,996)
		─────────	─────────	─────────	─────────
	At 31 December 2024	-	-	185,341	185,341
		─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2024	-	-	14,050	14,050
		═════════	═════════	═════════	═════════
	At 31 December 2023	337,071	48,850	10,499	396,420
		═════════	═════════	═════════	═════════


10.	STOCK	2024	2023
		£	£

	Work in progress	2,606,931	2,067,110
		═════════	═════════


11.	DEBTORS	2024	2023
		£	£

	Trade debtors	4,049,181	3,733,994
	Other debtors	6,302	-
	Prepayments and accrued income	355,454	296,627
		─────────	─────────
		4,410,937	4,030,621
		═════════	═════════


12.	CREDITORS	2024	2023
	Amounts falling due within one year	£	£

	Bank loan	659,967	636,462
	Trade creditors	264,028	256,581
	Amounts owed to group undertakings	3,123,844	336,162
	Taxation and social security costs (Note 14)	778,349	665,019
	Other creditors	-	75,728
	Accruals	736,881	803,419
		─────────	─────────
		5,563,069	2,773,371
		═════════	═════════


13.	CREDITORS	2024	2023
	Amounts falling due after more than one year	£	£

	Bank loan	31,363	558,240
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 12)	659,967	636,462
	Repayable between one and two years	31,363	558,240
		─────────	─────────
		691,330	1,194,702
		═════════	═════════


14.	TAXATION AND SOCIAL SECURITY	2024	2023
		£	£

	Creditors:
	VAT	470,341	407,667
	PAYE / NI	308,008	257,352
		─────────	─────────
		778,349	665,019
		═════════	═════════

15.

PENSION COSTS - DEFINED CONTRIBUTION

The Limited Liability Partnership operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Limited Liability Partnership in an independently administered fund. Pension costs amounted to £423,564 .

16.

CAPITAL COMMITMENTS

The Limited Liability Partnership registered a charge dated 03 January 2025 granting security to Grant Thornton Holdings Limited for its obligations to Grant Thornton Holdings Limited under the Administrative Service Agreement.

17.

RELATED PARTY TRANSACTIONS

The Limited Liability Partnership has availed of the exemption under FRS 8 in relation to the disclosure of transactions with group undertakings.

18.

RANKING IN THE EVENT OF WINDING UP

No protection is affordable in respect of items shown in the Balance Sheet as Members' Other Interests.

19.

EVENTS AFTER END OF REPORTING PERIOD

There have been no significant events affecting the Limited Liability Partnership since the financial year-end.

20.

CASH AND CASH EQUIVALENTS

2024

2023

Cash and bank balances

1,261,061

346,582

═════════

GRANT THORNTON NI LLP

SUPPLEMENTARY INFORMATION

RELATING TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

NOT COVERED BY THE REPORT OF THE AUDITORS