Registration number:
Laytons LLP
for the Year Ended 31 December 2024
Laytons LLP
Contents
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Limited liability partnership information |
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Statement of Members' Responsibilities |
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Independent Auditor's Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Laytons LLP
Limited liability partnership information
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Designated members |
Glaisyers Solicitors LLP |
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Registered office |
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Auditors |
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Laytons LLP
Statement of Members' Responsibilities for the Year Ended 31 December 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require 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). Under Company law as applied to LLPs 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 year. In preparing these financial statements, the members are required to:
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• |
select suitable accounting policies and then apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that 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, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). 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.
These responsibilities are exercised by the Board on behalf of the members.
Laytons LLP
Independent Auditor's Report to the Members of Laytons LLP
Opinion
We have audited the financial statements of Laytons LLP (the ‘limited liability partnership’) for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, and Notes to the Financial Statements, including a summary of 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:
• | 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 for the 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. |
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 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 entity's ability to continue as a going concern for a period of at least twelve months from when the original 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 members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Laytons LLP
Independent Auditor's Report to the Members of Laytons LLP
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the limited liability partnership financial statements are not in agreement with the accounting records and returns; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities [set out on page 2], 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Laytons LLP
Independent Auditor's Report to the Members of Laytons LLP
Extent to which the audit was considered capable of detecting irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- Enquiring of management whether they are aware of any non-compliance with laws and regulations.
- Enquiring of management whether they are aware of any actual, suspected or alleged fraud.
- Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
- Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: posting of unusual journals and fraudulent revenue recognition.
- Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included the financial framework the company operates under (FRS102), the UK Companies Act, tax legislation and health and safety legislation.
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
- Audited the risk of management override of controls, including through testing journal entries for appropriateness.
- Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and
- Investigated the rationale behind any significant or unusual transactions included in the financial statements.
Fraudulent revenue recognition
To address the risk of fraudulent revenue recognition we:
- Performed testing on a sample of turnover transactions that occurred during the financial year.
- Performed cut-off testing on turnover around the year end.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation.
- Enquiring of management as to actual and potential litigation claims they are aware of.
- Reviewing legal cost nominals for evidence of potential litigation or claims.
- Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISA's (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Laytons LLP
Independent Auditor's Report to the Members of Laytons LLP
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws and regulations rest with the directors
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or col
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 to limited liability partnerships by the Limited Liability Partnerships (Accounts & 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
3 The Studios
320 Chorley Old Road
Lancashire
BL1 4JU
Laytons LLP
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
Total |
Total |
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Turnover |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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Profit for the year before members' remuneration and profit shares |
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Members' remuneration charged as an expense |
(1,444,341) |
(1,966,810) |
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Profit/(loss) for the year available for discretionary division among members |
- |
- |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Laytons LLP
(Registration number: OC370679)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
4,107,090 |
3,870,708 |
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Other amounts |
345,885 |
1,005,435 |
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4,452,975 |
4,876,143 |
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Members’ other interests |
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Members' capital classified as equity |
580,000 |
836,667 |
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Other reserves |
( |
( |
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(480,955) |
(224,288) |
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3,972,020 |
4,651,855 |
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Total members' interests |
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Amounts due from members |
(563,861) |
(503,714) |
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Loans and other debts due to members |
4,452,975 |
4,876,143 |
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Equity |
( |
( |
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3,408,159 |
4,148,141 |
The financial statements of Laytons LLP (registered number OC370679) were approved by the
Laytons LLP
(Registration number: OC370679)
Balance Sheet as at 31 December 2024
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Laytons LLP
Statement of Changes in Members’ Interests
At 31 December 2024
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Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Other reserves |
Total equity |
Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 January 2024 |
836,667 |
(1,060,955) |
(224,288) |
3,870,708 |
1,005,435 |
4,876,143 |
4,651,855 |
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Members' remuneration charged as an expense |
- |
- |
- |
- |
1,444,341 |
1,444,341 |
1,444,341 |
|
At 31 December 2024 |
836,667 |
( |
(224,288) |
3,870,708 |
2,449,776 |
6,320,484 |
6,096,196 |
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Equity |
Loans and other debts due to/(from) members |
||||||
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Members' capital |
Other reserves |
Total equity |
Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 January 2023 |
836,667 |
(1,060,955) |
(224,288) |
3,101,134 |
783,249 |
3,884,383 |
3,660,095 |
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Members' remuneration charged as an expense |
- |
- |
- |
- |
1,966,810 |
1,966,810 |
1,966,810 |
|
At 31 December 2023 |
836,667 |
( |
(224,288) |
3,101,134 |
2,750,059 |
5,851,193 |
5,626,905 |
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Laytons LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Summary of disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure exemptions. The limited liability partnership has taken advantage of the following available exemptions for qualifying entities on the basis that its results are consolidated in the group accounts of ETL Holdings UK Limited and ETL International AG. Copies of these consolidated financial statements can be obtained from 1 Pavilion Square, Cricketers Way, Westhoughton, BL5 3AJ and Mauerstrasse 86-88, 10117 Berlin, Germany respectively.
i) the requirement to prepare a statement of cash flows on the basis that its immediate and ultimate parent both include the LLP's cash flows in their own consolidated financial statements. (Section 7 of FRS 102 and paragraph 3.17(d);
ii) certain financial instrument disclosures where equivalent disclosures are included in the consolidated financial statements of the LLP's immediate and ultimate parent companies. (FRS102 paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c) - 11.48(c), 12.27, 12.29 (a - b) and 12.29A);
iii) the non-disclosure of key management personnel compensation in total. (FRS 102 paragraph 33.7).
.
Going concern
The members have assessed the performance and position of the LLP at the year end and concluded it has more than enough financial resources to be able to continue in business for at least twelve months from approving the financial statements. The financial statements have therefore been prepared on a going concern basis.
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. |
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Individual fixed assets are initially recorded at cost.
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Equally over the assessed life of 20 years/10 years |
Goodwill includes movements to recognise changes to he fiar value of assets and liabilities on acquisition.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Depreciation method and rate |
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Computer equipment |
33% Reducing balance and 20% Straight line |
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Fixtures and fittings |
15% Reducing balance and 15% Straight line |
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Leased computer equipment |
20% Straight line |
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Motor Vehicles |
25% Reducing balance |
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Short leasehold property and improvements |
10% Straight line |
No provision for amortisation or depreciation is made in the year of addition of owned tangible and intangible assets. Assets held under finance lease are depreciated from the inception of the lease.
Work in progress
Work in progress is valued at the lower of cost and net realisable value, excluding members' time, of work carried out where it is not appropriate for fee revenue to be recognised at or before the year end.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
Provisions
Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
In common with other professional services businesses the LLP is insured against the cost of any professional liability claims that are notified to the LLP. A provision is made for the LLP's estimated retained liability for such claims and generally against the possibility that professional claims might arise in the future.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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Operating profit |
Operating profit is stated after charging /(crediting):
|
2024 |
2023 |
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|
Research and development |
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|
|
Operating leases - plant and machinery |
|
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Operating leases - other assets |
|
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|
Depreciation of owned assets |
|
|
|
Depreciation of assets held under finance lease and hire purchase contracts |
|
- |
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Amortisation |
|
|
|
Auditors remuneration |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other interest receivable and similar income |
|
|
|
497,990 |
108,102 |
|
|
Interest payable and similar charges |
|
2024 |
2023 |
|
|
Interest on loans from group undertakings |
|
|
|
Interest on other loans |
|
|
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Other interest payable |
|
|
|
|
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Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
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Production |
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|
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Administration and support |
|
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|
|
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|
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||
The aggregate payroll costs were as follows:
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
|
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Wages and salaries |
|
|
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Social security costs |
|
|
|
Defined contribution pension |
|
|
|
6,500,342 |
4,494,578 |
|
|
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||
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Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
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Intangible fixed assets |
|
Goodwill |
Total |
|
|
Cost |
||
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
||
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At 1 January 2024 |
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Charge for the year |
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|
At 31 December 2024 |
|
|
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Net book value |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible fixed assets |
|
Short leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Total |
|
|
Cost |
||||
|
At 1 January 2024 |
- |
|
|
|
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Additions |
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At 31 December 2024 |
|
|
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Depreciation |
||||
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At 1 January 2024 |
- |
|
|
|
|
Charge for the year |
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At 31 December 2024 |
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Net book value |
||||
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At 31 December 2024 |
|
|
|
|
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At 31 December 2023 |
- |
|
|
|
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Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Amounts due from members <1yr |
563,861 |
503,714 |
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
|
2024 |
2023 |
|
|
Trade creditors |
|
|
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Other taxes and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £311,039 (2023: £183,380).
|
Pension and other schemes |
Defined contribution pension scheme
The limited liability partnership operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the limited liability partnership to the scheme and amounted to £
|
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.
The parent of the largest group in which results are consolidated is
Consolidated financial statements are available from:
Mauerstrasse 86-88, 10117, Berlin Germany
The parent of the smallest group in which results are consolidated is
Consolidated financial statements are available from:
1 Pavilion Square, Westhoughton, BL5 3AJ
The ultimate parent is