Limited Liability Partnership registration number OC373542 (England and Wales)
DEBENHAMS OTTAWAY LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
DEBENHAMS OTTAWAY LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
S C Glenholme
C E Sharp
A R Yates
Limited liability partnership number
OC373542
Registered office
Ivy House
107 St Peters Street
St Albans
Hertfordshire
AL1 3EW
Accountants
Goodman Jones LLP
1st Floor
Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
DEBENHAMS OTTAWAY LLP
CONTENTS
Page
Members' report
1
Income statement
2
Statement of financial position
3
Reconciliation of members' interests
4 - 5
Notes to the financial statements
6 - 11
DEBENHAMS OTTAWAY LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the l imited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

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

S C Glenholme
C E Sharp
A R Yates
Statement of members' responsibilities

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

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLP s within Part 15 of the Companies Act 2006.

Approved by the members on 2 October 2025 and signed on behalf by:
02 October 2025
S C Glenholme
Designated Member
DEBENHAMS OTTAWAY LLP
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Year
Period
ended
ended
31 March
31 March
2025
2024
Notes
£
£
Revenue
2
10,821,295
9,823,147
Administrative expenses
(8,628,513)
(8,066,036)
Operating profit
2,192,782
1,757,111
Investment income
1,732,511
1,155,580
Finance costs
(352,451)
(354,002)
Profit for the financial year before members' remuneration and profit shares
3,572,842
2,558,689
Members' remuneration charged as an expense
4
(3,572,842)
(2,558,689)
Result for the financial year available for discretionary division among members
-
-

The income statement has been prepared on the basis that all operations are continuing operations.

DEBENHAMS OTTAWAY LLP
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 3 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
199,386
247,966
Current assets
Work in progress
127,484
147,447
Trade and other receivables
6
3,096,622
3,478,128
Cash and cash equivalents
2,316,717
1,479,478
5,540,823
5,105,053
Current liabilities
7
(2,034,773)
(2,058,187)
Net current assets
3,506,050
3,046,866
Total assets less current liabilities
3,705,436
3,294,832
Non-current liabilities
8
-
(28,974)
Net assets attributable to members
3,705,436
3,265,858
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,046,000
1,600,000
Amounts due in respect of profits
1,659,436
1,665,858
3,705,436
3,265,858

For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 2 October 2025 and are signed on their behalf by:
02 October 2025
S C Glenholme
Designated member
Limited Liability Partnership registration number OC373542 (England and Wales)
DEBENHAMS OTTAWAY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2025
£
£
£
Members' interests at 1 April 2024
1,600,000
1,665,858
3,265,858
3,265,858
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
3,572,842
3,572,842
3,572,842
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,600,000
5,238,700
6,838,700
6,838,700
Introduced by members
446,000
-
446,000
446,000
Drawings on account and distributions of profit
-
(3,579,264)
(3,579,264)
(3,579,264)
Members' interests at 31 March 2025
2,046,000
1,659,436
3,705,436
3,705,436
DEBENHAMS OTTAWAY LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 May 2023
1,600,000
1,234,870
2,834,870
2,834,870
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
2,558,689
2,558,689
2,558,689
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the period
1,600,000
3,793,559
5,393,559
5,393,559
Drawings on account and distributions of profit
-
(2,127,701)
(2,127,701)
(2,127,701)
Members' interests at 31 March 2024
1,600,000
1,665,858
3,265,858
3,265,858
DEBENHAMS OTTAWAY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
1
Accounting policies
Limited liability partnership information

Debenhams Ottaway LLP is a limited liability partnership incorporated in England and Wales. The registered office is , Ivy House, 107 St Peters Street, St Albans, Hertfordshire, AL1 3EW.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The members confirm that they are satisfied that the LLP has sufficient resources and bank facilities in place to meet their obligations as they fall due. This has been determined by a review of cash flow and profit forecasts. The LLP's diversified multi-disciplinary legal practice has helped mitigate any material uncertainty over the LLP's ability to continue as a going concern.

1.3
Reporting period

The financial statements have been prepared for a 12 month period ending on 31 March 2025. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as they have been prepared for an 11 month period ending on 31 March 2024.

1.4
Revenue

Revenue from contracts for the provision of legal services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated mainly in relation to contractual hourly staff rates, by reference to costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. Unbilled revenue is included within debtors as accrued income.

When fee income is contingent and the contingent condition has not been met at the balance sheet date, it is included within work in progress and is valued at the lower of cost and net realisable value. Cost is arrived at on the basis of direct chargeable salary costs plus attributable overheads based on normal levels of activity.

1.5
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

DEBENHAMS OTTAWAY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -

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

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

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the period of the lease
Fixtures and fittings
15% - 33.3% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Impairment of non-current assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DEBENHAMS OTTAWAY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DEBENHAMS OTTAWAY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
1.11
Retirement benefits

The LLP operates a defined contribution pension scheme for its employees. The amount charged to the profit and loss account in respect of pension costs and other post retirements benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown in creditors in the financial statements.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Revenue

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

2025
2024
£
£
Revenue analysed by class of business
Legal and professional services
10,821,295
9,823,147
2025
2024
£
£
Other significant revenue
Interest income
1,732,511
1,155,580
3
Employees

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

2025
2024
Number
Number
Total
107
112
4
Members' remuneration
2025
2024
Number
Number
Average number of members during the year
14
9
2025
2024
£
£
Profit attributable to the member with the highest entitlement
304,986
292,250
DEBENHAMS OTTAWAY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Members' remuneration
(Continued)
- 10 -
2025
2024
Members' remuneration comprises:
£
£
Remuneration under participation rights
3,572,842
2,558,689
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
530,277
1,050,515
1,580,792
Additions
2,325
27,486
29,811
Disposals
-
(1,687)
(1,687)
At 31 March 2025
532,602
1,076,314
1,608,916
Depreciation and impairment
At 1 April 2024
430,136
902,690
1,332,826
Depreciation charged in the year
33,927
42,777
76,704
At 31 March 2025
464,063
945,467
1,409,530
Carrying amount
At 31 March 2025
68,539
130,847
199,386
At 31 March 2024
100,141
147,825
247,966
6
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
948,045
1,017,953
Other receivables
92,230
85,595
Prepayments
471,371
496,987
Accrued income
1,584,976
1,877,593
3,096,622
3,478,128
DEBENHAMS OTTAWAY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
7
Current liabilities
2025
2024
£
£
Trade payables
315,135
386,517
Amounts due to retired partners
28,974
57,971
Other taxation and social security
607,347
243,483
Other payables
908
3,042
Accruals
1,082,409
1,367,174
2,034,773
2,058,187
8
Non-current liabilities
2025
2024
£
£
Amounts due to retired partners
-
28,974
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
277,500
313,500
Between two and five years
277,500
555,000
555,000
868,500
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