Limited Liability Partnership registration number OC402854 (England and Wales)
APPLEYARD LEES IP LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
APPLEYARD LEES IP LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
P L Brandon
D P Walsh
R Waddington
D Moy
R E Davies
D J Clark
R A Smithson
J S Delaney
R A Bray
B Fleck
J Gwilt
R W Cumming
K Hickinson
LLP registration number
OC402854
Registered office
15 Clare Road
Halifax
HX1 2HY
Auditor
Simpson Wood Limited
Bank Chambers
Market Street
Huddersfield
HD1 2EW
APPLEYARD LEES IP LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 22
APPLEYARD LEES IP 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.

Principal activities

The principal activity of the limited liability partnership continued to be that of patent and trademark attorneys.

Members' drawings, contributions and repayments

The Member's drawings policy enables each member to withdraw a proportion of their post-tax profit throughout the accounting year, with further distributions made once the financial results and profit allocations are finalised. The level of drawings is dependent on the working capital requirements of the business.

The capital requirements of the LLP are kept under review and take account of the cash flow requirements of the business. An individual Member's capital contribution is linked to his or her profit share. Capital is paid and repaid 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:

P L Brandon
D P Walsh
R Waddington
D Moy
R E Davies
D J Clark
R A Smithson
J S Delaney
R A Bray
B Fleck
J Gwilt
R W Cumming
K Hickinson
(Appointed 1 April 2025)
Auditor

Simpson Wood Limited were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Approved by the members on 9 September 2025 and signed on behalf by:
09 September 2025
P L Brandon
D Moy
Designated Member
Designated Member
APPLEYARD LEES IP LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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.

APPLEYARD LEES IP LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF APPLEYARD LEES IP LLP
- 3 -
Opinion

We have audited the financial statements of Appleyard Lees IP LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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 March 2025 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 by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 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.

APPLEYARD LEES IP LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APPLEYARD LEES IP LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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 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 members' r esponsibilities s tatement, 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'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.

- 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.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 by the Limited Liability Partnerships (Accounts and 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's members as a body, for our audit work, for this report, or for the opinions we have formed.

APPLEYARD LEES IP LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APPLEYARD LEES IP LLP
- 5 -
Daniel McAllister FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wood Limited, Statutory Auditor
Chartered Accountants
Bank Chambers
Market Street
Huddersfield
HD1 2EW
9 September 2025
APPLEYARD LEES IP LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
Turnover
29,364,438
28,489,502
Cost of sales
(19,094,056)
(18,627,189)
Gross profit
10,270,382
9,862,313
Administrative expenses
(3,522,059)
(3,289,515)
Operating profit
4
6,748,323
6,572,798
Interest receivable and similar income
8
1,037
1,237
Interest payable and similar expenses
9
(103,684)
(99,310)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
6,645,676
6,474,725

The profit and loss account has been prepared on the basis that all operations are continuing operations.

APPLEYARD LEES IP LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
£
£
Profit for the financial year available for discretionary division among members
6,645,676
6,474,725
Other comprehensive income
-
-
Total comprehensive income for the year
6,645,676
6,474,725
APPLEYARD LEES IP LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,045,265
1,364,237
Current assets
Debtors
11
10,145,790
8,945,570
Cash at bank and in hand
914,097
1,643,157
11,059,887
10,588,727
Creditors: amounts falling due within one year
13
(4,779,038)
(3,938,659)
Net current assets
6,280,849
6,650,068
Total assets less current liabilities
7,326,114
8,014,305
Creditors: amounts falling due after more than one year
14
(89,943)
(186,959)
Net assets attributable to members
7,236,171
7,827,346
Represented by:
Loans and other debts due to members within one year
Other amounts
1,143,378
1,386,430
Members' other interests
Other reserves classified as equity
6,092,793
6,440,916
7,236,171
7,827,346
The financial statements were approved by the members and authorised for issue on 9 September 2025 and are signed on their behalf by:
09 September 2025
P L Brandon
D Moy
Designated member
Designated Member
Limited Liability Partnership registration number OC402854 (England and Wales)
APPLEYARD LEES IP LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2025
£
£
£
£
Members' interests at 1 April 2024
6,440,916
1,386,430
1,386,430
7,827,346
Profit for the financial year available for discretionary division among members
6,645,676
-
-
6,645,676
Members' interests after profit for the year
13,086,592
1,386,430
1,386,430
14,473,022
Allocation of profit for the financial year
(552,883)
519,074
519,074
(33,809)
Other divisions of profits
(6,440,916)
6,474,725
6,474,725
33,809
Introduced by members
-
50,000
50,000
50,000
Repayment of debt (including members' capital classified as a liability)
-
(293,052)
(293,052)
(293,052)
Drawings on account and distributions of profit
-
(6,993,799)
(6,993,799)
(6,993,799)
Members' interests at 31 March 2025
6,092,793
1,143,378
1,143,378
7,236,171
APPLEYARD LEES IP LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
5,035,521
1,593,054
1,593,054
6,628,575
Profit for the financial year available for discretionary division among members
6,474,725
-
-
6,474,725
Members' interests after profit for the year
11,510,246
1,593,054
1,593,054
13,103,300
Allocation of profit for the financial year
(33,809)
33,809
33,809
-
Other divisions of profits
(5,035,521)
5,035,521
5,035,521
-
Introduced by members
-
95,837
95,837
95,837
Repayment of debt (including members' capital classified as a liability)
-
(302,461)
(302,461)
(302,461)
Drawings on account and distributions of profit
-
(5,069,330)
(5,069,330)
(5,069,330)
Members' interests at 31 March 2024
6,440,916
1,386,430
1,386,430
7,827,346
APPLEYARD LEES IP LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
5,559,363
5,832,117
Interest paid
(103,684)
(99,310)
Net cash inflow from operating activities
5,455,679
5,732,807
Investing activities
Purchase of tangible fixed assets
(90,645)
(194,119)
Proceeds from disposal of tangible fixed assets
427,847
-
Interest received
1,037
1,237
Net cash generated from/(used in) investing activities
338,239
(192,882)
Financing activities
Capital introduced by members (classified as debt or equity)
50,000
95,837
Repayment of capital or debt to members
(293,052)
(302,461)
Payments to members
(6,993,799)
(5,069,330)
Repayment of borrowings
810,889
(129,284)
Repayment of bank loans
(79,801)
(79,794)
Payment of finance leases obligations
(17,215)
(17,222)
Net cash used in financing activities
(6,522,978)
(5,502,254)
Net (decrease)/increase in cash and cash equivalents
(729,060)
37,671
Cash and cash equivalents at beginning of year
1,643,157
1,605,486
Cash and cash equivalents at end of year
914,097
1,643,157
APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Limited liability partnership information

Appleyard Lees IP LLP is a limited liability partnership incorporated in England and Wales. The registered office is 15 Clare Road, Halifax, HX1 2HY.

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.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Merger accounting

Appleyard Lees IP LLP, a Limited Liability Partnership (LLP) registered in England and Wales was incorporated on 12 November 2015. On 15 March 2016, the business previously carried on by Appleyard Lees, a general partnership with unlimited liability under English law was transferred to Appleyard Lees IP LLP.

The transfer of business previously carried on by the unlimited partnership has been accounted for in accordance with the principles of merger accounting since the members of Appleyard Lees IP LLP were the same as former partners of Appleyard Lees and their rights, relative to each other are unchanged.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents fee income earned during the year for professional services provided exclusive of VAT, together with amounts recoverable from clients in respect of work done but not billed at the year end date.

Turnover is recognised when the right to consideration has arisen through the performance under each engagement, and consideration accrues as the engagement progresses by reference to the value of work done.

Revenue not billed to clients is included in debtors as 'Unbilled revenue' and payments on account in excess of the relevant amount of revenue are included in creditors.

APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.4
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).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. Undivided amounts that are classified as equity are shown within ‘Members' other interests’.

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.

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Drawings and distribution of profits to partners of the LLP are classified as financing cash flows, because they represent costs of obtaining financial resources or claims on cash flows by the providers of capital to the LLP.

1.5
Tangible fixed assets

Tangible fixed assets 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:

Land and buildings Freehold
2% on cost
Leasehold improvements
over the life of the lease
Fixtures, fittings & equipment
10% on cost
Motor vehicles
20% on cost

Freehold land is not depreciated.

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 profit and loss account.

APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.6
Impairment of fixed 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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 debtors 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
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 creditors, 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 receipts 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.10
Retirement benefits and post retirement payments to members

Post-retirement payments are only made to former members in respect of their outstanding current and capital accounts.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 asset are consumed.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Employment Costs

All professionals and support staff are employed by Appledene Limited. Certain members of Appleyard Lees IP LLP are also directors of Appledene Limited.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Significant judgements

No significant judgements have been made in the process of applying the entity's accounting policies.

Key sources of estimation uncertainty

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The only amount which is subject to significant estimation by the members is the valuation and future recovery of the 'Unbilled revenue' (Note 10). This has a value at the year end of £1,254,000 (202 4 - £1,205,103 ) As noted above this is based on historical experience and the information available to the members at the time of preparing the accounts.

APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
3
Turnover

Analysis of turnover by geographical market was not disclosed on the basis that the members believe that to do so would be prejudicial to the LLP's interests.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(32,414)
(405,984)
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
6,955
6,375
Depreciation of owned tangible fixed assets
137,023
162,923
Depreciation of tangible fixed assets held under finance leases
8,594
8,594
Profit on disposal of tangible fixed assets
(163,847)
-
Operating lease charges
22,685
2,813
5
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
6,955
6,375
6
Employees

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

2025
2024
Number
Number
Total
0
0
7
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
20
20
2025
2024
£
£
Profit attributable to the member with the highest entitlement
541,319
536,726
Average members' remuneration
332,284
323,736
APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,037
1,237
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,037
1,237
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
103,684
99,310
10
Tangible fixed assets
Land and buildings Freehold
Leasehold improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
776,484
758,012
824,025
12,384
2,370,905
Additions
-
18,007
72,638
-
90,645
Disposals
(390,000)
-
-
-
(390,000)
At 31 March 2025
386,484
776,019
896,663
12,384
2,071,550
Depreciation and impairment
At 1 April 2024
176,484
329,815
487,985
12,384
1,006,668
Depreciation charged in the year
-
58,169
87,448
-
145,617
Eliminated in respect of disposals
(126,000)
-
-
-
(126,000)
At 31 March 2025
50,484
387,984
575,433
12,384
1,026,285
Carrying amount
At 31 March 2025
336,000
388,035
321,230
-
1,045,265
At 31 March 2024
600,000
428,197
336,040
-
1,364,237

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £8,594 (2024 - £8,594) for the year.

2025
2024
£
£
Fixtures, fittings & equipment
68,749
77,342
APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,009,537
7,155,925
Gross amounts owed by contract customers
1,254,000
1,205,103
Prepayments and accrued income
882,253
584,542
10,145,790
8,945,570
12
Loans and overdrafts
2025
2024
£
£
Bank loans
139,632
219,433
Other loans
1,414,941
604,052
1,554,573
823,485
Payable within one year
1,494,735
683,846
Payable after one year
59,838
139,639

The other loans are unsecured.

The LLP has an overdraft facility which is secured over the trade and assets of the LLP. The overdraft facility has not been utilised during the year.

13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
12
79,794
79,794
Obligations under finance leases
15
17,097
17,097
Other borrowings
12
1,414,941
604,052
Trade creditors
2,324,224
1,228,177
Other taxation and social security
443,568
407,961
Accruals and deferred income
499,414
1,601,578
4,779,038
3,938,659
APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
12
59,838
139,639
Obligations under finance leases
15
30,105
47,320
89,943
186,959
15
Finance lease obligations

Finance lease payments represent rentals payable by the limited liability partnership for improvements to leasehold premises. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 36 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

16
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
1,143,378
1,386,430

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. There are no limitations or restrictions in existence which give the members the ability to reduce the amount of 'Member's other interests'.

17
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, which fall due as follows:

2025
2024
£
£
Within one year
383,609
350,457
Between two and five years
1,037,115
1,131,571
In over five years
663,338
663,338
2,084,062
2,145,366
APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
18
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Entities over which the LLP has control, joint control or significant influence
8,188,215
7,499,985
Other related parties
79,354
93,429

Other related party transactions relate to the general course of business with a company where the Appleyard Lees Finance Partner is a non-executive director.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities over which the LLP has control, joint control or significant influence
855,607
787,394
19
Cash generated from operations
2025
2024
£
£
Profit after taxation
6,645,676
6,474,725
Adjustments for:
Finance costs recognised in profit or loss
103,684
99,310
Investment income recognised in profit or loss
(1,037)
(1,237)
Gain on disposal of tangible fixed assets
(163,847)
-
Depreciation and impairment of tangible fixed assets
145,617
171,517
Movements in working capital:
Increase in debtors
(1,200,220)
(766,113)
Increase/(decrease) in creditors
29,490
(146,085)
Cash generated from operations
5,559,363
5,832,117
APPLEYARD LEES IP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
20
Analysis of changes in net funds/(debt)
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
1,643,157
(729,060)
914,097
Borrowings excluding overdrafts
(823,485)
(731,088)
(1,554,573)
Obligations under finance leases
(64,417)
17,215
(47,202)
Balances before members' debt
755,255
(1,442,933)
(687,678)
Loans and other debts due to members:
- Other amounts due to members
(1,386,430)
243,052
(1,143,378)
Balances including members' debt
(631,175)
(1,199,881)
(1,831,056)
2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2025.200 false OC402854 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP1 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP2 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP3 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP4 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP5 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP6 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP7 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP8 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP9 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP10 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP11 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP12 2024-04-01 2025-03-31 OC402854 bus:PartnerLLP13 2024-04-01 2025-03-31 OC402854 2025-03-31 OC402854 2023-04-01 2024-03-31 OC402854 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC402854 bus:FRS102 2024-04-01 2025-03-31 OC402854 bus:Audited 2024-04-01 2025-03-31 OC402854 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP