Lockwood Gibb llp - Filleted accounts

Registered number

OC399396

Lockwood Gibb llp

Unaudited Filleted Accounts

31 March 2025

Lockwood Gibb llp
Registered number:		OC399396
Balance Sheet
as at 31 March 2025
Notes		2025		2024
£			£
Fixed assets
Tangible assets	3	702		934
Current assets
Debtors	4	41,008		64,245
Unbilled fee income and work in progress		60,000		-
Cash at bank and in hand		114,455		71,034
		215,463		135,279

Creditors: amounts falling due within one year	5	(134,750)		(136,213)

Net current assets/(liabilities)		80,713		(934)

Total assets less current liabilities		81,415		-

Net assets attributable to members		81,415		-

Represented by:
Loans and other debts due to members	6	81,415		-


		81,415		-



Total members' interests
Amounts due from members included in debtors	4	(41,008)		(64,245)
Loans and other debts due to members	6	81,415		-
		40,407		(64,245)

		40,407		(64,245)

For the year ended 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.

These accounts were approved by the members on 1 December 2025 and signed on their behalf by:


M Kettl
Designated member

Lockwood Gibb llp
Notes to the Accounts
for the year ended 31 March 2025

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Division of profits
	Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.

	Taxation
	Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Amounts recoverable under contracts & work in progress
	Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contractual obligations are included to the extent the amount can be measured reliably and its receipt is considered probable.

	Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where their recovery is considered probable.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Members' capital
	Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the LLP		1		1


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 April 2024				2,327
	At 31 March 2025				2,327

	Depreciation
	At 1 April 2024				1,393
	Charge for the year				232
	At 31 March 2025				1,625

	Net book value
	At 31 March 2025				702
	At 31 March 2024				934


4	Debtors		2025		2024
£				£

	Amounts due from members		41,008		64,245


5	Creditors: amounts falling due within one year		2025		2024
£				£

	Trade creditors		1,348		1,352
	Other taxes and social security costs		34,345		5,804
	Other creditors		99,057		129,057
			134,750		136,213


6	Loans and other debts due to members		2025		2024
£				£

	Amounts due to members in respect of profits		81,415		-

	Amounts falling due within one year		81,415		-

	Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.


7	Other information

	Lockwood Gibb llp is a limited liability partnership incorporated in England. Its registered office is:
	Latimers
	Como House
	Como Road
	Malvern
	WR14 2TH