Richard J Knaggs & Co LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: OC345320

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		160,000		180,000
Tangible Assets	5		35,124		32,199

			195,124		212,199
CURRENT ASSETS
Stocks	6	62,004		44,403
Debtors	7	144,056		86,907
Cash at bank and in hand		18,897		35,215

		224,957		166,525
Creditors: Amounts Falling Due Within One Year	8	(215,091 )		(160,633 )

NET CURRENT ASSETS (LIABILITIES)			9,866		5,892

TOTAL ASSETS LESS CURRENT LIABILITIES			204,990		218,091

Creditors: Amounts Falling Due After More Than One Year	9		(25,934 )		(30,417 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			179,056		187,674

REPRESENTED BY:
Loans and other debts due to members
Other amounts		179,056		187,674

			179,056		187,674

			179,056		187,674

TOTAL MEMBERS' INTEREST
Loans and other debts due to members			179,056		187,674

			179,056		187,674

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Richard J Knaggs & Co LLP

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the LLP 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 applicable to LLPs subject to the small LLPs regime.)

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mr Richard Knaggs Designated Member	Mr Stuart Lisgo Designated Member
02/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Richard J Knaggs & Co LLP is a limited liability partnership, incorporated in England & Wales, registered number OC345320 . The Registered Office is 119 High Street, Redcar, Cleveland, TS10 3DG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost
Motor Vehicles	20% on cost
Fixtures & Fittings	20% on cost

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 16 (2024: 12)

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Richard J Knaggs & Co LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	200,000

As at 31 March 2025	200,000

Amortisation
As at 1 April 2024	20,000
Provided during the period	20,000

As at 31 March 2025	40,000

Net Book Value
As at 31 March 2025	160,000

As at 1 April 2024	180,000

5. Tangible Assets

	Land & Property
	Freehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 April 2024	66,044	245,694	242,270	554,008
Additions	-	35,000	7,166	42,166
Disposals	-	(38,247 )	-	(38,247 )

As at 31 March 2025	66,044	242,447	249,436	557,927

Depreciation
As at 1 April 2024	66,044	215,232	240,533	521,809
Provided during the period	-	22,161	1,781	23,942
Disposals	-	(22,948 )	-	(22,948 )

As at 31 March 2025	66,044	214,445	242,314	522,803

Net Book Value
As at 31 March 2025	-	28,002	7,122	35,124

As at 1 April 2024	-	30,462	1,737	32,199

6. Stocks

	2025	2024
	£	£
Work in progress	62,004	44,403

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Richard J Knaggs & Co LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	139,803	77,455
Other debtors	4,253	9,452

	144,056	86,907

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	(2 )	(1 )
Bank loans and overdrafts	33,053	5,517
Other loans	44,761	72,191
Other creditors	49,297	12,456
Taxation and social security	87,982	70,470

	215,091	160,633

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	25,934	30,417

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