REGISTERED NUMBER: OC363905 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

N C MORRIS & CO LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DESIGNATED MEMBERS:

N C Morris

C R R Joly

Ms S M Chen

REGISTERED OFFICE:

1 Montpelier Street

Knightsbridge

London

SW7 1EX

REGISTERED NUMBER:

OC363905 (England and Wales)

ACCOUNTANTS:

Xeinadin Swiss Cottage Limited

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Tangible assets

4

8,152

7,872

CURRENT ASSETS

Debtors

5

349,267

408,715

Cash at bank and in hand

568,281

348,109

917,548

756,824

CREDITORS

Amounts falling due within one year

6

245,028

287,455

NET CURRENT ASSETS

672,520

469,369

TOTAL ASSETS LESS CURRENT LIABILITIES

680,672

477,241

CREDITORS

Amounts falling due after more than one year

7

-

16,667

NET ASSETS ATTRIBUTABLE TO MEMBERS

680,672

460,574

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

680,672

460,574

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

680,672

460,574

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the members of the LLP and authorised for issue on 26 June 2025 and were signed by:

N C Morris - Designated member

1.	STATUTORY INFORMATION

N C Morris & Co LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the provision of services, net of discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

i) the amount of revenue can be measured reliably;

ii) it is probable that the company will receive the consideration due under the contract;

iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and

iv) the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

Straight line over 10 years

Books

-

10% on cost

Fixtures, fittings & equipment

-

20% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the profit and loss account.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing tarnation, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Cash and cash equivalents

Cash includes cash in hand, deposits held with banks. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditor, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less impairment.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Short

fittings

leasehold

Books

& equipment

Totals

£

£

£

£

COST

At 1 April 2024

13,002

1,268

29,415

43,685

Additions

-

-

4,430

4,430

At 31 March 2025

13,002

1,268

33,845

48,115

DEPRECIATION

At 1 April 2024

10,773

1,268

23,772

35,813

Charge for year

1,300

-

2,850

4,150

At 31 March 2025

12,073

1,268

26,622

39,963

NET BOOK VALUE

At 31 March 2025

929

-

7,223

8,152

At 31 March 2024

2,229

-

5,643

7,872

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

6,674

40,446

Other debtors

342,593

368,269

349,267

408,715

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

16,667

50,000

Trade creditors

18,750

18,750

Social security and other taxes

-

7,897

VAT

115,242

86,328

Other creditors

41,667

86,725

Accrued expenses

52,702

37,755

245,028

287,455

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

-

16,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

16,667

66,667

The above loan relates to a government backed Coronavirus Business Interruption Loan Scheme. The total loan repayment period is 60 months with monthly repayments which commenced in August 2021.

This loan is secured by a debenture in favour of Paragon Business Finance Plc on the partnership's assets.

Also as security for the company's liabilities, C Hoare & Co bank holds: a guarantee executed by the members dated 25/05/2011 limited to £100,000, and a guarantee executed dated 12/09/2013 limited to £97,000, a guarantee executed dated 25/09/15 limited to £13,000, and a guarantee executed dated 28/09/2016 limited to £54,000.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Other than as disclosed in secured debts, no restrictions exist on all other creditors and amounts owed rank equally in the event of winding up.

10.	CLIENT MONIES

At the year end, the LLP held £3,860,857 (2024: £6,307,401 ) of client monies in designated client accounts. As these are client monies, the client account balance is not shown on the balance sheet.

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of N C Morris & Co LLP for the year ended 31 March 2025 which comprise the Profit and loss account, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of N C Morris & Co LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of N C Morris & Co LLP and state those matters that we have agreed to state to the members of N C Morris & Co LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N C Morris & Co LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that N C Morris & Co LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N C Morris & Co LLP. You consider that N C Morris & Co LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of N C Morris & Co LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Xeinadin Swiss Cottage Limited

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

27 June 2025