Registration number:
Westcotts (SW) LLP
trading as
for the Year Ended 31 March 2025
Registration number:
Westcotts (SW) LLP
trading as
for the Year Ended 31 March 2025
Westcotts (SW) LLP
trading as Westcotts
Contents
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Limited liability partnership information |
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Members' Report |
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Statement of Members' Responsibilities |
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Independent Auditor's Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Cash Flow Statement |
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Notes to the Financial Statements |
Westcotts (SW) LLP
trading as Westcotts
Limited liability partnership information
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Designated members |
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Registered office |
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Auditors |
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Westcotts (SW) LLP
trading as Westcotts
Members' Report for the Year Ended 31 March 2025
The members present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activity of the limited liability partnership is the provision of a full range of audit, accounting, tax and business advisory services, including non-contentious probate; digital solutions and corporate finance services.
Review of the business and future developments
We report on another successful year for our team at Westcotts. These results are for the 12-month period ended 31 March 2025.
As a firm we have continued to grow, welcoming new clients and extending our support for existing ones, many of whom we have long established relationships with.
Our financial result for the year has been achieved through the combined energy and effort of every Westcotts team member, working together across our offices to provide our diverse range of clients with the very best advice and, in some cases, support them through some extremely challenging times.
During the year we have continued to focus on our core people objectives of: Aattracting, investing and retaining the best people. We have made a number of appointments that have strengthened our team further and have recognised a number of team members through promotion. We have established new learning, development and training programs to ensure our teams are equipped to provide our clients with the very best advice. Furthermore, we continue to research and invest in new technology to ensure our teams make use of the most efficient and effective systems.
Our trainee apprenticeship program is core to our continued success, and by 31 March 2025 we had 38 apprentices training across the firm. Additionally, we have been recognised as one of the top 50 apprenticeship employers in England for the last two years. We also continue to hold the Investors in People Gold accreditation, which further demonstrates our continued investment in our team.
We continue to be successful in creating one of the best South West regional independent practices, focusing on growth organically or by acquisition. Looking forward, we are committed in our ambition to become the preferred firm for accounting, audit, tax and specialist advice to businesses and private clients across the region. As such, we continue to invest in our teams and new technology, as well as changing and evolving with the ever-changing economic landscape.
Westcotts (SW) LLP
trading as Westcotts
Members' Report for the Year Ended 31 March 2025 (continued)
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
The LLP has equity and fixed share members as defined by the members' LLP agreement. Members are required to contribute capital to the LLP, as determined by the Management Board. Capital requirements are reviewed and determined regularly by the Management Board and on retirement, members' capital accounts are repayable. Interest is paid on capital accounts.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions, vehicles, medical and other insurance cover. Profits are automatically allocated between members as profits are earned based on pre-agreed profit shares and equity ownership.
Members receive monthly drawings during the year representing payments of profits allocated to them. The amount of such drawings is set at the start of the financial year, taking into account the anticipated cash needs of the LLP and making full provision for income tax payable. Members also receive additional drawings based on the residual profits earned in the previous year, which are allocated based on pre-agreed profit shares and equity ownership.
Disclosure of information to the auditors
Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors, Larking Gowen LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
Approved by the
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Westcotts (SW) LLP
trading as Westcotts
Statement of Members' Responsibilities for the Year Ended 31 March 2025
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require 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 (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs 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 year. In preparing these financial statements, the members are required to:
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select suitable accounting policies and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that 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 to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). 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.
These responsibilities are exercised by the Board on behalf of the members.
Westcotts (SW) LLP
trading as Westcotts
Independent Auditor's Report to the Members of Westcotts (SW) LLP
Opinion
We have audited the financial statements of Westcotts (SW) LLP (the ‘limited liability partnership’) for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of 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. |
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 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 entity's ability to continue as a going concern for a period of at least twelve months from when the original 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 members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Westcotts (SW) LLP
trading as Westcotts
Independent Auditor's Report to the Members of Westcotts (SW) LLP (continued)
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the limited liability partnership 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 Statement of Members' Responsibilities set out on page 4, 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.
Westcotts (SW) LLP
trading as Westcotts
Independent Auditor's Report to the Members of Westcotts (SW) LLP (continued)
Auditor 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.
Due to the field in which the LLP operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and 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. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the LLP's ability to operate, including employment law and compliance with ICAEW regulations.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
• Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;
• Reviewing legal and professional fees to confirm all matters where the LLP engaged lawyers during the year;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Reviewing board minutes and any relevant correspondence with external authorities;
• Challenging assumptions and judgements made by management in their significant accounting estimates;
• Auditing the risk of management override of controls, including through testing entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside of the normal course of business; and
• Assessment of any matters raised through external reviews.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Westcotts (SW) LLP
trading as Westcotts
Independent Auditor's Report to the Members of Westcotts (SW) LLP (continued)
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 to limited liability partnerships by the Limited Liability Partnerships (Accounts & 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
1st Floor, Prospect House
Rouen Road
Norfolk
NR1 1RE
Westcotts (SW) LLP
trading as Westcotts
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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Profit for the year before members' remuneration and profit shares |
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Members' remuneration charged as an expense |
(6,152,665) |
(5,727,430) |
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Profit/(loss) for the year available for discretionary division among members |
- |
- |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Westcotts (SW) LLP
trading as Westcotts
(Registration number: OC432402)
Balance Sheet as at 31 March 2025
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Note |
31 March 2025 |
31 March 2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Other provisions |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
3,846,030 |
4,309,741 |
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3,846,030 |
4,309,741 |
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Total members' interests |
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Loans and other debts due to members |
3,846,030 |
4,309,741 |
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3,846,030 |
4,309,741 |
Westcotts (SW) LLP
trading as Westcotts
(Registration number: OC432402)
Balance Sheet as at 31 March 2025 (continued)
The financial statements of Westcotts (SW) LLP (registered number OC432402) were approved by the
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Westcotts (SW) LLP
trading as Westcotts
Statement of Changes in Members’ Interests
At 31 March 2025
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Loans and other debts due to/(from) members |
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Members' other amounts |
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Members' interest at 1 April 2024 |
4,309,741 |
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Members' remuneration charged as an expense |
6,152,665 |
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Members' interests after total comprehensive income |
10,462,406 |
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Members’ capital introduced |
1,248,281 |
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Drawings (including tax payments) |
(7,864,657) |
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At 31 March 2025 |
3,846,030 |
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Loans and other debts due to/(from) members |
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Members' other amounts |
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Members' interest at 1 May 2023 |
3,940,034 |
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Members' remuneration charged as an expense |
5,727,430 |
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Members' interests after total comprehensive income |
9,667,464 |
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Members’ capital introduced |
1,383,476 |
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Drawings (including tax payments) |
(6,741,199) |
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At 31 March 2024 |
4,309,741 |
Westcotts (SW) LLP
trading as Westcotts
Cash Flow Statement for the Year Ended 31 March 2025
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Note |
31 March 2025 |
31 March 2024 |
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Net cash inflow from operating activities |
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Cash flows from investing activities |
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Purchase of tangible fixed assets |
( |
( |
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Interest received |
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Interest paid |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Repayment of loans and borrowings |
( |
( |
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Value of new loans obtained during the period |
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Payments to or on behalf of members |
( |
( |
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Capital contributions by members |
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Net cash flows from financing activities |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 April / 1 May |
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Cash and cash equivalents at 31 March |
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31 March 2025 |
31 March 2024 |
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Reconciliation to cash at bank and in hand: |
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Cash at bank |
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Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
General information and basis of accounting
Westcotts (SW) LLP is a limited liability partnership incorporated in England and Wales (registration number OC432402). The registered office address is: 26-28 Southernhay East, Exeter, Devon EX1 1NS. The principal activities of the LLP are set out in the report of the members.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The functional and presentational currency of Westcotts (SW) LLP is considered to be pound sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Amounts are rounded to the nearest £1.
The current accounting period covers a 12 month trading period to 31 March 2025. The prior period covers an 11 month trading period to 31 March 2024.
Going concern
The LLP is primarily financed by capital introduced by the members, bank loans and overdrafts, and retained profits due to the members.
As part of their assessment, the members have prepared forecasts until March 2027, taking into consideration expected trading performance, capital expenditure plans and debt servicing requirements. The bank loan and overdraft facilities are renewed annually, to which the LLP continues to have an excellent relationship with its bank, with which it maintains regular dialogue and the bank has informally indicated that the LLP's required facilities will be renewed.
Based on the above assessment, the members have concluded that they have a reasonable expectation that the LLP will have adequate resources to continue trading for at least 12 months from the date of signing the financial statements, they therefore consider it appropriate to prepare the financial statements on a going concern basis.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Accounting policies (continued) |
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, net of value added taxes, discounts, rebates and other sales tax or duty. The following criteria must also be met before revenue is recognised:
Services rendered - revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: i) the amount of revenue can be measured reliably; ii) it is probable that the LLP 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.
Contingent fee assignments - turnover in respect of contingent fee assignments (over and above any agreed minimum fee which is recognised as above) is recognised in the period where the contingent event occurs, and collectability of the fee assured.
Fee protection subscription income - this annual subscription is released to the profit and loss account evenly over the 12-month period to which it relates with the balance at any time being held within ‘Accruals and deferred income’ in ‘Creditors: Amounts falling due within one year’.
Members' remuneration and division of profits
Fixed share members' share of profits and interest earned on members' balances are automatically allocated and are treated as members' remuneration charged as an expense to the profit and loss account.
Equity members' share of profits and interest earned on members' balances are automatically allocated in accordance with the LLP Members Agreement and are treated as members' remuneration charged as an expense to the profit and loss account.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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1 |
Accounting policies (continued) |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Depreciation method and rate |
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Leasehold property improvements |
20% straight line |
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Office equipment (including computer equipment) |
20% straight line |
Stock
Stocks of stationery consumables are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts, if utilised, that are repayable on demand and form an integral part of the LLP's cash management.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors and other financial liabilities, including bank loans, are measured at the transaction price.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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1 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.
Members' interests
Members' capital is repayable on retirement of the member and is therefore classified as a liability.
Pensions and other post retirement obligations
The LLP operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension scheme under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme. Amounts not paid are shown in creditors as a liability in the Balance Sheet. The assets of the scheme are held separately from the LLP in independently administered funds.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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1 |
Accounting policies (continued) |
Financial instruments
Classification
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Instruments which are wholly payable or receivable within one year are measured at transaction price, less (in the case of debtors) any impairment.
Instruments which are repayable or receivable, in whole or in part, over more than one year are initially measured at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. A range of factors are used in arriving at the estimates and judgements including past experience and reasonable expectations for the future. However the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements have had the most significant effect on the amounts recognised in the financial statements.
Work in progress and accrued income
The LLP's policy for work in progress and accrued income is to not carry any value which is unrecoverable, as such management review the work in progress regularly, and irrecoverable work is written off. If the recoverability of work is doubtful, a provision will be included in the financial statements. Recoverability is subjective, based on the knowledge of the client and the details of the client assignment.
The value of accrued income is determined by valuing unbilled work with reference to standard values at the annual average rolling recovery rate.
Provisions against trade debtors
Management review aged debtors regularly and those debts considered to be irrecoverable are provided against. Recoverability is subjective, based on the knowledge of the individual client and details of the specific assignment.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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2 |
Critical accounting judgements and key sources of estimation uncertainty (continued) |
Dilapidations of leasehold property
All business premises are leasehold premises and the leasehold interests are all tenant repairing leases. The LLP has made provision for redecoration clauses at the end of each lease and also for repairs to re-instate each property to the condition when first occupied.
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Turnover |
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Operating profit |
Operating profit is stated after charging:
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Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
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Operating leases - other assets |
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Depreciation of owned assets |
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Other interest receivable and similar income |
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Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
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Other interest receivable and similar income |
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Interest payable and similar charges |
|
Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
|
|
Interest on bank borrowings and overdrafts |
|
|
|
Particulars of employees |
The average number of persons employed by the limited liability partnership (including members with contracts of employment) during the year, analysed by category was as follows:
|
Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
|
|
Client facing |
|
|
|
Administration and support |
|
|
|
|
|
|
|
|
||
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
|
7 |
Particulars of employees (continued) |
The aggregate payroll costs were as follows:
|
Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs |
437,766 |
367,780 |
|
7,939,059 |
6,741,457 |
|
|
|
||
|
Members' remuneration |
|
31 March |
1 May 2023 to |
|
|
Average number of members during the year |
36 |
35 |
The average profit allocation per member in respect of the year's results amounted to £170,104 (2024: £159,095).
Profits are shared among members in accordance with agreed profit sharing arrangements. The average profit per member is calculated in accordance with the requirements of the SORP by dividing the profit for the financial year before members' remuneration and profit shares by the average number of all members.
The profit attributable to the member with the largest entitlement was £496,739 (2024: £500,266).
Allocated profits take in to account pension and annuity payments and include sums allocated as interest, members' motor expenses and capital profits.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
|
Auditor's remuneration |
|
Year ended 31 March 2025 |
1 May 2023 to 31 March 2024 |
|
|
Audit of the financial statements |
|
|
|
Tangible fixed assets |
|
Leasehold property improvements |
Office equipment |
Total |
|
|
Cost |
|||
|
At 1 April 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 March 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2024 |
|
|
|
|
Eliminated on disposals |
( |
( |
( |
|
Charge for the year |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Net book value |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
Stocks |
|
2025 |
2024 |
|
|
Stationery consumables |
|
|
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts recoverable on long term contracts |
2,764,105 |
2,896,888 |
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
|
2025 |
As restated |
|
|
Bank loans and overdrafts |
|
|
|
Payments received on account |
|
|
|
Trade creditors |
|
|
|
Other taxes and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Bank loans and overdrafts are secured by a fixed and floating charge over all assets of the LLP.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
|
Creditors: Amounts falling due after more than one year |
|
2025 |
2024 |
|
|
Other creditors |
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions |
|
Dilapidations |
Other |
Total |
|
|
At 1 April 2024 (as restated) |
|
|
|
|
Additional provisions |
- |
|
|
|
Increase (decrease) in existing provisions |
|
( |
|
|
Provisions used |
( |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|||
Provision is made for dilapidation liabilities arising in relation to a number of leasehold office premises under the terms of each lease. The provision is expected to unwind within 7 years.
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
|
Cash flow statement |
|
31 March 2025 |
31 March 2024 |
|
|
Operating profit |
|
|
|
Depreciation, amortisation and impairment charges |
|
|
|
(Increase)/decrease in stocks |
( |
|
|
(Increase)/decrease in debtors |
( |
|
|
Increase/(decrease) in creditors |
|
( |
|
Increase in provisions |
|
|
|
Cash (used in) / generated by operations |
|
|
|
Net cash inflow from operating activities |
|
|
|
Commitments |
|
Pension commitments |
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £437,766 (2024: £367,780). At the year end, contributions totalling £57,001 were payable to the fund and are included in creditors at that date (2024: nil).
Westcotts (SW) LLP
trading as Westcotts
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Arising from cash flows |
At 31 March 2025 |
|
|
Cash at bank |
1,090,986 |
(774,183) |
316,803 |
|
Bank borrowings (less than one year) |
(1,776,865) |
526,865 |
(1,250,000) |
|
Net debt (before members’ debt) |
(685,879) |
(247,318) |
(933,197) |
|
Loans and other debts due to members |
|||
|
Members’ capital |
(4,309,741) |
463,711 |
(3,846,030) |
|
Net debt |
( |
|
( |
|
|
|||
|
Related party transactions |
Key management personnel
The LLP regards all members to be key management with total compensation being included in the total members remuneration as shown in the profit and loss account.
Summary of transactions with key management
Summary of transactions with entities with joint control or significant interest
There is an agreement between the LLP and the previous unincorporated partnership that all costs related to leases still held by the unincorporated partnership are deemed payable by the LLP. As these leases renew, they will be renewed in the name of the LLP. During the year, rental costs of £232,781 (2024: £343,666) were recharged to the LLP from the unincorporated partnership. At the year end, amounts owed to the LLP, due to payments in advance, in respect of these transactions totalled £29,685 (2024: £37,661).
|
Control |
The LLP is controlled by the equity members. No single member has overall control of the LLP.