ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Unaudited Financial Statements

Knox & Clayton LLP

For the year ended 31 March 2025

Registered number: NC001004


Knox & Clayton LLP

Information

Designated Members

Mr L Power

Mr J Ermongkonchai

LLP registered number

NC001004

Registered office

2a Wallace Avenue, Lisburn, Antrim, BT27 4AA

Accountants

Grant Thornton Advisors (NI) LLP, 12 - 15 Donegall Square West, Belfast, BT1 6JH

Bankers

Ulster Bank, 18 Bow Street, Lisburn, BT28 1BN

Solicitors

Millar McCall Wylie, 4-10 Donegall Square East, Belfast, BT1 5HD


Knox & Clayton LLP

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Reconciliation of members' interests	4
Notes to the financial statements	5 - 12

Independent Accountant's Report to the members of the unaudited financial statements of Knox & Clayton LLP for the year ended 31 March 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Knox & Clayton LLP for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the members of Knox & Clayton LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's members that we have done so and state those matters that we have agreed to state to the members of Knox & Clayton LLP, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knox & Clayton LLP and its members, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2025 and you have acknowledged on the Balance sheet as at 31 March 2025 your duty to ensure that Knox & Clayton LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Knox & Clayton LLP is exempt from the statutory audit requirement for the year ended 31 March 2025.

We have not been instructed to carry out an audit or review the financial statements of Knox & Clayton 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.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 11 December 2025

Page 1


Knox & Clayton LLP Registered number:NC001004

Balance sheet

As at 31 March 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		20,170		13,989
			20,170		13,989
Current assets
Debtors: amounts falling due within one year	6	478,867		708,469
Cash at bank and in hand	7	180		56,255
		479,047		764,724
Creditors: amounts falling due within one year	8	(437,987)		(651,292)
Net current assets			41,060		113,432
Total assets less current liabilities			61,230		127,421
Creditors: amounts falling due after more than one year	9		(2,632)		(13,052)
			58,598		114,369
Provisions for liabilities
Deferred income	11	(10,295)		-
			(10,295)		-
Net assets			48,303		114,369

Represented by:
Total members' interests	48,303		114,369
		48,303		114,369

Total			48,303		114,369

Page 2


Knox & Clayton LLP Registered number:NC001004

Balance sheet (continued)

As at 31 March 2025

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 11 December 2025.

Mr L Power	Mr J Ermongkonchai
Designated member	Designated member

The notes on pages 5 to 12 form part of these financial statements.

Page 3


Knox & Clayton LLP

Reconciliation of members' interests

For the year ended 31 March 2025


	Members' other interests
	Members' capital (classified as equity)	Other reserves	Total
	£	£	£
Profit for the year available for discretionary division among members	-	188,317	188,317
Members' interests after profit for the year	117,813	188,317	306,130
Other division of profits	188,317	(188,317)	-
Repayment of capital	(191,761)	-	(191,761)
Balance at 31 March 2024	114,369	-	114,369
Profit for the year available for discretionary division among members	-	115,112	115,112
Members' interests after profit for the year	114,369	115,112	229,481
Other division of profits	115,112	(115,112)	-
Repayment of capital	(181,178)	-	(181,178)
Repayment of debt	-	-	-
Balance at 31 March 2025	48,303	-	48,303

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

1.	General information

Knox & Clayton LLP is a Limited Liability Partnership incorporated in Northern Ireland, the registered office address is 2A Wallace Avenue, Lisburn, BT27 4AA.
The principal activity of the LLP is to provide architectural design to client projects.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).
The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The members have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

Revenue

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, excluding 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 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:

∙the amount of revenue can be measured reliably;

∙it is probable that the LLP will receive the consideration due under the contract;

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

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

Page 5


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.5

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.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	10.0%	Straight line
				Office equipment	-	33.3%	Straight line

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 in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

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.

Page 6


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Interest income

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

2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.12

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan 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 as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

2.13

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

Page 7


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgments or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
c) Long term contract revenue
Recognised amounts of long term revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of on-going contracts and the order backlog. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty.

Employees

The average monthly number of employees, including members, during the year was 18 (2024 - 19).

Page 8


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

5.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	23,631	54,587	78,218
Additions	-	16,874	16,874
Disposals	(2,986)	(3,648)	(6,634)
At 31 March 2025	20,645	67,813	88,458
Depreciation
At 1 April 2024	20,742	43,487	64,229
Charge for the year	334	10,359	10,693
Disposals	(2,986)	(3,648)	(6,634)
At 31 March 2025	18,090	50,198	68,288
Net book value
At 31 March 2025	2,555	17,615	20,170
At 31 March 2024	2,889	11,100	13,989

Debtors

					2025	2024
					£	£


Trade debtors	353,475	611,661
Amounts recoverable on contract	96,352	64,346
Prepayments and accrued income	29,040	32,462
	478,867	708,469

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	180	56,255
Less: bank overdrafts	(67,580)	-
	(67,400)	56,255

Page 9


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	67,580	-
Bank loans	10,441	10,186
Trade creditors	157,042	261,071
Other taxation and social security	114,243	171,684
Other creditors	2,098	2,137
Accruals and deferred income	86,583	206,214
	437,987	651,292

Other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
The terms of the accruals and deferred income are based on the underlying contracts.
Bank loans are repayable within 2 years. Interest is charged on a variable rate per annum.

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	2,632	13,052
	2,632	13,052

Details of security provided:
Ulster Bank Limited holds a fixed and floating charge which covers all the property or undertaking of the company.

Page 10


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

Amounts falling due within one year
Bank loans	10,441	10,186
	10,441	10,186
Amounts falling due 1-2 years
Bank loans	2,632	10,443
	2,632	10,443
Amounts falling due 2-5 years
Bank loans	-	2,609
	-	2,609

	13,073	23,238

11.	Deferred income

		Government grants
		£

	Released in the year	(1,641)
	Received in the year	11,936
	At 31 March 2025	10,295

12.	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 £9,377 (2024 - £9,353). Contributions totaling £1,839 (2024 - £1,811) were payable to the fund at the balance sheet date and are included in creditors.

Page 11


Knox & Clayton LLP

Notes to the financial statements

For the year ended 31 March 2025

Not later than 1 year	43,132	43,132
Later than 1 year and not later than 5 years	44,818	87,950
	87,950	131,082

14.	Related party transactions
	The LLP had the following related party transactions during the year: The company advanced net funds of £NIL (2024: £6,292) to the related party during the year. At the balance sheet date the amount owed to the related party was £NIL (2024: £NIL). The loans are unsecured and repayable upon demand.

15.	Controlling party

The LLP is controlled by the designated members.

Page 12