For the period ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships. The designated members acknowledge their responsibilities for complying with the requirements of 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), with respect to accounting records and the preparation of accounts.

The members acknowledge their responsibilities for

(a) ensuring that the LLP keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups Regulations 2018.

(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 period and of its profit or loss for the financial period in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups Regulations 2016 relating to financial statement, so far applicable to the LLP.
 

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.

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 Section 1A, and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2021. There are no material departures from FRS102.

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is given on the limited liability partnership information page.

The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Kitson & Trotman LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

The taxation payable on the LLP's profits is the personal liability of the members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Individual fixed assets are initially recorded at cost.

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

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:

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 in the Profit and Loss account on a straight line basis over the lease term.

The LLP operates a defined contribution pension scheme. 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.