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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS LLP
INFORMATION
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CLUTTONS LLP
CONTENTS
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CLUTTONS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The members present their annual report together with the audited financial statements of Cluttons LLP (the "LLP'' and the ''Group") for the ended 31 March 2025.
Principal activities
The principal activities of Cluttons LLP is the provision of chartered surveying and property consultancy services with a network of ten offices in the UK.
Designated Members
The designated members during the year were as follows:
J R Gray (resigned 31 August 2025) J R Gravett N Potter Paisley Newco Limited
Member's drawings and the subscription and repayment of members' capital
The LLP operates a drawings policy which has regard to a cautious estimate of budgeted profits and restricts monthly drawings to prudent levels until the results for the year and individual members’ allocations have been determined. Members’ capital requirements are determined at the start of each financial year. The LLP pays interest on each member’s capital account payable before any allocation of profits.
Subject to compliance with certain provisions of the LLP Deed Members' capital is ordinarily repayable within a defined period following the departure of a member and is therefore classified as a liability.
Review of business
Following the management buyout in December 2023 and subsequent business plan the Group has been building solid foundations to achieve its Going for Growth strategy. It has invested in service teams, systems and performance metrics, central support and embedding strategic initiatives with green energy and digital connectivity work streams which are the foundational pillars for the Real Assets of the future in all sectors.
We have continued to expand our special capabilities in asset design, build and management of digital, electric and other utility infrastructure and property advice to owners and occupiers of large estates in commercial and residential markets. By investing in our teams through internal talent development complemented with strategic hires we develop deeper and broader client relationships and are proud of our multi-disciplinary services which maximise returns for our clients’ portfolios. The group is committed to supporting the pillars of ESG through outstanding environmental sustainability performance within the business as well as helping its clients to create sustainable value from their property assets. Our culture reflects our values of drive, fascination, collaboration, community and challenge. We place people at the heart of our business. Our constant aim is to retain and build long term relationships with our people and the communities we work within. We want to positively impact the local communities within which we work and live.
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CLUTTONS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Results
The consolidated results for the year ended 31 March 2025 are shown in the Consolidated statement of comprehensive income on page 8.
The Group's consolidated earnings before interest, tax, depreciation and amortisation of goodwill was approximately £2.3m (2024: £1.9m) following an increase in consolidated income to £28.3m (2024: £26.7m) a 6% uplift year on year. These results exclude interest on members' capital accounts classified as remuneration and do not include £0.6m (2024: £0.8m) of exceptional costs incurred by the Group during the year in relation to business planning and implementation. The groups operating profit before members’ remuneration was £4.2m (2024: £3.2m) following an increase in consolidated income to £28.3m (2024: £26.7m) a 6% uplift year on year.
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 LLP and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
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CLUTTONS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Auditors
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report has been prepared in accordance with the special provisions relating to limited liability partnerships within Part 15 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).
This report was approved by the members and signed on their behalf by:
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CLUTTONS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS LLP
We have audited the financial statements of Cluttons LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and LLP Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated and LLP Reconciliation of Members' Interests and the related notes, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent LLP's ability to continue as a going concern for a period of at least twelve months from when the 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.
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CLUTTONS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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CLUTTONS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS LLP (CONTINUED)
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 Auditors' 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 Group 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.
Based on our understanding of the Group, parent LLP and the industry, key laws and regulations that we have identified included:
∙Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008;
∙Tax legislation;
∙Health and safety;
∙Employment legislation;
∙General Data Protection Regulation (GDPR);
∙Financial Conduct Authority (FCA).
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular revenue recognition criteria for work in progress and accrued revenue, goodwill useful life and amortisation and the bad debt provision.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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CLUTTONS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS LLP (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Cornerblock
2 Cornwall Street
B3 2DX
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CLUTTONS LLP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS LLP
REGISTERED NUMBER: OC344742
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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CLUTTONS LLP
REGISTERED NUMBER: OC344742
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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CLUTTONS LLP
REGISTERED NUMBER: OC344742
LLP BALANCE SHEET
AS AT 31 MARCH 2025
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CLUTTONS LLP
REGISTERED NUMBER: OC344742
LLP BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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CLUTTONS LLP
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS LLP
LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS LLP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS LLP
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Cluttons LLP is a private limited liability partnership and is incorporated and domiciled in England and Wales, United Kingdom. The address of its registered office is Yarnwicke, 119-121 Cannon St, London, EC4N 5AT. The principal activities of the Group are given in the Members' Report.
2.Accounting policies
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 financial statements are prepared in Sterling which is the functional currency of the Group. The financial statements level of rounding is to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquirees identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. The results of the subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Investment in subsidiaries are accounted for at cost less any accumulated impairment losses in the individual financial statements.
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issues by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.
Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised separately.
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
∙it is technically feasible to complete the software so that it will be available for use or sale;
∙the intention of the Group is to complete the software and use or sell it;
∙the Group will have the ability to use the software or to sell it;
∙the software will generate probable future economic benefits;
∙adequate technical, financial and other resources are available to complete the development;
∙the Group is able to measure reliably the expenditure attributable to the software during its development.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their useful economic lives, using the straight line method. The intangible fixed assets are amortised over the following economic lives:
Software licences up to 5 years
Goodwill 10 years
If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is provided on the following basis, using the straight line method:
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 the Consolidated Statement of Comprehensive Income.
Functional and presentation currency
Transactions and balances
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
A division of profits is the mechanism by which the profits of the Group 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 Group 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 Group, which it has the unconditional right to avoid making.
The Group divides profits both automatically and discretionarily. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Consolidated Statement of Comprehensive Income. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
Profits of the Group which are not yet divided among the members are shown under 'Other reserves' on the Balance Sheet, pending a discretionary decision to divide the profits.
Members are personally liable for taxation on their share of the LLP's profits, although payment of such liabilities is administered by the LLP on behalf of the members. Consequently, no reserve for taxation or related deferred taxation is made 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.
Current tax arising within corporate subsidiaries is recognised for the amount of corporation tax payable for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted in those territories at the balance sheet date. Revenue from agency transactions is recognised at the time contracts are exchanged where completion is anticipated within the next 60 days. Revenue from advisory services is recognised where fees have been unconditionally earned and to the extent that these have not been invoiced at the year end, these amounts are included within amounts recoverable on contracts. Revenue in respect of conditional or contingent fee engagements is recognised when the contingent event occurs.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and to/from related parties.
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured as present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 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 the Consolidated Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financing assets measured at cost less impairment, the impairment loss in measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would received for the asset if it were to be sold at the balance sheet date. 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.
Services provided to clients during the financial year, which at the balance sheet date have not yet been billed to clients have been recognised in revenue based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement and for fees for professional work that have been unconditionally earned but not yet invoiced at the balance sheet date.
Assets held under operating leases are not capitalised. Operating lease rentals are charged to the Consolidated Statement of Comprehensive Income in the year in which they are incurred.
Provisions are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that the group will be required to settle the obligation and the amount can be reliably estimated. The best estimate of the amount required to settle the obligation at the reporting date is discounted to present value where the effect is material.
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions for potential or actual professional indemnity claims are recognised when it is probable that the Group will be required to settle part or all of valid claims against it as a result of a past event and the amount of the obligation can be reliably estimated.
Provisions for dilapidations are recognised where the group is required to perform dilapidation repairs on leased properties being vacated at the end of their lease term under a legal obligation and the liability can be reasonably quantified.
The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current year and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.
Subject to compliance with certain provisions of the LLP Deed Members' capital is ordinarily repayable within a defined period following the departure of a member and is therefore classified as a liability.
Page 22
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
At 31 March 2025, the carrying value of goodwill is £4,597,047 (2024: £5,127,476). Revenue recognition Management consider the various revenue streams separately and make judgements where the nature of the service is such that it is required. The main judgements being: Where work is in progress at the end of the year and the right to consideration is being accrued as the work is performed, management assess their expectation of the amount earned as at the end of the year end if not yet invoiced, accrue that revenue. The value of amounts recoverable on contracts and accrued income at 31 March 2025 totalled £1,987,855 (2024: £1,477,512).
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 25
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent LLP for the year was £
Page 26
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 27
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14.Intangible assets (continued)
Page 28
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 29
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15.Tangible fixed assets (continued)
Page 30
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 31
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 32
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 33
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 34
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 35
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Other reserves
This reserve records all unallocated profits which are available for discretionary division amongst the LLP's members.
The LLP has given a guarantee of up to £3.4m (inclusive of the secured creditors as disclosed in notes 19 and 20 above) (2024: £3.4m) supported by a debenture to HSBC bank. This secured guarantee is to cover any shortfall in the repayment of loans made by HSBC to certain members of the LLP for the purpose of funding a portion of their capital contributions. This is a cross guarantee from the LLP and its subsidiary, Cluttons Employees Limited.
The Group contributes to defined contributions pension schemes on behalf of its employees. The assets of the pension scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £443,648 (2024: £426,466). Contributions totaling £101,192 (2024: £95,671) were payable to the fund at the Balance Sheet date and are included in other creditors.
Page 36
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The immediate parent undertaking of this entity is Paisley Newco Limited, a company incorporated in England and Wales, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon St, London, EC4N 5AT.
The ultimate controlling party is considered to be funds managed by Treun Capital General Partner Limited by virtue of their shareholding in CIM Newco Limited, the parent undertaking of Paisley Newco Limited. The smallest and largest group of undertakings for which consolidated financial statements have been prepared as at 31 March 2025 is that headed by CIM Newco Limited, a company incorporated in England and Wales, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon Street, London, United Kingdom, EC4N 5AT. Copies of these financial statements can be obtained from the registered office address.
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 38
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CLUTTONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 39
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