Limited Liability Partnership registration number OC362461 (England and Wales)
BRANNEN & PARTNERS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
BRANNEN & PARTNERS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRANNEN & PARTNERS LLP
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
127,276
145,027
Tangible assets
4
130,045
141,686
257,321
286,713
Current assets
Debtors
5
30,599
63,726
Cash at bank and in hand
98
6,654
30,697
70,380
Creditors: amounts falling due within one year
6
(399,041)
(414,649)
Net current liabilities
(368,344)
(344,269)
Total assets less current liabilities and net liabilities attributable to members
(111,023)
(57,556)
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(111,023)
(57,556)

For the financial year ended 31 March 2025 the limited liability partnership 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 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 6 January 2026 and are signed on their behalf by:
06 January 2026
Mr D S Brannen
Designated member
Limited Liability Partnership registration number OC362461 (England and Wales)
BRANNEN & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Limited liability partnership information

Brannen & Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 220 Park View, Whitley Bay, Tyne and Wear, NE26 3QR. The registration number is OC362461.

The limited liability partnerships' principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The firm is financed through the capital introduced by the members, bank loan overdraft and by profits retained within the business. The firm has facilities with the bank which are renewed annually to provide working capital. Where appropriate, the firm will negotiate additional finance to assist in capital expenditure projects. The firm produces annual budgets and forecasts which take account of expected changes in the trading performance which demonstrate that the firm will be able to operate within its current facilities. On this basis, the members consider it appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover
Turnover represents amounts receivable for services net of VAT.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.5
Intangible fixed assets - goodwill

Goodwill represents the purchase of the assets of Hindmarsh & Partners. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BRANNEN & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over lease term
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The property lease expires in 2026, it is expected that this will be extended for a term of 15 years so leasehold additions in the year are being depreciated over 17 years.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
38
37
BRANNEN & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
177,508
Amortisation and impairment
At 1 April 2024
32,481
Amortisation charged for the year
17,751
At 31 March 2025
50,232
Carrying amount
At 31 March 2025
127,276
At 31 March 2024
145,027
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
120,507
208,777
329,284
Additions
-
7,480
7,480
At 31 March 2025
120,507
216,257
336,764
Depreciation and impairment
At 1 April 2024
11,179
176,419
187,598
Depreciation charged in the year
11,904
7,217
19,121
At 31 March 2025
23,083
183,636
206,719
Carrying amount
At 31 March 2025
97,424
32,621
130,045
At 31 March 2024
109,328
32,358
141,686
BRANNEN & PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,981
9,739
Other debtors
25,618
53,987
30,599
63,726
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
19,493
22,385
Trade creditors
51,148
69,781
Taxation and social security
86,295
51,910
Other creditors
242,105
270,573
399,041
414,649
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

8
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
40,325
56,825
9
Related party transactions

During the year the company paid rent of £25,200 (2024: £25,200) to THB Trust of which T H Brannen is a trustee.

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