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| Registered number: OC313211
HARTNELL TAYLOR COOK LLP ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
HARTNELL TAYLOR COOK LLP INFORMATION
Designated Members R Amey (resigned 1 May 2025)
R Castle
S Funiciello
J Gilbert (resigned 1 May 2024)
C Grazier
S Harvey
S Howell
I Lambert
J Marwood
A Moat
D North
R Saunders
M Sharkey
LLP registered number OC313211
Registered office Nightingale House, Redland Hill, Redland, Bristol, England, BS6 6SH
Statutory auditors Bishop Fleming Audit Limited, 10 Temple Back, Bristol, BS1 6FL
HARTNELL TAYLOR COOK LLP CONTENTS
| Page
Members' report | 1
Members' responsibilities statement | 2
Independent auditors' report | 3 - 6
Statement of comprehensive income | 7
Statement of financial position | 8 - 9
Statement of changes in equity | 10
Statement of cash flows | 11 - 12
Notes to the financial statements | 13 - 26
HARTNELL TAYLOR COOK LLP MEMBERS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The members present their annual report together with the audited financial statements of Hartnell Taylor Cook LLP (the "LLP") for the year ended 30 April 2025. Principal activities The principal object of the LLP is that of the provision of commercial estate management, consultancy and agency services. Designated Members The designated members, who served the LLP during the financial year and to the date of this report, except as noted, were as follows: R Amey (Resigned 1 May 2025), R Castle, S Funiciello, J Gilbert (Resigned 1 May 2024), C Grazier, S Harvey, S Howell, I Lambert, J Marwood, A Moat, D North, R Saunders M Sharkey Members' capital and interests The firm's drawings policy allows each member to draw a proportion of their profit share in 12 monthly installments in accordance with the members' agreement in anticipation of profits which will be allocated to them. All payments are made subject to the cash requirements of a business. A retention from profits is made to fund payments of taxation on behalf of members, payments are made to the HM Revenue and Customs on behalf of the members with any excess being released to members as appropriate. The capital requirement for each member is set out in the members' agreement and is contributed by the members in proportion to their interest in the LLP. On retirement or leaving, the LLP is not required to repay the members' capital. This report was approved by the members and signed on their behalf by:
D North Designated member
Date: 23 January 2026
Page 1
HARTNELL TAYLOR COOK LLP MEMBERS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 APRIL 2025 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: ∙select suitable accounting policies for the LLP's financial statements and then apply them consistently; ∙make judgments 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 entity will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2
HARTNELL TAYLOR COOK LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTNELL TAYLOR COOK LLP
Opinion
We have audited the financial statements of Hartnell Taylor Cook LLP (the 'LLP') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity 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). In our opinion the financial statements: ∙give a true and fair view of the state of the LLP's affairs as at 30 April 2025 and of its result 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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.
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 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.
Other information
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. Page 3
HARTNELL TAYLOR COOK LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTNELL TAYLOR COOK LLP (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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; or ∙the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.
Responsibilities of members
As explained more fully in the Members' responsibilities statement on page 2, 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so. Page 4
HARTNELL TAYLOR COOK LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTNELL TAYLOR COOK LLP (CONTINUED)
Auditors' 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 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 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: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: ∙The nature of the industry and sector, control environment and LLP's performance; ∙Results of our enquiries of management and directors in relation to their own identification and assessment of the risks of irregularities within the LLP; and ∙any matters we identified having obtained and reviewed the LLP's documentation of their policies and procedures relating to: °identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; °detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; °the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the LLP's ability to operate or to avoid a material penalty. These included health and safety legislation, employment legislation and data protection laws. Our audit procedures performed to respond to the risks identified included, but were not limited to: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; ∙Challenging assumptions and judgements made by management in their significant accounting estimates; ∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; and ∙Review of board meeting minutes. Page 5
HARTNELL TAYLOR COOK LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARTNELL TAYLOR COOK LLP (CONTINUED) We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.
Other matter
The corresponding figures are unaudited.
Use of our 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. Simon Morrison (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 23 January 2026 Page 6
HARTNELL TAYLOR COOK LLP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | Unaudited 2024
Note | £ | £
Turnover | 4 | 11,005,411 | 10,350,388
Cost of sales |  | (5,680,616) | (5,060,567)
Gross profit |  | 5,324,795 | 5,289,821
Administrative expenses |  | (3,464,915) | (3,151,750)
Operating profit |  | 1,859,880 | 2,138,071
Interest receivable and similar income |  | 1,842 | 2,249
Interest payable and similar expenses |  | (9,409) | (3,522)
Profit before tax |  | 1,852,313 | 2,136,798
Profit for the year before members' remuneration and profit shares |  | 1,852,313 | 2,136,798
Profit for the year before members' remuneration and profit shares |  | 1,852,313 | 2,136,798
Members' remuneration charged as an expense |  | (1,852,313) | (2,136,798)
RESULTS FOR THE YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |  | - | -
The notes on pages 13 to 26 form part of these financial statements.
Page 7
HARTNELL TAYLOR COOK LLP REGISTERED NUMBER:OC313211 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | Unaudited 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | - |  | 7,896
Tangible assets | 12 |  | 575,000 |  | 596,555
Investments | 13 |  | 156 |  | 156
|  |  | 575,156 |  | 604,607
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 2,847,669 |  | 3,618,588 |
Cash at bank and in hand | 15 | 109,540 |  | 115,841 |
|  | 2,957,209 |  | 3,734,429 |
Creditors: Amounts Falling Due Within One Year | 16 | (2,332,586) |  | (2,794,535) |
Net current assets |  |  | 624,623 |  | 939,894
Total assets less current liabilities |  |  | 1,199,779 |  | 1,544,501
Provisions for liabilities |  |  |  |  |
Other provisions | 17 | (124,861) |  | (75,000) |
|  |  | (124,861) |  | (75,000)
Net assets |  |  | 1,074,918 |  | 1,469,501
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 18 |  | 634,675 |  | 1,029,258
|  |  | 634,675 |  | 1,029,258
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 440,243 |  | 440,243 |
|  |  | 440,243 |  | 440,243
|  |  | 1,074,918 |  | 1,469,501
Total members' interests |  |  |  |  |
Loans and other debts due to members | 18 |  | 634,675 |  | 1,029,258
Members' other interests |  |  | 440,243 |  | 440,243
|  |  | 1,074,918 |  | 1,469,501
Page 8
HARTNELL TAYLOR COOK LLP REGISTERED NUMBER:OC313211 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2025 The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 23 January 2026.
D North
Designated member
The notes on pages 13 to 26 form part of these financial statements. Page 9
HARTNELL TAYLOR COOK LLP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Members capital (classified as equity) | Total equity
| £ | £
At 1 May 2023 | 440,243 | 440,243
At 1 May 2024 | 440,243 | 440,243
At 30 April 2025 | 440,243 | 440,243
The notes on pages 13 to 26 form part of these financial statements.
Page 10
HARTNELL TAYLOR COOK LLP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | Unaudited 2024
|  |  | £ | £
Profit for the financial year | - | -
Adjustments for: |  |
Members' remuneration charged as an expense | 1,852,313 | 2,136,798
Amortisation of intangible assets | 7,896 | 11,375
Depreciation of tangible assets | 191,661 | 154,386
Loss on disposal of tangible assets | (1,069) | (6,912)
Interest paid | 9,409 | 3,522
Interest received | (1,842) | (2,249)
Decrease/(increase) in debtors | 772,893 | (1,155,892)
(Increase) in amounts owed by associates | (1,974) | (39,162)
(Decrease)/increase in creditors | (135,997) | 253,576
Increase/(decrease)) in amounts owed to groups | - | (2)
Increase/(decrease) in provisions | 49,861 | (25,000)
Net cash generated from operating activities before transactions with members | 2,743,151 | 1,330,440
Members' remuneration charged as an expense | (1,852,313) | (2,136,798)
Net cash generated from operating activities | 890,838 | (806,358)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (171,157) | (324,180)
Sale of tangible fixed assets | 2,120 | 9,617
Purchase of fixed asset investments | - | 2
Interest received | 1,842 | 2,249
Net cash from investing activities | (167,195) | (312,312)
Page 11
HARTNELL TAYLOR COOK LLP STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Interest paid | (9,409) | (3,522)
Amounts introduced by members | 135,000 | 199,190
Distribution paid to members | (2,381,896) | (2,174,158)
Other transactions with members | 1,852,313 | 2,136,798
Net cash used in financing activities | (403,992) | 158,308
Net increase/(decrease) in cash and cash equivalents | 319,651 | (960,362)
Cash and cash equivalents at beginning of year | (487,857) | 472,505
Cash and cash equivalents at the end of year | (168,206) | (487,857)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 109,540 | 115,841
Bank overdrafts | (277,746) | (603,698)
| (168,206) | (487,857)
The notes on pages 13 to 26 form part of these financial statements.
Page 12
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Hartnell Taylor Cook LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Nightingale House Redland Hill, Redland, Bristol, BS6 6SH, United Kingdom. 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 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 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 following principal accounting policies have been applied:
| 2.2 | Consolidation
The LLP qualifies as a medium group under the Companies Act 2006 but has elected not to prepare consolidated accounts on the basis that subsidiary companies are immaterial to the group, information regarding the subsidiary companies can be found in note 13 to the financial statements.
| 2.3 | Going concern
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 13
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | 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. The LLP classifies distributions of profits as operating cash flows in the Statement of cash flows.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website Costs | - |  | 5 years straight line
| 2.10 | 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. Page 14
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (CONTINUED)
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:
|  |  |  | Leasehold improvements | - | depreciated over the life of the lease
|  |  |  | Motor vehicles | - | 5 years straight line
|  |  |  | Fixtures and fittings | - | 3 - 5 years straight line
|  |  |  | Computer equipment | - | 3 years 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.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | 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.
| 2.13 | 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 that are repayable on demand and form an integral part of the LLP's cash management.
| 2.14 | 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.
| 2.15 | 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. Page 15
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the LLP's Statement of financial position when the LLP becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Page 16
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (CONTINUED)
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled. Page 17
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, 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. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgments 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.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 11,005,411 | 10,350,388
|  | 11,005,411 | 10,350,388
| All turnover arose within the United Kingdom.
5. | Auditors' remuneration
| During the year, the LLP obtained the following services from the LLP's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 14,500 | -
Page 18
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,751,765 | 5,174,170
|  | 5,751,765 | 5,174,170
| The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 113 | 97
|  | Members | 12 | 13
|  |  | 125 | 110
| No members have a contract of employment.
7. | Information in relation to members
|  |  |  |  | 2025 Number | 2024 Number
|  |  |  |  | £ | £
| The average members during the year was | 12 | 13
8. | Members' remuneration
| The total remuneration paid to members during the year was £1,852,313 (2024: £2,136,798).
| The highest paid member received remuneration of £182,201 (2024: £201,420).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1,842 | 2,249
|  | 1,842 | 2,249
Page 19
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 9,409 | 3,522
|  | 9,409 | 3,522
11. | Intangible assets
|  | Computer software
|  | £
| COST |
| At 1 May 2024 | 34,125
| At 30 April 2025 | 34,125
| AMORTISATION |
| At 1 May 2024 | 26,229
| Charge for the year on owned assets | 7,896
| At 30 April 2025 | 34,125
| NET BOOK VALUE |
| At 30 April 2025 | -
| At 30 April 2024 | 7,896
Page 20
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Tangible fixed assets
|  | Leasehold Improvements | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 May 2024 | 554,286 | 18,833 | 92,250 | 822,533 | 1,487,902
| Additions | 50,242 | - | 4,199 | 116,716 | 171,157
| Disposals | - | - | (7,221) | (190,166) | (197,387)
| At 30 April 2025 | 604,528 | 18,833 | 89,228 | 749,083 | 1,461,672
| DEPRECIATION |  |  |  |  |
| At 1 May 2024 | 155,228 | 4,394 | 66,035 | 665,690 | 891,347
| Charge for the year | 90,515 | 3,767 | 12,430 | 84,949 | 191,661
| Disposals | - | - | (6,170) | (190,166) | (196,336)
| At 30 April 2025 | 245,743 | 8,161 | 72,295 | 560,473 | 886,672
| NET BOOK VALUE |  |  |  |  |
| At 30 April 2025 | 358,785 | 10,672 | 16,933 | 188,610 | 575,000
| At 30 April 2024 | 399,058 | 14,439 | 26,215 | 156,843 | 596,555
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 May 2024 | 156
| At 30 April 2025 | 156
Page 21
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the LLP:
| Name | Registered office | Holding
| Hartnell Limited | Nightingale House Redland Hill, Redland, Bristol, England, BS6 6SH | 100%
| Hartnells Limited | Nightingale House Redland Hill, Redland, Bristol, England, BS6 6SH | 100%
| HTC Projects Limited | Nightingale House Redland Hill, Redland, Bristol, England, BS6 6SH | 50%
| The London Auction Limited | Nightingale House Redland Hill, Redland, Bristol, England, BS6 6SH | 100%
| HTC Project Management International Limited | Nightingale House Redland Hill, Redland, Bristol, England, BS6 6SH | 100%
| The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
| Name | Aggregate of share capital and reserves
|  | £
| Hartnell Limited | 2
| Hartnells Limited | 2
| HTC Projects Limited | 100
| The London Auction Limited | 2
| HTC Project Management International Limited | 310
| Post year-end the following dormant subsidiaries were dissolved: HTC Projects Limited, The London Auction Limited and HTC Project Managament International Limited.
Page 22
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,160,530 | 2,939,625
| Amounts owed by joint ventures and associated undertakings | 41,136 | 39,162
| Other debtors | 18,528 | 12,549
| Prepayments and accrued income | 627,475 | 627,252
|  | 2,847,669 | 3,618,588
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 109,540 | 115,841
| Less: bank overdrafts | (277,746) | (603,698)
|  | (168,206) | (487,857)
16. | Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 277,746 | 603,698
| Trade creditors | 365,792 | 429,979
| Amounts owed to group undertakings | 156 | 156
| Other taxation and social security | 701,776 | 725,064
| Other creditors | 34,647 | 49,877
| Accruals and deferred income | 952,469 | 985,761
|  | 2,332,586 | 2,794,535
Page 23
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | Provisions
|  | Other provisions
|  | £
| At 1 May 2024 | 75,000
| Charged to profit or loss | 49,861
| AT 30 APRIL 2025 | 124,861
18. | Loans and other debts due to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | 634,675 | 1,029,258
|  | 634,675 | 1,029,258
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Falling due within one year | 634,675 | 1,029,258
|  | 634,675 | 1,029,258
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Page 24
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
19. | Reconciliation of members' interests
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other amounts | Total
| £ | £ | £
Amounts due to members |  | 1,029,258 |
Members' remuneration charged as an expense | - | 1,852,313 | 1,852,313
Members' interests after profit for the year | 440,243 | 2,881,571 | 3,321,814
Amounts introduced by members | - | 135,000 | 135,000
Drawings on account and distribution of profit | - | (1,557,217) | (1,557,217)
Tax payments | - | (824,679) | (824,679)
Amounts due to members |  | 634,675 |
Balance at 30 April 2025 | 440,243 | 634,675 | 1,074,918
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 25
HARTNELL TAYLOR COOK LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| 20. | Analysis of net debt
|  |  | At 1 May 2024 | Arising from cash flows | At 30 April 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 115,841 | (6,301) | 109,540
| Bank overdrafts | (603,698) | 325,952 | (277,746)
| Net debt (before members' debt) | (487,857) | 319,651 | (168,206)
| Loans and other debts due to members |  |  |
| Other amounts due to members | (1,029,258) | 394,583 | (634,675)
| NET DEBT | (1,517,115) | 714,234 | (802,881)
21. | Commitments under operating leases
| At 30 April 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 339,527 | 284,869
| Later than 1 year and not later than 5 years | 340,220 | 647,294
|  | 679,747 | 932,163
22. | Related party transactions
| During the year sales of £34,896 and purchases of £36,870 were made with a company under common control. At the year end, there was an outstanding balance with the company of £41,136 (2024: £39,163). During the year there were payments totalling £13,855 paid to family members of 8 of the members.
Page 26