Tully & Co Professional Partnership LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: NC001019

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		2,237
Tangible Assets	5		3,987		5,656

			3,987		7,893
CURRENT ASSETS
Stocks	6	9,680		29,039
Debtors	7	16,667		31,419
Cash at bank and in hand		1,186		3,873

		27,533		64,331
Creditors: Amounts Falling Due Within One Year	8	(362,034 )		(365,172 )

NET CURRENT ASSETS (LIABILITIES)			(334,501 )		(300,841 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(330,514 )		(292,948 )

Creditors: Amounts Falling Due After More Than One Year	9		(12,719 )		(16,848 )

NET LIABILITIES ATTRIBUTABLE TO MEMBERS			(343,233 )		(309,796 )

REPRESENTED BY:
Equity
Members' other interests
Members' capital		(378,942)		(187,782)
Other reserves		35,709		(122,014)

			(343,233)		(309,796)

TOTAL MEMBERS' INTEREST
Members' other interests			(343,233)		(309,796)

			(343,233)		(309,796)

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Tully & Co Professional Partnership LLP

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the LLP 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 applicable to LLPs subject to the small LLPs regime.)

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mr Richard Clements

Designated Member

13/05/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Tully & Co Professional Partnership LLP is a limited liability partnership, incorporated in Northern Ireland, registered number NC001019 . The Registered Office is 143 Cathedral Chambers, Royal Avenue, Belfast, BT1 1FH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Going Concern Disclosure

Subsequent to the balance sheet date, in December 2025, the member made a decision to cease trading and wind up the partnership in an orderly manner.

Accordingly, the financial statements are not prepared on a going concern basis. Assets and liabilities have been adjusted were necessary to reflect the decision to cease trading and the expected outcome of the winding up process.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of five years.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are the website. It is amortised to the profit and loss account over its estimated economic life of five years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% reducing balance
Fixtures & Fittings	33% reducing balance

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 8 (2024: 8)

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Tully & Co Professional Partnership LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Intangible Assets

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	500,000	3,307	503,307

As at 31 March 2025	500,000	3,307	503,307

Amortisation
As at 1 April 2024	500,000	1,070	501,070
Provided during the period	-	2,237	2,237

As at 31 March 2025	500,000	3,307	503,307

Net Book Value
As at 31 March 2025	-	-	-

As at 1 April 2024	-	2,237	2,237

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 April 2024	2,740	29,512	32,252

As at 31 March 2025	2,740	29,512	32,252

Depreciation
As at 1 April 2024	1,646	24,950	26,596
Provided during the period	164	1,505	1,669

As at 31 March 2025	1,810	26,455	28,265

Net Book Value
As at 31 March 2025	930	3,057	3,987

As at 1 April 2024	1,094	4,562	5,656

6. Stocks

	2025	2024
	£	£
Work in progress	9,680	29,039

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	16,667	31,419

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Tully & Co Professional Partnership LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Bank loans and overdrafts	51,066	48,561
Other creditors	237,833	185,217
Taxation and social security	73,135	131,394

	362,034	365,172

The bank overdraft is secured by a personal guarantee from the partners.

Included in Other Creditors is a balance of £130,000 (2024: £130,000) which is secured by a personal guarantee from the partners.

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	12,719	16,848

10. Client monies

The company holds monies on behalf of clients in a separately designated bank account and maintains a corresponding client ledger of an equal amount. Accordingly, these balances have been offset.

As at 31 March 2025 amounts held on behalf of clients totalled £201,738 (2024: £686,892).

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