Company No: OC378426 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	K Bradshaw
	M Major

REGISTERED OFFICE	8 Shepherdess Walk
	London
	N1 7LB
	United Kingdom

REGISTERED NUMBER

OC378426 (England and Wales)

ACCOUNTANT	Praxis
	1 Fore Street Avenue
	London
	EC2Y 9DT
	United Kingdom

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	5	49,936		61,717
Investments	6	7,163		7,163
		57,099		68,880
Current assets
Debtors	7	1,077,261		1,074,548
Cash at bank and in hand	8	132,745		245,457
		1,210,006		1,320,005
Creditors: amounts falling due within one year	9	( 382,554)		( 420,871)
Net current assets		827,452		899,134
Total assets less current liabilities		884,551		968,014
Creditors: amounts falling due after more than one year	10	0		( 8,336)
Net assets attributable to members		884,551		959,678
Represented by
Loans and other debts due to members within one year
Other amounts		839,551		914,678
		839,551		914,678
Members' other interests
Members' capital classified as equity		45,000		45,000
		45,000		45,000
		884,551		959,678
Total members' interests
Loans and other debts due to members		839,551		914,678
Members' other interests		45,000		45,000
		884,551		959,678

For the financial year ending 31 March 2026 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Speirs + Major LLP (registered number: OC378426) were approved and authorised for issue by the members on 17 July 2026. They were signed on its behalf by:

K Bradshaw Designated member

	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		1,135,790
Balance at 01 April 2024	20,000	1,135,790	1,155,790
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	501,586	501,586
Members' interest after result for the financial year	20,000	1,637,376	1,657,376
Drawings	0	(697,698)	(697,698)
Transfers	25,000	(25,000)	0
Amounts due to members		914,678
Balance at 31 March 2025	45,000	914,678	959,678
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	483,977	483,977
Members' interest after result for the financial year	45,000	1,398,655	1,443,655
Drawings	0	(559,104)	(559,104)
Amounts due to members		839,551
Balance at 31 March 2026	45,000	839,551	884,551

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

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Speirs + Major 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 8 Shepherdess Walk, London, N1 7LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery etc.	3 years straight line
	15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the LLP during the year	27		27

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	2026		2025
	Number		Number
Average number of members during the financial year	2		2

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	684,786		684,786
At 31 March 2026	684,786		684,786
Accumulated amortisation
At 01 April 2025	684,786		684,786
At 31 March 2026	684,786		684,786
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

5. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2025	172,165		337,417		509,582
Additions	0		10,208		10,208
At 31 March 2026	172,165		347,625		519,790
Accumulated depreciation
At 01 April 2025	143,321		304,544		447,865
Charge for the financial year	3,348		18,641		21,989
At 31 March 2026	146,669		323,185		469,854
Net book value
At 31 March 2026	25,496		24,440		49,936
At 31 March 2025	28,844		32,873		61,717

6. Fixed asset investments

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	7,163
At 31 March 2026	7,163
Carrying value at 31 March 2026	7,163
Carrying value at 31 March 2025	7,163

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2026	Ownership 31.03.2025	Held
Speirs Major KK	Co-factory Shibuya 1 Chome-20-9, Shibuya Tokyo 150-0002 Japan	Lighting architects and design consultants	Ordinary	100.00%	100.00%	Direct

7. Debtors

	2026		2025
	£		£
Trade debtors	710,442		616,532
Amounts owed by own subsidiaries	21,129		22,613
Other debtors	345,690		435,403
	1,077,261		1,074,548

8. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	132,745		245,457

9. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	8,333		49,998
Trade creditors	138,884		112,817
Other taxation and social security	111,740		172,201
Other creditors	123,597		85,855
	382,554		420,871

The bank loan is secured by way of a fixed and floating charge over the assets of the LLP.

10. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	0		8,336

The bank loan is secured by way of a fixed and floating charge over the assets of the LLP.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	162,166		149,159
Between one and five years	74,580		223,739
	236,746		372,898

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

	2026		2025
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	26,294		8,168

12. Related party transactions

Transactions with wholly owned subsidiaries have not been disclosed.

13. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the LLP since the financial year.