Dixon Stewart LLP

Notes to the Financial Statements

Year Ended 31 March 2026

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page 1. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Dixon Stewart LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Amounts recoverable on contracts
Services provided to clients during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover. Turnover recognised in this manner is 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. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside of the control of the partnership. Unbilled turnover is included in debtors.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

The profit allocated to the members is in line with the LLP agreement.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Dixon Stewart LLP

Notes to the Financial Statements

Year Ended 31 March 2026

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Computer equipment	25% reducing balance
Fixtures and fittings	20% reducing balance
Leasehold improvements	10 years straight line
Library	Not depreciated

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 17 (2025 - 18).

Dixon Stewart LLP

Notes to the Financial Statements

Year Ended 31 March 2026

3	Intangible fixed assets

	Goodwill  £	Total £
Cost
At 1 April 2025	11,666	11,666
At 31 March 2026	11,666	11,666
Amortisation
At 1 April 2025	11,666	11,666
At 31 March 2026	11,666	11,666
Net book value
At 31 March 2026	-	-

4	Tangible fixed assets

	Leasehold Improvements £	Fixtures and fittings £	Office equipment £	Library £	Total £
Cost
At 1 April 2025	11,600	91,251	49,587	13,188	165,626
Additions	-	253	1,534	-	1,787
At 31 March 2026	11,600	91,504	51,121	13,188	167,413
Depreciation
At 1 April 2025	9,275	63,977	43,684	-	116,936
Charge for the year	616	5,506	1,859	-	7,981
At 31 March 2026	9,891	69,483	45,543	-	124,917
Net book value
At 31 March 2026	1,709	22,021	5,578	13,188	42,496
At 31 March 2025	2,325	27,274	5,903	13,188	48,690

Dixon Stewart LLP

Notes to the Financial Statements

Year Ended 31 March 2026

5

Debtors

	2026  £	2025  £
Trade debtors	57,598	41,599
Amounts recoverable on contracts	80,500	56,138
Prepayments and accrued income	223,566	181,920
Total current trade and other debtors	361,664	279,657

6	Creditors: Amounts falling due within one year

	2026  £	2025  £
Trade creditors	4,888	8,376
Taxation and social security	58,865	86,607
Accruals and deferred income	61,726	100,771
	125,479	195,754