Company Registration Number: OC429221
FOR THE YEAR ENDED 31 MARCH 2026
BURNETTS SOLICITORS LLP
INFORMATION
BURNETTS SOLICITORS LLP
CONTENTS
BURNETTS SOLICITORS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The members present their annual report together with the audited financial statements of Burnetts Solicitors LLP (the "LLP") for the year ended 31 March 2026.
Principal activities
The principal object of the LLP is to provide legal services.
Designated Members
Nicholas Gutteridge, Michael Walby, Helen Hayward, James Johnston, Spencer Knaggs, Robert Mather, Paul Brown, Nicola Nutley and Richard Miller were designated members of the LLP throughout the period.
Review of the business and future developments
We are now a Certified B-Corporation and this was one of the highlights of our year. Engaging with the assessment process as a tool to improve how we do business was challenging as well as helpful in confirming we are using business as a force for good. We are proud to be part of a global community of businesses that meet high standards of social and environmental impact.
As a law firm we are looking forward to further strengthening relationships with our local communities through increasing our use of local suppliers and supporting local projects through our Thrive Fund contributions.
To date we have established a grant scheme for eligible students between the ages of 11-19 from Richard Rose Academy (Central), Cockermouth School and Excelsior Academy, to apply for grants from the Thrive Fund to fund residential trips, costs associated with work-experience activities, musical instruments, theatre workshops and sport training costs. With the support of their teachers, we want to ensure that as many school age students as possible are afforded the same chances of success, reward, and achievement.
We also have made donations to the Winter Warmth Fund and Search Newcastle to help provide heat, shelter, food, and support to vulnerable people throughout the colder months of the year. Money raised goes towards the establishment and maintenance of warm spots, such as libraries, community centres and village halls, all of which allows vulnerable, elderly people the opportunity to keep warm and healthy in tough, wintery conditions.
We have made some progress towards assessing our carbon footprint (Scope 1) and hope to be able to collect benchmark data next year to inform plans to reduce this in the coming years.
This year saw a relatively stable turnover position compared to last year with modest increases in expenditure which has meant a small reduction in profits. We forecast that the increased investment in our people in this year will result in profit levels being restored to more usual levels for our business next year.
Review of the business and future developments
We are now a Certified B-Corporation and this was one of the highlights of our year. Engaging with the assessment process as a tool to improve how we do business was challenging as well as helpful in confirming we are using business as a force for good. We are proud to be part of a global community of businesses that meet high standards of social and environmental impact.
As a law firm we are looking forward to further strengthening relationships with our local communities through increasing our use of local suppliers and supporting local projects through our Thrive Fund contributions.
To date we have established a grant scheme for eligible students between the ages of 11-19 from Richard Rose Academy (Central), Cockermouth School and Excelsior Academy, to apply for grants from the Thrive Fund to fund residential trips, costs associated with work-experience activities, musical instruments, theatre workshops and sport training costs. With the support of their teachers, we want to ensure that as many school age students as possible are afforded the same chances of success, reward, and achievement.
We also have made donations to the Winter Warmth Fund and Search Newcastle to help provide heat, shelter, food, and support to vulnerable people throughout the colder months of the year. Money raised goes towards the establishment and maintenance of warm spots, such as libraries, community centres and village halls, all of which allows vulnerable, elderly people the opportunity to keep warm and healthy in tough, wintery conditions.
We have made some progress towards assessing our carbon footprint (Scope 1) and hope to be able to collect benchmark data next year to inform plans to reduce this in the coming years.
This year saw a relatively stable turnover position compared to last year with modest increases in expenditure which has meant a small reduction in profits. We forecast that the increased investment in our people in this year will result in profit levels being restored to more usual levels for our business next year.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the year ended 31 March 2026 are set out in the Reconciliation of members' interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
Page 1
BURNETTS SOLICITORS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Members' responsibilities statement
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 and then apply them consistently;
∙make judgements 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 LLP 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 Companies Act 2006 (as applied by 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.
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
This report was approved by the members and signed on their behalf by:
Page 2
BURNETTS SOLICITORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURNETTS SOLICITORS LLP
We have audited the financial statements of Burnetts Solicitors LLP (the 'LLP') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Reconciliation of members' interests 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:
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.
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.
Page 3
BURNETTS SOLICITORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURNETTS SOLICITORS LLP (CONTINUED)
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 4
BURNETTS SOLICITORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURNETTS SOLICITORS LLP (CONTINUED)
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:
∙We obtained an understanding of laws and regulations that affect the LLP, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included UK Companies Act, SRA regulations including Accounts Rules, UK tax legislation, health and employment legislation.
∙We enquired of the members, reviewed correspondence with HMRC and reviewed members meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the members have in place to ensure compliance.
∙We gained an understanding of the controls that the members have in place to prevent and detect fraud. We enquired of the members about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.
∙We reviewed financial statement disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the members about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 5
BURNETTS SOLICITORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURNETTS SOLICITORS LLP (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Carlisle
Page 6
BURNETTS SOLICITORS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Page 7
BURNETTS SOLICITORS LLP
REGISTERED NUMBER: OC429221
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
Page 8
BURNETTS SOLICITORS LLP
REGISTERED NUMBER: OC429221
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 12 to 24 form part of these financial statements.
Burnetts Solicitors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
Page 9
BURNETTS SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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 10
BURNETTS SOLICITORS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Page 11
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Burnetts Solicitors LLP (the LLP) is a Limited Liability Partnership, which is incorporated and registered in England. The registered office and principal place of business is Victoria House, Wavell Drive, Rosehill Industrial Estate, Carlisle, CA1 2ST.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the LLP operates.
The principal activity of the company during the year was to provide the provision of legal services.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the LLP operates.
The principal activity of the company during the year was to provide the provision of legal services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
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:
The LLP heads a group that qualifies as a medium; however, it has applied the exemption from consolidation, set out in paragraph 9.9A of FRS 102. This exemption is available where all subsidiary undertakings are not material for the purpose of giving a true and fair view. Accordingly, the LLP has not prepared consolidated financial statements.
The members believe that the LLP has adequate resources to continue in operational existence for the foreseeable future. In reaching their conclusion, the members have considered their cash flow for a period of 12 months from the date of signing the financial statements.
After consideration of all factors the members continue to adopt the going concern basis in preparing
the financial statements.
After consideration of all factors the members continue to adopt the going concern basis in preparing
the financial statements.
Page 12
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Page 13
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
Page 14
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Page 15
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
Financial liabilities
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.
Page 16
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Judgements and estimates 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.
The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts for assets and liabilities within the next financial year are detailed below:
Contracts in progress
The LLP policy for contracts in progress is not to carry any value which is irrecoverable, as such management reviews the contracts in progress regularly and any irrecoverable work is written off. If the recoverability of work is doubtful a provision against this work will be included in the financial statements. Recoverability is subjective, based on the knowledge of the client and the details of the client assignment. Unbilled work is valued using a line by line evaluation based on the judgement of the management team. Contingent work is not valued until its recoverability becomes certain.
Page 17
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 18
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 19
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
Page 20
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 21
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 22
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Page 23
BURNETTS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £272,340 (2025 - £268,187). Contributions totalling £49,354 (2025 - £50,386) were payable to the fund at the balance sheet date and are included in creditors.
In the opinion of the members there is no ultimate controlling party.
Page 24