Roythornes LLP - Period Ending 2026-03-31

Registration number: OC451865 (England & Wales)

Roythornes LLP

Annual Report and Financial Statements

for the Year Ended 31 March 2026

Roythornes LLP

Contents

Limited liability partnership information	1
Members' Report	2 to 3
Statement of Members' Responsibilities	4
Independent Auditor's Report	5 to 7
Financial Statements	8 to 20
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Members’ Interests	10
Cash Flow Statement	11
Notes to the Financial Statements	12

Roythornes LLP

Limited liability partnership information

Designated members

P Cookson

S Elkin

G M Faber

T W Galloway

E C Johnson

M D Matthews

Registered office

Enterprise Way
Pinchbeck
Spalding
PE11 3YR

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Roythornes LLP

Members' Report for the Year Ended 31 March 2026

The members present their report and the financial statements for the year ended 31 March 2026.

Firm structure

The LLP is a limited liability partnership registered in United Kingdom.

Incorporation
The LLP was incorporated on 12 April 2024 and commenced trade on 2 January 2025, following a transfer of trade and assets from Roythornes Holdings Limited. Where these accounts refer to '2025', this references the actual trading period of 2 January 2025 to 31 March 2025.

Principal activity

The principal activity of the limited liability partnership is the provision of legal services.

Designated members

The members who held office during the year were as follows:

P Cookson

S Elkin

G M Faber

T W Galloway

E C Johnson

M D Matthews

Members' drawings and the subscription and repayment of members' capital

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a level of capital determined by the board. In subsequent years, members are not required to contribute further capital in the event of the LLP's insolvency or inability to pay debts. On retirement, capital is repaid to members.

Employee involvement

The members have identified the key stakeholders of the business, and they have documented their engagement with these groups throughout the year, along with how they have been considered in the making of key decisions within the year.

The LLP actively engages with its employees through a number of mediums including the firm's intranet and email updates. Feedback and appraisal meetings are held at least annually and there is also an Employee Assistance Programme in place to support staff and encourage continued, and ongoing, engagement.

The LLP's policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill.

All necessary assistance with initial training courses is given. Arrangements are made, where possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

The LLP conducts regular client surveys to better understand and improve clients’ experiences and service received.

The LLP seeks to build strong, long term relationships with its suppliers, working alongside them as business partners for the benefit of all.

The LLP works closely with its advisers to ensure it operates in accordance with market regulations.

Roythornes LLP

Members' Report for the Year Ended 31 March 2026

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the members on 14 October 2026 and signed on their behalf by:

.........................................
S Elkin
Designated member

Roythornes LLP

Statement of Members' Responsibilities for the Year Ended 31 March 2026

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require 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 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 limited liability partnership and of the profit or loss of the limited liability partnership for that year. 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;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with 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, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued July 2024). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

Roythornes LLP

Independent Auditor's Report to the Members of Roythornes LLP

Opinion

We have audited the financial statements of Roythornes LLP (the ‘limited liability partnership’) for the year ended 31 March 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, 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).

Opinion on the financial statements
In our opinion the financial statements:

•	give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2026 and of its profit 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.

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 entity's ability to continue as a going concern for a period of at least twelve months from when the original 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 members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Roythornes LLP

Independent Auditor's Report to the Members of Roythornes LLP

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or
•	the limited liability partnership 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.
•	the members were not entitled to prepare the financial statements in accordance with the special provisions relating to small limited liability partnerships and take advantage of the small limited liability partnerships' exemptions in preparing the Members' Report and from the requirement to prepare a Strategic Report.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page 4, 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 limited liability partnership'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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the limited liability partnership's industry and its control environment and reviewed the limited liability partnership’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the limited liability partnership operates in and identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the limited liability partnership’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 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 are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Roythornes LLP

Independent Auditor's Report to the Members of Roythornes LLP

Use of our report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s 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 limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Andrew Harris (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill RoadCheltenham
GL50 3AT

19 October 2026

Roythornes LLP

Profit and Loss Account for the Year Ended 31 March 2026

	Note	2026 £	2025 £
Turnover	2	32,602,503	7,841,043
Administrative expenses		(23,294,030)	(5,550,297)
Operating profit	3	9,308,473	2,290,746
Net interest receivable and similar income	4	1,297,761	360,636
Interest payable and similar expenses		(1,579)	(530)
Profit for the year before members' remuneration and profit shares		10,604,655	2,650,852
Members' remuneration charged as an expense		(10,604,655)	(2,650,852)
Profit/(loss) for the year available for discretionary division among members		-	-

Turnover and operating profit derive wholly from continuing operations.

The LLP has no recognised gains or losses for the year other than the results above.

Roythornes LLP

(Registration number: OC451865 (ENGLAND & WALES))
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	8	1,187,970	1,216,999
Current assets
Debtors	9	16,391,054	15,712,094
Cash and short-term deposits		163,279	-
		16,554,333	15,712,094
Creditors: Amounts falling due within one year	10	(3,236,859)	(3,972,101)
Net current assets		13,317,474	11,739,993
Total assets less current liabilities		14,505,444	12,956,992
Provisions for liabilities
Other provisions	12	(100,000)	(75,000)
Net assets attributable to members		14,405,444	12,881,992
Represented by:
Loans and other debts due to members
Members' capital classified as a liability		3,832,771	2,309,319
Members’ other interests
Members' capital classified as equity		10,572,673	10,572,673
		14,405,444	12,881,992
Total members' interests
Loans and other debts due to members		3,832,771	2,309,319
Equity		10,572,673	10,572,673
		14,405,444	12,881,992

The financial statements of Roythornes LLP (registered number OC451865) were approved by the members and authorised for issue on14 October 2026. They were signed on behalf of the LLP by:

.........................................
S Elkin
Designated member

Roythornes LLP

Statement of Changes in Members’ Interests
At 31 March 2026

	Equity	Loans and other debts due to/(from) members
	Members' capital £	Members' other amounts £	Total 2026 £
Members' interest at 1 April 2025	10,572,673	2,309,319	12,881,992
Members' remuneration charged as an expense	-	10,604,655	10,604,655
Drawings (including tax payments)	-	(8,703,020)	(8,703,020)
Transfer of amounts due to former members	-	(378,183)	(378,183)
At 31 March 2026	10,572,673	3,832,771	14,405,444

	Equity	Loans and other debts due to/(from) members
	Other reserves £	Members' other amounts £	Total 2025 £
Members' remuneration charged as an expense	-	2,650,852	2,650,852
Amounts introduced as a result of business combinations	10,572,673	-	10,572,673
Other amounts due to members	-	1,321,507	1,321,507
Drawings (including tax payments)	-	(1,663,040)	(1,663,040)
At 31 March 2025	10,572,673	2,309,319	12,881,992

Loans and other debtors due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

Roythornes LLP

Cash Flow Statement for the Year Ended 31 March 2026

	Note	2026 £	2025 £
Net cash inflow/(outflow) from operating activities	14	8,149,327	(9,600,192)
Cash flows from investing activities
Purchase of tangible fixed assets		(281,726)	(1,291,658)
Sale of tangible fixed assets		1,530	1,590
Interest received		1,952,175	586,190
Interest paid		(655,993)	(226,084)
Net cash flows from investing activities		1,015,986	(929,962)
Cash flows from financing activities
Payments to or on behalf of members		(8,703,020)	(1,663,040)
Other transactions		-	1,321,507
Increase in Members' capital as a result of business combination		-	10,572,673
Net cash flows from financing activities		(8,703,020)	10,231,140
Net increase/(decrease) in cash and cash equivalents		462,293	(299,014)
Cash and cash equivalents at 1 April		(299,014)	-
Cash and cash equivalents at 31 March		163,279	(299,014)

Roythornes LLP

Notes to the Financial Statements for the 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS102").

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. 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 presentational currency of Roythornes LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Monetary amounts in these financial statements have been rounded to the nearest pound.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore adopts the going concern basis in preparing its financial statements.

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

Judgements

In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Amounts recoverable on contracts valuation - Significant judgement is applied in assessing the recoverable amount of unbilled work performed on behalf of a client. Consideration is given to the historic recovery rates of unbilled work when making the judgement. When work is undertaken where the ability to bill it is based upon contingent events, or is conditional on outcomes then unless the relevant event or outcome has been crystallised, or can be reliably foreseen, an appropriate provision is applied against such unbilled work. The carrying amount of the provision is £9,161,655 (2025 - £7,807,622).

Recoverability of debtors - Trade and other debtors are recognised to the extent that they are judged recoverable. The members' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. The members make allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The members specifically analyse historical bad debts, customer credit worthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit or loss. The carrying amount of the provision is £515,668 (2025 - £332,013).

Provision - A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability. Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and the members' judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not. The carrying amount of the provision is £100,000 (2025 - £75,000).

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Unbilled revenue is included in debtors as accrued income.

Certain services provided by the LLP are undertaken on a contingent basis, and the LLP is not entitled to revenue until such time as the contingency is satisfied. The LLP accounts for such services at the balance sheet date at valuation less a provision for estimated recovery, on a matter by matter basis, and matches the costs deferred from one accounting period to the next against revenue when the LLP becomes entitled to that revenue. Such contingent work in progress is included within amounts recoverable on contracts at the balance sheet date.

The valuation of contingent matters requires management to make significant estimates and judgements in relation to the likely future outcome of those matters. If it is considered likely that the matter will succeed, and that there will be recoveries sufficient to settle amounts due to the LLP, the cost of services in progress at the balance sheet date is recognised in amounts recoverable on contracts. If there is doubt as to recovery, provision is made against costs incurred. If the contingency has been satisfied and the LLP is entitled to revenue which will be paid at a future date, the amount to which the LLP is entitled based on services provided is included in amounts recoverable on contracts. No profit is recognised until such time as the LLP becomes entitled to it.

Disbursements
Disbursements are not included in income or expenses, but are netted against each other.

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	Over the life of the lease
Fixtures and fittings	5 years straight line
Office equipment	4 years straight line

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and
hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of
trade debtors is established when there is objective evidence that the company will not be able to collect all
amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the profit and loss on a straight-line basis over the lease term.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Recognition and Measurement

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 financing 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.

Impairment of financial 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 profit or loss as described below.

A non financial 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.

For financial assets carried at amortised cost, the amount of an 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.

2

Turnover

The whole of the turnover is attributable to the provision of legal services which arose in the United Kingdom.

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

3	Operating profit

Operating profit is stated after charging /(crediting):

	2026 £	2025 £
Loss on sale of tangible fixed assets	5,924	133
Depreciation expense	303,301	72,936
Operating leases - property	666,719	150,197

4	Net interest receivable and similar income

	2026 £	2025 £
Net interest receivable and similar income
Bank interest receivable	1,952,175	586,190
Interest paid to clients	(654,414)	(225,554)

	1,297,761	360,636

5	Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

	2026 No.	2025 No.
Fee earners	194	165
Support staff	66	74
Secretarial	43	44
	303	283

The aggregate payroll costs were as follows:

	2026 £	2025 £
Wages and salaries	13,046,131	3,164,663
Social security costs	1,491,235	280,439
Defined contribution pension	872,079	186,143
	15,409,445	3,631,245

6	Members' remuneration

	2026	2025
Average number of members during the year	32	31

The profit attributable to the member with the largest entitlement was £618,906 (2025: £158,225).

Profit attributable to the member with the largest entitlement to profit is based on the profit share determined in accordance with the LLP Members' Agreement.

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

7	Auditor's remuneration

	2026 £	2025 £
Audit of the financial statements	27,350	21,350
Fees payable to the LLP's auditor and its associates for other services:
Audit-related assurance services	11,500	11,500
All other non-audit services	17,200	16,000
	28,700	27,500

8	Tangible fixed assets

	Leasehold improvements £	Fixtures and fittings £	Office equipment £	Total £
Cost
At 1 April 2025	981,597	117,393	190,788	1,289,778
Additions	119,573	58,296	103,857	281,726
Disposals	(31,236)	-	(1,287)	(32,523)
At 31 March 2026	1,069,934	175,689	293,358	1,538,981
Depreciation
At 1 April 2025	35,691	11,093	25,995	72,779
Charge for the year	160,308	44,010	98,983	303,301
Eliminated on disposals	(24,012)	-	(1,057)	(25,069)
At 31 March 2026	171,987	55,103	123,921	351,011
Net book value
At 31 March 2026	897,947	120,586	169,437	1,187,970
At 31 March 2025	945,906	106,300	164,793	1,216,999

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

9

Debtors

	2026 £	2025 £
Trade debtors	5,726,333	5,420,929
Amounts recoverable on long term contracts	9,161,655	7,807,622
Other debtors	65,799	70,081
Prepayments	1,437,267	2,413,462
	16,391,054	15,712,094

10	Creditors: Amounts falling due within one year

	2026 £	2025 £
Bank overdraft	-	299,014
Trade creditors	845,710	992,141
Social security and other taxes	708,720	953,902
Other creditors	-	99,615
Accruals	1,304,247	985,183
Outstanding defined contribution pension costs	-	83,265
Corporation tax liability	-	558,981
Amounts due to former members	378,182	-
	3,236,859	3,972,101

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2026 £	2025 £
Overdrafts	-	299,014

Overdrafts are secured by fixed and floating charges over the undertaking and all property and assets.

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

11	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2026 £	2025 £
Not later than one year	671,204	576,751
Later than one year and not later than five years	1,532,450	1,717,285
Later than five years	-	58,209
	2,203,654	2,352,245

12	Provisions

	Client claims £
At 1 April 2025	75,000
Additional provisions	75,000
Provisions reversed	(50,000)
At 31 March 2026	100,000

13	Pension and other schemes

Defined contribution pension scheme

The limited liability partnership operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the limited liability partnership to the scheme and amounted to £872,079 (2025 - £186,143).

Roythornes LLP

Notes to the Financial Statements for the Year Ended 31 March 2026

14	Cash flow statement

	2026 £	2025 £
Operating profit	9,308,473	2,290,746
Depreciation, amortisation and impairment charges	303,301	72,936
Loss on disposal of fixed assets	5,924	133
Increase in debtors	(678,960)	(15,712,094)
(Decrease)/increase in creditors	(253,090)	4,092,087
Increase in provisions	25,000	75,000
Corporation tax paid	(561,321)	(419,000)
Cash generated by operations	8,149,327	(9,600,192)
Net cash inflow/(outflow) from operating activities	8,149,327	(9,600,192)

15	Analysis of changes in net debt

	At 1 April 2025 £	Financing cash flows £	Other non-cash changes £	At 31 March 2026 £
Overdrafts	(299,014)	299,014	-	-
Loans and other debts due to members
Members’ capital	(10,572,673)	-	-	(10,572,673)
Other amounts due to members	(2,309,319)	9,081,203	(10,604,655)	(3,832,771)
Net debt	(13,181,006)	9,380,217	(10,604,655)	(14,405,444)

16	Related party transactions

The company paid rent for one office during the period of £237,498 (2025: £52,722), split between the personal pension schemes of members and other related individuals. There were no amounts outstanding at 31 March 2026 (2025 - no amounts outstanding).

17

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.