Registered number:
OC377158
BLICK ROTHENBERG AUDIT LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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BLICK ROTHENBERG AUDIT LLP
CONTENTS
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Members' responsibilities statement
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Independent auditor's report
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Reconciliation of members' interests
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Notes to the financial statements
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BLICK ROTHENBERG AUDIT LLP
INFORMATION
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Blick Rothenberg Holdco Limited *
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Mahmood Ramji
(appointed 20 October 2021)
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Mark Cunningham
(appointed 10 October 2022)
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Thomas Dickinson
(appointed 10 October 2022)
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Geoffrey Johnson
(appointed 19 January 2023)
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Simon Lewis
(appointed 10 October 2022)
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Jackie Oakes
(appointed 4 April 2022)
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Simon Rothenberg
(appointed 10 October 2022)
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Jaykishan Shah
(appointed 10 October 2022)
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Peter Trundle
(appointed 18 January 2023)
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Adam Wildbore
(appointed 9 January 2023)
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Nicholas Winters
(appointed 23 February 2023)
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* Designated member
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16 Great Queen Street
Covent Garden
London
WC2B 5AH
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Langard Lifford Hall Limited
Lifford Lane
Kings Norton
Birmingham
B30 3JN
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BLICK ROTHENBERG AUDIT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The members present their annual report together with the audited financial statements of Blick Rothenberg Audit LLP (the "LLP") for the year ended 30 June 2022.
Principal activity
The principal activity of the LLP is the provision of statutory audit and other regulated activities.
Designated Members
The
current designated members are shown in the Information page.
Members' capital and interests
Each member's subscription to the capital of the LLP is as specified in the appropriate Members' Agreement.
Details of changes in members' capital in the year ended 30 June 2022 are set out in the financial statements.
The members, other than Blick Rothenberg Holdco Limited, are remunerated as employees of Blick Rothenberg Limited. From time to time, the committee of members will determine whether a member may make a drawing upon assessing the competing cash requirements of the business.
Going Concern
The financial statements have been prepared on a going concern basis which the Members consider to be appropriate.
In assessing the going concern position of the LLP for the year ended 30 June 2022, the Members have considered the LLP’s cash flows, liquidity and business activities over the period to 30 June 2024.
IIn making their assessment of going concern, the Directors have considered the Company’s current and future
prospects taking into consideration the current trading environment. The ongoing impact of the cost of living
crisis within the UK has been considered and the impact of which is considered to be limited in terms of client
failure on non-payment.
The LLP has a broad and diversified client base including corporate and individual clients, with no concentration of risk in any one particular sector and historically low client churn. The Members consider that the LLP is well positioned for growth despite the challenging current economic environment. As a result of this, and measures taken to preserve cash, the base case scenario applied by the Members in their assessment of going concern shows that the LLP will have adequate resources to continue in operational existence for the next 12 months.
For these reasons, the Members continue to believe that it is appropriate to continue to adopt a going concern basis for the preparation of the financial statements.
Disclosure of information to auditor
Each of the persons who are
members at the time when this members' report is approved has confirmed that:
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so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
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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 auditor is aware of that information.
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BLICK ROTHENBERG AUDIT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
This report was approved by the members and signed on their behalf by:
Milan Pandya
Director of Blick Rothenberg Holdco Limited
Designated Member
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BLICK ROTHENBERG AUDIT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022
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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
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select suitable accounting policies for the LLP's financial statements and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity 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 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 auditor
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Each of the persons who are
members at the time when this members' report is approved has confirmed that:
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so far as the member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
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the 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 auditor is aware of that information.
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BLICK ROTHENBERG AUDIT LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP
FOR THE YEAR ENDED 30 JUNE 2022
We have audited the financial statements of Blick Rothenberg Audit LLP for the year ended 30 June 2022, which comprise the profit and loss account, the balance sheet, 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 (United Kingdom Generally Accepted Accounting Practice),
including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
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give a true and fair view of the state of the LLP's affairs as at 30 June 2022 and of its profit for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of 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.
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's 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 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.
Independence
We remained independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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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.
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BLICK ROTHENBERG AUDIT LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's 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.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the members' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the members' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of members
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As explained more fully in the members' responsibilities statement 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.
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BLICK ROTHENBERG AUDIT LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Auditor's responsibilities for the audit of the financial statements
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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.
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.
Based on our understanding of the LLP and industry, we identified that the principal risks of non-compliance with laws and regulations related to those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and ICAEW regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias through judgements and assumptions in significant accounting estimates. Audit procedures performed included:
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Discussions with, management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluation and where relevant testing of the operating effectiveness of management’s controls designed to prevent and detect fraud in financial reporting;
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Review of minutes from board meetings; and
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Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to amounts recoverable on long term contracts.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’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
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 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 LLP and the LLP's members for our audit work, for this report, or for the opinions we have formed.
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BLICK ROTHENBERG AUDIT LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLICK ROTHENBERG AUDIT LLP (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
David Hanby
(Senior Statutory Auditor)
For and on behalf of Langard Lifford Hall Limited (Statutory Auditor)
Lifford Lane
Kings Norton
Birmingham
B30 3JN
Date:
23 March 2023
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BLICK ROTHENBERG AUDIT LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
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Profit for the year before members' remuneration and profit shares available for discretionary division among members
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Profit for the year before members' remuneration and profit shares
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Profit for the financial year available for discretionary division among members
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There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly no statement of other comprehensive income has been presented.
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BLICK ROTHENBERG AUDIT LLP
BALANCE SHEET
AS AT
30 JUNE 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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REGISTERED NUMBER:
OC377158
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BLICK ROTHENBERG AUDIT LLP
BALANCE SHEET
(CONTINUED)
AS AT
30 JUNE 2022
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to members
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The financial statements were approved and authorised for issue by the members and were signed on their behalf by
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Director of Blick Rothenberg Holdco Limited
Designated Member
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The notes on pages 13 to 21 form part of these financial statements.
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BLICK ROTHENBERG AUDIT LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2022
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' remuneration charged as an expense
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Allocated profit for the period
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Members' remuneration charged as an expense
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Allocated profit for the period
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The members of the LLP may not reduce the amount of Members' other interests while the LLP is continuing without the prior written consent of Blick Rothenberg Holdco Limited.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Blick Rothenberg Audit LLP is a limited liability partnership registered and incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London WC2B 5AH.
The financial statements are prepared in Sterling (£).
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
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 LLP was, at the end of the period, a wholly-owned subsidiary of Blick Rothenberg Holdco Limited whose registered address is 22 Grenville Street, St Helier, Jersey, JE4 8PX.
The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
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Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
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Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
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Section 11 Financial Instruments paragraph 11.39 to 11.48A (disclosure relating to financial instruments);
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Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
The LLP is included in the consolidated financial statements of Blick Rothenberg Holdco Limited for the year ended 30 June 2022 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF 14 3UZ.
The following principal accounting policies have been applied:
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
The financial statements have been prepared on a going concern basis which the Members consider to be appropriate.
In assessing the going concern position of the LLP for the year ended 30 June 2022, the Members have considered the LLP’s cash flows, liquidity and business activities over the period to 30 June 2024.
In making their assessment of going concern, the Directors have considered the Company’s current and future prospects taking into consideration the current trading environment. The ongoing impact of the cost of living crisis within the UK has been considered and the impact of which is considered to be limited in terms of client failure on non-payment.
The LLP has a broad and diversified client base including corporate and individual clients, with no concentration of risk in any one particular sector and historically low client churn. The Members consider that the LLP is well positioned for growth despite the challenging current economic environment. As a result of this, and measures taken to preserve cash, the base case scenario applied by the Members in their assessment of going concern shows that the LLP will have adequate resources to continue in operational existence for the next 12 months.
For these reasons, the Members continue to believe that it is appropriate to continue to adopt a going concern basis for the preparation of the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of revenue can be measured reliably;
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it is probable that the LLP will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
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Unbilled receivables and work in progress
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Work in progress (“WIP”) is worked performed, and not yet billed. The carrying value includes outlays incurred on behalf of clients and an appropriate portion of directly attributable costs and overheads on incomplete assignments. Revenue not billed to clients is included in amounts recoverable on contracts, within trade and other receivables. Payments on account in excess of the relevant amount of revenue are included in excess payments received on account within trade and other payables.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes 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 group after deducting all of its liabilities.
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and balances with fellow group entities are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and balances with fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
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Financial instruments (continued)
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rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
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Members' participation rights
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Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income or interest payable and similar expenses'. All other foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.
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Operating leases: the LLP as lessor
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Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tax to be paid on the profits arising in the LLP is a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the LLP’s accounting policies, which are described in note 2.1, the following judgements and key estimates have been made by the members:
Revenue
Amounts are accrued and recognised as income when there is a right to consideration and the outcome can be estimated reliably. In the financial statements, the assessment of income to be accrued is performed by the partners responsible for each engagement on a client by client basis. In performing this assessment judgement is applied relating to the stage of completion and the recoverability of accrued income. These judgements affect the value of accrued income reported in the financial statements.
Turnover is attributable to the LLP's principal activity.
Analysis of turnover by country of destination:
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The operating profit is stated after charging:
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The LLP has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent LLP.
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The LLP have no employees other than the members, who did not receive any remuneration. Accordingly, no key management personnel were remunerated.
The average monthly number of employees, including members, during the year was 0 (2021 - 0).
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Accruals and deferred income
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Commitments under operating leases
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At 30 June 2022 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The LLP has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
During the year, costs of £18,951,290 (2021: £14,625,393) were recharged to an associated group entity and at the year-end £1,007,866 (2021: £2,048,404) was owed by Blick Rothenberg Limited, which is unsecured, bears no interest and is repayable on demand.
The immediate parent company is Blick Rothenberg Holdco Limited, a company registered in England. Consolidated financial statements are drawn up and available from Companies House, Crown Way, Cardiff, CF14 3U.
The ultimate controlling party is Milan Pandya.
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