Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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BLICK ROTHENBERG AUDIT LLP
CONTENTS
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BLICK ROTHENBERG AUDIT LLP
INFORMATION
* Designated member
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BLICK ROTHENBERG AUDIT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
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 2023.
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 2023 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 2023, the Members have considered the LLP’s cash flows, liquidity and business activities over the period to 30 June 2025. 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, 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.
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BLICK ROTHENBERG AUDIT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information.
This report was approved by the members and signed on their behalf by:
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BLICK ROTHENBERG AUDIT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
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:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments 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 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.
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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 2023
We have audited the financial statements of Blick Rothenberg Audit LLP for the year ended 30 June 2023, 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".
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 have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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
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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 2023
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.
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:
∙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
∙the members' report has been prepared in accordance with applicable legal requirements.
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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 2023
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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 2023
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:
∙Discussions with, management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud;
∙Evaluation and where relevant testing of the operating effectiveness of management’s controls designed to prevent and detect fraud in financial reporting;
∙Review of minutes from board meetings; and
∙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 Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2023
For and on behalf of Langard Lifford Hall Limited (Statutory Auditor)
Lifford Lane Kings Norton Birmingham B30 3JN
Date:
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BLICK ROTHENBERG AUDIT LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
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BLICK ROTHENBERG AUDIT LLP
BALANCE SHEET
AS AT 30 JUNE 2023
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BLICK ROTHENBERG AUDIT LLP
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 14 to 22 form part of these financial statements.
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BLICK ROTHENBERG AUDIT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2023
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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
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 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
∙Section 11 Financial Instruments paragraph 11.39 to 11.48A (disclosure relating to financial instruments);
∙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 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF 14 3UZ.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The following principal accounting policies have been applied:
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 2023, the Members have considered the LLP’s cash flows, liquidity and business activities over the period to 30 June 2025. 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, 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.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
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.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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 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 2023
2.Accounting policies (continued)
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 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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'. Revenue recognition Revenue on client assignments is recognised over time. This requires management to determine the measurement method that best depicts the LLP's performance in transferring services to its clients. Management has concluded that the input method of measuring progress is appropriate based on the time and external costs incurred to date as a percentage of total expected time and external costs. This requires an estimate to be made of the stage of completion of those assignments. Management estimates the remaining time and external costs to be incurred in completing the assignments and the client's willingness and ability to pay for the services provided. A different assessment of the outturn on an assignment may result in a different value being determined for revenue and a different carrying value being determined for unbilled revenue for client work. Work in progress as at 30 June 2023 was £3.5 million, given that this has not yet been agreed with the clients, there remains a risk that elements of this balance are not billable and so will not be recovered in cash.
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Turnover is attributable to the LLP's principal activity.
Analysis of turnover by country of destination:
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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BLICK ROTHENBERG AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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.
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 £21,521,337 (2022: £18,951,290) were recharged by an associated group entity and at the year-end £618,498 (2022: £1,007,866 (was owed by)) was owed to 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 3UZ.
There is no ultimate controlling party.
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