ACCOUNTS - Final Accounts preparation

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Registered number: OC306572

Ingleton Wood LLP

Members' report and consolidated

financial statements

For the year ended 31 March 2021


Ingleton Wood LLP

Members information

Designated Members

Paul Cavalier
David Cresswell
John Dixon
Jonathan Eddy (resigned 31 July 2021)
Simon Gorst
Laura Mansel-Thomas
Stuart Norgett
Anni Catherine Folan-White (appointed 1 April 2021)

LLP registered number

OC306572

Registered office

10 - 12 Alie Street, London, E1 8DE


Ingleton Wood LLP

Contents

	Page
Members' report	1 - 2
Independent auditors' report	3 - 6
Consolidated profit and loss account	7
Consolidated balance sheet	8 - 9
LLP balance sheet	10
Consolidated statement of changes in equity	11
LLP statement of changes in equity	12 - 13
Consolidated statement of cash flows	14 - 15
Notes to the financial statements	16 - 31


Ingleton Wood LLP

Members' report

For the year ended 31 March 2021

The members present their annual report together with the audited financial statements of Ingleton Wood LLP (the "group") for the year ended 31 March 2021.

Principal activity

The principal activity of the group was that of a multi-disciplinary design practice and there was no change in this activity during the year.

Designated Members

The following members were designated members during the year:
Paul Cavalier
David Cresswell
John Dixon
Jonathan Eddy (resigned 31 July 2021)
Simon Gorst
Laura Mansel-Thomas
Stuart Norgett
On 1 April 2021 Anni Catherine Folan-White was appointed as a member.

Members' capital and drawings

The member's subscription to the capital of the LLP is determined by the member's share of the profit and is repayable following retirement from the LLP.

Details of changes in members' capital in the year ended 31 March 2021 are set out in the financial statements.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements.

Members drawings are determined in advance in accordance with budgets. Drawings are constantly reviewed in accordance with cash flow, the working capital requirements of the business taking precedence over member drawings.

Members' responsibilities statement

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

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and the Group and of the profit or loss of the group for that period.

In preparing these financial statements, the members are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

Page 1


Ingleton Wood LLP

Members' report (continued)

For the year ended 31 March 2021

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the group and to enable him to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). He is also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

The 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 group's auditors are unaware, and

∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing accounts with the registrar, whichever is earlier.

This report was approved by the members on 16 September 2021 and signed on their behalf by:

D Cresswell

Designated member

Page 2


Ingleton Wood LLP

Independent auditors' report to the members of Ingleton Wood LLP

Opinion

We have audited the financial statements of Ingleton Wood LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2021, which comprise the group Profit and loss account, the group and LLP Balance sheets, the group Statement of cash flows, the group and LLP Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the group's and of the parent LLP's affairs as at 31 March 2021 and of the Group's 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

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 group's or the parent LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Page 3


Ingleton Wood LLP

Independent auditors' report to the members of Ingleton Wood LLP (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members is 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.

Matters on which we are required to report by exception

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:

∙adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent LLP 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.

Responsibilities of members

As explained more fully in the Members' responsibilities statement set out on page 1, the members is 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 determines 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 is responsible for assessing the group's and the parent 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 group or the parent LLP or to cease operations, or have no realistic alternative but to do so.

Page 4


Ingleton Wood LLP

Independent auditors' report to the members of Ingleton Wood LLP (continued)

Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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.
To identify risks of material misstatement due to fraud, we assess events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures include:

∙Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate.

∙Obtaining an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the group's accounting department and management.

∙Assessing the susceptibility of the group's financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures:

- Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud.

- Understanding how those charged with governance consider and address the potential for override of controls and management bias.

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

- Assessing the extent of compliance with the relevant laws and regulations.

- Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team, as well as potential risks pertaining to the group of which the LLP is a member.

The inherent limitations of audit present an unavoidable risk the we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 5


Ingleton Wood LLP

Independent auditors' report to the members of Ingleton Wood LLP (continued)

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Clay Ratnage Strevens & Hills

Steven James Garrod (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Strevens & Hills
Statutory Auditors

Construction House

Runwell Road

Wickford

Essex

SS11 7HQ

16 September 2021

Page 6


Ingleton Wood LLP

Consolidated profit and loss account

For the year ended 31 March 2021

	2021	2020
Note	£	£


Turnover	4	16,515,244	17,148,315
Administrative expenses		(14,516,680)	(14,598,156)
Other operating income	5	644,901	-
Fair value movements		-	13,235
Operating profit		2,643,465	2,563,394
Interest receivable and similar income	10	203	67
Interest payable and similar expenses	11	(66,670)	(76,460)
Profit before tax		2,576,998	2,487,001
Tax on profit		292,927	398,021
Profit for the year before members' remuneration and profit shares		2,869,925	2,885,022

Profit for the financial year attributable to:
Owners of the parent		2,869,925	2,885,022


Profit for the year before members' remuneration and profit shares	2,869,925	2,885,022
Members' remuneration charged as an expense	(2,651,379)	(2,279,687)
Profit for the financial year available for discretionary division among members	218,546	605,335

There were no recognised gains and losses for 2021 or 2020 other than those included in the consolidated profit and loss account.

The notes on pages 16 to 31 form part of these financial statements.

Page 7


Ingleton Wood LLP Registered number:OC306572

Consolidated balance sheet

As at 31 March 2021

		2021		2020
Note	£	£	£	£

Fixed assets
Tangible assets	13		430,119		547,125
Current assets
Debtors	15	5,960,300		5,284,332
Cash at bank and in hand	16	1,924,919		137,551
		7,885,219		5,421,883
Creditors: amounts falling due within one year	17	(4,090,949)		(3,230,667)
Net current assets			3,794,270		2,191,216
Total assets less current liabilities			4,224,389		2,738,341

Creditors: amounts falling due after more than one year			(926,667)		(187,632)


Net assets			3,297,722		2,550,709

Capital and reserves
Loans and other debts due to members within one year
Members' capital classified as a liability		1,750,000	1,750,000
Other amounts	21	186,983	(355,485)
		1,936,983	1,394,515
Members' other interests
Other reserves classified as equity		1,360,739	1,156,194
		3,297,722	2,550,709

Total members' interests
Loans and other debts due to members	21	1,936,983	1,394,515
Members' other interests		1,360,739	1,156,194
		3,297,722	2,550,709

Page 8


Ingleton Wood LLP Registered number:OC306572

Consolidated balance sheet (continued)

As at 31 March 2021

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 16 September 2021.

D Cresswell

Designated member

The notes on pages 16 to 31 form part of these financial statements.

Page 9


Ingleton Wood LLP Registered number:OC306572

LLP balance sheet

As at 31 March 2021

		2021		2020
Note	£	£	£	£

Fixed assets
Tangible assets	13		430,118		541,264
Investments	14		466,257		466,257
			896,375		1,007,521
Current assets
Debtors	15	5,912,967		5,046,202
Cash at bank and in hand	16	1,906,719		2,412
		7,819,686		5,048,614
Creditors: amounts falling due within one year	17	(5,859,443)		(4,481,020)
Net current assets			1,960,243		567,594
Total assets less current liabilities			2,856,618		1,575,115

Creditors: amounts falling due after more than one year			(926,667)		(187,632)


Net assets			1,929,951		1,387,483

Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability	1,750,000	1,750,000
Other amounts	179,951	(362,517)

	1,929,951	1,387,483

Total members' interests
Loans and other debts due to members	1,929,951	1,387,483

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 16 September 2021.

D Cresswell

Designated member

The notes on pages 16 to 31 form part of these financial statements.

Page 10


Ingleton Wood LLP

Consolidated statement of changes in equity

For the year ended 31 March 2021

	Other reserves	Total equity
	£	£
At 1 April 2019	564,859	564,859

Profit for year for discretionary division among members	605,335	605,335
Transfer from other reserves	(14,000)	(14,000)

At 1 April 2020	1,156,194	1,156,194

Profit for year for discretionary division among members	218,546	218,546
Contributions by and distributions to members
Transfer from other reserves	(14,000)	(14,000)
At 31 March 2021	1,360,740	1,360,740

The notes on pages 15 to 30 form part of these financial statements.

Page 11


Ingleton Wood LLP

LLP statement of changes in equity

For the year ended 31 March 2021

	Total equity
	£
Comprehensive income for the year
Other comprehensive income for the year	-
Total comprehensive income for the year	-
Total transactions with members	-

The notes on pages 16 to 31 form part of these financial statements.

Page 12


Ingleton Wood LLP

LLP statement of changes in equity

For the year ended 31 March 2020

	Total equity
	£
Comprehensive income for the year
Other comprehensive income for the year	-
Total comprehensive income for the year	-
Total transactions with members	-

The notes on pages 16 to 31 form part of these financial statements.

Page 13


Ingleton Wood LLP

Consolidated statement of cash flows

For the year ended 31 March 2021

			2021	2020
			£	£

Cash flows from operating activities
Profit for the financial year	218,546	605,335
Adjustments for:
Members' remuneration charged as an expense	2,651,379	2,279,687
Depreciation of tangible assets	162,357	163,673
Loss on disposal of tangible assets	5,859	6,317
Interest paid	66,670	76,460
Interest received	(203)	(67)
Taxation charge	(292,926)	(398,021)
Increase in debtors	(676,539)	(237,237)
Increase in creditors	832,373	250,073
Net fair value losses/(gains) recognised in P&L	-	(13,235)
Corporation tax received	309,389	442,182
Net cash generated from operating activities before transactions with members	3,276,905	3,175,167

Cash flows from investing activities
Purchase of tangible fixed assets	(51,210)	(329,021)
Sale of tangible fixed assets	-	225,330
Sale of investment properties	-	225,000
Interest received	203	67
Net cash from investing activities	(51,007)	121,376
Cash flows from financing activities
New secured loans	1,200,000	150,000
Repayment of loans	(28,716)	(353,677)
Other new loans	96,250	-
Repayment of other loans	(13,000)	(11,000)
Interest paid	(66,670)	(76,460)
Distribution paid to members	-	(45,000)
Drawings paid to members	(2,184,350)	(2,980,693)
Net cash used in financing activities	(996,486)	(3,316,830)
Net increase/(decrease) in cash and cash equivalents	2,229,412	(20,287)
Cash and cash equivalents at beginning of year	(396,719)	(376,432)
Cash and cash equivalents at the end of year	1,832,693	(396,719)

Page 14


Ingleton Wood LLP

Consolidated statement of cash flows (continued)

For the year ended 31 March 2021

		2021	2020
		£	£

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,924,919	137,551
Bank overdrafts	(92,226)	(534,270)
	1,832,693	(396,719)

The notes on pages 16 to 31 form part of these financial statements.

Page 15


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

1.	General information

Ingleton Wood LLP is a limited liability partnership incorporated in England and Wales. Its registered office is 10-12 Alie Street, London, E1 8DE.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

2.3

Revenue

Turnover is recognised based on pre-agreed stage payments and stages of completion of the projects.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of
completion, costs incurred and the costs to complete can be estimate reliably. The stage of completion is
calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a
proportion of total costs. Where the outcome cannot be estimated reliably, revenue is incurred only to the
extent of the expenses recognised that it is probable will be recovered.

Page 16


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

2.Accounting policies (continued)

2.4

Operating leases: the Group as lessee

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.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated profit and loss account in the same period as the related expenditure.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a reducing balance basis or a straight line basis.

Depreciation is provided at the following rates:

Long-term leasehold property	-	2% straight line
Short-term leasehold property	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Office equipment	-	25% reducing balance/ straight line basis over 2 years
Computer equipment	-	Straight line basis over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.17

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.18

Post retirement payments to members

Balances on members' capital accounts at the date of retirement are paid out over a 3 year period following retirement. Balances on current accounts at the date of retirement are paid out over a 6 month period following retirement.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the group's financial statements requires the members to make judgements when applying accounting estimates which give rise to estimation uncertainty. The members make these judgements having taken into account all available information and using their considerable knowledge of the group's operations. Historically, key estimates have included the recoverability of debts and the measurement of accrued income/long term contracts.

Turnover

During the year, turnover relating to the rendering of services was £16,404,101 (2020 - £17,148,315).

5.	Other operating income
		2021	2020
		£	£

Government grants receivable	630,526	-
Commissions receivable	14,375	-
	644,901	-

Page 20


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

6.	Auditors' remuneration
		2021	2020
		£	£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements

19,200

17,000

7.	Employees
	Staff costs, including members' remuneration, were as follows:

Group	Group	LLP	LLP
2021	2020	2021	2020
£	£	£	£


Wages and salaries	9,018,802	9,554,698	-	-
Social security costs	978,678	944,978	-	-
Cost of defined contribution scheme	443,189	530,606	-	-
	10,440,669	11,030,282	-	-

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:

	2021	2020
	No.	No.

Administration	196	202

The entity has no employees other than the members, who did not receive any remuneration (2020 - £NIL)

8.	Information in relation to members
		2021	2020
		Number	Number


The average number of members during the year was	7	7

					2021	2020
					£	£


The amount of profit attributable to the member with the largest entitlement was	552,838	577,004

Page 21


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

9.	Members' remuneration

During the year retirement benefits were accruing to 5 members (2020 - 5) in respect of defined contribution pension schemes.

10.	Interest receivable
		2021	2020
		£	£

Other interest receivable

203

11.	Interest payable and similar expenses
		2021	2020
		£	£

Bank interest payable	5,135	27,352
Other loan interest payable	61,535	49,108
	66,670	76,460

12.

Taxation

The tax arising on the profit of the LLP is the responsibility of the members. A Corporation Tax liability of £2,039 (2020 - £45,547) arises in respect of subsidiary undertakings.

Page 22


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

13.	Tangible fixed assets
	Group

	Short-term leasehold property	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 April 2020	258,631	492,074	69,939	454,915	1,275,559
Additions	3,329	20,620	-	27,261	51,210
Disposals	-	(48,279)	(14,847)	(81,138)	(144,264)
At 31 March 2021	261,960	464,415	55,092	401,038	1,182,505
Depreciation
At 1 April 2020	70,579	252,555	58,369	346,930	728,433
Charge for the year	37,830	48,124	2,810	73,593	162,357
Disposals	-	(42,750)	(14,516)	(81,138)	(138,404)
At 31 March 2021	108,409	257,929	46,663	339,385	752,386
Net book value
At 31 March 2021	153,551	206,486	8,429	61,653	430,119
At 31 March 2020	188,052	239,518	11,570	107,985	547,125

Page 23


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

13.Tangible fixed assets (continued)

	LLP

	Short-term leasehold property	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 April 2020	258,631	443,795	55,090	445,200	1,202,716
Additions	3,329	20,620	-	27,261	51,210
Disposals	-	-	-	(71,424)	(71,424)
At 31 March 2021	261,960	464,415	55,090	401,037	1,182,502
Depreciation
At 1 April 2020	70,579	209,805	43,852	337,215	661,451
Charge for the year	37,830	48,124	2,810	73,593	162,357
Disposals	-	-	-	(71,424)	(71,424)
At 31 March 2021	108,409	257,929	46,662	339,384	752,384
Net book value
At 31 March 2021	153,551	206,486	8,428	61,653	430,118
At 31 March 2020	188,052	233,990	11,237	107,985	541,264

Page 24


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

14.	Fixed asset investments

	LLP

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2020	466,257
	At 31 March 2021	466,257

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the LLP:
Name	Class of shares	Holding

Ingleton Wood Services Limited	Ordinary	100
Ingleton Wood Investments Limited	Ordinary	100

The aggregate of the share capital and reserves as at 31 March 2021 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit
	£	£

	Ingleton Wood Services Limited	1,224,116	214,598
	Ingleton Wood Investments Limited	466,157	14,000

Indirect subsidiary undertaking
The following was an indirect subsidiary undertaking of the LLP:
Name	Class of shares	Holding

Ingleton Wood Martindales Limited

Ordinary

100%

Page 25


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

15.

Debtors

Group	Group	LLP	LLP
2021	2020	2021	2020
£	£	£	£


Trade debtors	3,481,555	3,210,635	3,486,200	3,129,856
Amounts owed by group undertakings	354	-	354	-
Other debtors	133,024	90,890	82,930	90,368
Prepayments and accrued income	610,081	418,818	608,197	386,698
Amounts recoverable on long term contracts	1,735,286	1,557,792	1,735,286	1,439,280
Deferred taxation	-	6,197	-	-
	5,960,300	5,284,332	5,912,967	5,046,202

16.	Cash and cash equivalents
		Group	Group	LLP	LLP
		2021	2020	2021	2020
		£	£	£	£

Cash at bank and in hand	1,924,919	137,551	1,906,719	2,412
Less: bank overdrafts	(92,226)	(534,270)	(92,226)	(534,270)
	1,832,693	(396,719)	1,814,493	(531,858)

17.	Creditors: Amounts falling due within one year
		Group	Group	LLP	LLP
		2021	2020	2021	2020
		£	£	£	£

Bank overdrafts	92,226	534,270	92,226	534,270
Bank loans	419,250	-	419,250	-
Other loans	96,250	-	96,250	-
Amounts due on long term contracts	755,537	619,390	755,537	610,933
Trade creditors	433,209	431,745	2,440,520	1,701,177
Amounts owed to group undertakings	-	-	673,491	549,785
Corporation tax	-	45,547	-	-
Other taxation and social security	849,253	738,424	594,508	486,996
Other creditors	118,096	128,184	25,372	58,615
Accruals and deferred income	1,327,128	733,107	762,289	539,244
	4,090,949	3,230,667	5,859,443	4,481,020

Page 26


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

18.	Creditors: Amounts falling due after more than one year
		Group	Group	LLP	LLP
		2021	2020	2021	2020
		£	£	£	£

Bank loans	866,667	114,632	866,667	114,632
Other loans	60,000	73,000	60,000	73,000
	926,667	187,632	926,667	187,632

19.	Loans
	An analysis of the maturity of loans is given below:-
		Group	Group	LLP	LLP
		2021	2020	2021	2020
		£	£	£	£

Amounts falling due within one year
Bank loans	419,250	-	419,250	-
Other loans	96,250	-	96,250	-
Amounts falling due 1-2 years
Bank loans	400,000	114,632	400,000	114,632
Other loans	60,000	73,000	60,000	73,000
	460,000	187,632	460,000	187,632
Amounts falling due 2-5 years
Bank loans	466,667	-	466,667	-

	1,442,167	187,632	1,442,167	187,632

The bank loan was issued in September 2019 and is repayable in 24 monthly instalments. Interest is charged at 3.72%, above the Bank of England base rate. The loan is not secured.

Page 27


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

20.	Deferred taxation
	Group

		2021
		£

	At beginning of year	6,197
	Charged to profit or loss	(6,197)
	At end of year	-

		Group	Group
		2021	2020
		£	£

	Deferred capital allowances	-	6,197
		-	6,197

21.	Loans and other debts due to members

		Group	Group	LLP	LLP
		2021	2020	2021	2020
		£	£	£	£


Members' capital treated as debt	(1,750,000)	(1,750,000)	(1,750,000)	(1,750,000)
Other amounts due to members	(186,983)	355,485	(179,951)	362,517
	(1,936,983)	(1,394,515)	(1,929,951)	(1,387,483)

Loans and other debts due to members may be further analysed as follows:

Group	Group	LLP	LLP
2021	2020	2021	2020
£	£	£	£


Falling due within one year	(186,983)	355,485	(179,951)	362,517
Falling due after more than one year	(1,750,000)	(1,750,000)	(1,750,000)	(1,750,000)
	(1,936,983)	(1,394,515)	(1,929,951)	(1,387,483)

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 28


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

22.

Reconciliation of members' interests (Group)


	EQUITY Members' other interests	DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' other reserves	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£
Amounts due to members		1,500,000	567,672	2,067,672
Balance at 1 April 2019	564,859	1,500,000	560,640	2,060,640	2,625,499
Members' remuneration charged as an expense	-	-	2,286,620	2,286,620	2,286,620
Profit for the year available for discretionary division among members	605,336	-	-	-	605,336
Members' interests after profit for the year	1,170,195	1,500,000	2,847,260	4,347,260	5,517,455
Other division of profits	-	-	14,101	14,101	14,101
Movement in reserves	(14,000)	-	-	-	(14,000)
Conversion of members' capital to debt	-	250,000	(250,000)	-	-
Drawings	-	-	(2,980,693)	(2,980,693)	(2,980,693)
Repayment of debt	-	-	(45,000)	(45,000)	(45,000)
Interest on capital	-	-	58,848	58,848	58,848
Amounts due to members		1,750,000	(355,485)	1,394,515
Balance at 31 March 2020	1,156,194	1,750,000	(362,522)	1,387,478	2,543,672
Members' remuneration charged as an expense	-	-	2,658,311	2,658,311	2,658,311
Profit for the year available for discretionary division among members	218,545	-	-	-	218,545
Members' interests after profit for the year	1,374,739	1,750,000	2,295,789	4,045,789	5,420,528
Other division of profits	-	-	14,101	14,101	14,101
Movement in reserves	(14,000)	-	-	-	(14,000)
Drawings	-	-	(2,184,350)	(2,184,350)	(2,184,350)
Interest on capital	-	-	61,443	61,443	61,443
Amounts due to members		1,750,000	186,983	1,936,983
Balance at 31 March 2021	1,360,739	1,750,000	186,983	1,936,983	3,297,722

Page 29


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

22.

Reconciliation of members' interests (LLP)


	DEBT Loans and other debts due to members less any amounts due from members in debtors
	Members' capital (classified as debt)	Other amounts	Total
	£	£	£
Amounts due to members	1,500,000	560,640	2,060,640
Balance at 1 April 2019	1,500,000	560,640	2,060,640
Members' remuneration charged as an expense	-	2,293,688	2,293,688
Members' interests after profit for the year	1,500,000	2,854,328	4,354,328
Repayment of capital	250,000	(250,000)	-
Drawings	-	(2,980,693)	(2,980,693)
Repayment of debt	-	(45,000)	(45,000)
Interest on capital	-	58,848	58,848
Amounts due to members	1,750,000	(362,517)	1,387,483
Balance at 31 March 2020	1,750,000	(362,522)	1,387,478
Members' remuneration charged as an expense	-	2,665,379	2,665,379
Members' interests after profit for the year	1,750,000	2,302,857	4,052,857
Drawings	-	(2,184,350)	(2,184,350)
Interest on capital	-	61,443	61,443
Amounts due to members	1,750,000	179,951	1,929,951
Balance at 31 March 2021	1,750,000	179,951	1,929,951

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

23.	Pension commitments

The group operates a number of defined contributions pension schemes. The assets of the schemes are held separately from those of the group in an independently administered funds. The pension charge represents contributions payable by the group to the funds and amounted to £443,189 (2020 - £530,606).

24.	Going concern

After reviewing the group'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 continues to adopt the going concern basis in preparing its consolidated financial statements.

Page 30


Ingleton Wood LLP

Notes to the financial statements

For the year ended 31 March 2021

25.	Related party transactions

Group transactions
The directors have elected to take advantage of the exemption under FRS 102 Section 33 not to disclose transactions with entities that are part of the group on the grounds that the consolidated financial statements in which the related parties have been included are publicly available.

Page 31