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National firms TLT and Weightmans have both reported audited rises in turnover and profit, with little change in debt levels, for the 2012/13 financial year.
The two firms were among the latest to file LLP accounts at Companies House last week.
TLT’s LLP accounts show a rise in profit and turnover following the firm’s launch in Northern Ireland in May 2012 and its acquisition of Scottish firm Anderson Fyfe on 1 July 2012 (9 May 2012). The accounts show that the Scottish merger cost the firm £217,000 in cash, with another £1.2m contributed to TLT by new partners and counted as the ‘assumption of amounts owed to members’.
The firm reported a turnover of £48.2m in 2012/13, a rise of 11 per cent from £43.4m the previous year. Net profit was up 30 per cent, from £9.4m to £12.2m. The accounts show that salaried partners were allocated £5.1m of profits, up from £4.9m in 2011/12, while equity partners shared out £7.1m, an increase of 58 per cent from £4.5m the previous year.
The number of partners at TLT increased by 11 year-on-year, from 65 in 2011/12 to 76. The amount due to the member with the largest entitlement to profit went up 27 per cent, from £293,000 to £373,000.
TLT’s cash in the bank doubled last year, from £143,000 to £286,000. Total bank borrowings were essentially unchanged, staying stable at £6.3m. Less than half this amount - £2.6m - is due within a year. The firm’s net debt rose slightly, from £9.5m to £9.7m, during 2012/13.
Since the year-end, the firm has consulted its fixed-share partners on a cash call to address HM Revenue & Customs’ changes to national insurance (10 February 2014).
The picture at Weightmans was similar. Turnover rose 5.4 per cent, to £81.7m from £77.5m in 2011/12. Net profit was up 13 per cent, from £20.9m to £23.6m.
The firm’s headcount rose substantially during the year, from 933 people in 2011/12 to 994 last year. Staff costs also rose, from £33.5m to £35m. However the average number of LLP members was static at 146. The amount due to the highest-paid member rose by 20 per cent, from £322,000 to £385,000.
Weightmans reduced its total borrowings slightly during the year, from £10.2m in 2011/12 to £9.7m last year. Its overdraft dropped by £744,000, but bank loans rose by just under £400,000. With a £483,000 reduction in cash in the bank, this meant the firm’s net debt rose only minimally, from £9.2m to £9.3m.