Three LLPs release first accounts

Three firms have unveiled their first LLP accounts for the end of the 2004 financial year.

Freethcartwright reported revenues of £18.3m for the nine months from July 2003 to March 2004. Chief executive Peter Smith said the firm adopted a one-off adjustment to accounting standard FRS5 last year, which meant that fee income from certain types of work was recognised early. That figure was therefore distorted upwards by some £1.3m.

The firm upped borrowings from £4.9m at 30 June 2003 to £5.25m at 31 March 2004. Capital, including partners’ capital and retained distributions, amounted to £3.9m.

The figures do not include the cost of new premises in Nottingham, which will be absorbed into this financial year. Smith predicts that the profits would rise by around 10 per cent in this financial year.

Withers’ figures show an overdraft of £3.1m on a turnover of £50.4m and reserves of £9.26m, of which £3.9m was partners’ capital. The firm took a one-off hit of £1.16m to cover the ‘onerous lease’ relating to the five-year sub-lease of floor space.

Meanwhile, Eversheds slashed its borrowings by £17m and reported a net cash position of £2m, with £12m cash at bank and an overdraft of £10m.