Boyes Turner publishes first set of LLP accounts

Reading firm Boyes Turner has published its first full set of LLP accounts, reporting turnover of £21.7m for the 18 months to 31 March 2013.

The figures cover the period from 1 October 2011 to 31 March this year. Boyes Turner incorporated its LLP on 4 January 2011, and transferred the trade and assets of the previously unincorporated partnership into the LLP in October that year. 

The accounts show that in the first six months of the 2011/12 financial year the firm produced revenue of £7m and net profit of £2m. Net profit for the 18-month period was £5.9m.

Figures provided by the firm for The Lawyer’s UK 200 2013 show that for the financial year 2012/13 the firm made £14.7m, up 4.3 per cent from £14.1m for the full 2011/12 financial year. Net profit due to equity partners for the 12 months to the end of March 2013 was £3.13m, with profits shared between all partners just shy of £4m.

The LLP accounts show that employee costs for the 18 months to the end of March 2013 were £6.85m, and the firm employed 73 legal staff and another 69 support staff.

The partner with the highest profit share took home £317,353, and average partners’ remuneration was £241,390.

The accounts reveal that Boyes Turner has bank loans and overdrafts of £6.2m, due within a year. At 30 September 2011 bank debt stood at £2m. 

RSM Tenon was appointed as auditors to the LLP.

Boyes Turner is currently in merger talks with Blake Lapthorn and Morgan Cole. A successful merger would create a top 40 UK firm with revenues of almost £100m (28 November 2013).