Burges Salmon spent £9.7m on its new offices in the 2010-11 financial year, hiking the total cost of its move to Bristol’s Temple Quay to £20.7m.
The Bristol firm’s LLP accounts for 2010-11 show that it spent just under £8.7m between 1 May 2010 and 30 April 2011 on construction costs and an additional £1.02m on fixtures, fittings and equipment.
The total cost as of 1 May 2010 had been £5.7m for construction and £20.8m for fixtures, fittings and equipment.
Included in the figure for fixtures, fittings and equipment is £400,000 put aside to spend on returning the building to its original condition when the lease runs out in 19 years’ time, a requirement of the agreement.
Although these amounts add up to £26.5m, £15.5m was added to the accounts from disposal of fixtures, fittings and equipment at the old building, although this is not a cash gain.
The firm gave its fittings and similar items from the old offices to an organisation that refurbishes equipment for charity.
It also received an injection of £661,000 to its profit and loss account, which is understood to have come after negotiating a beneficial deal on the move from its previous offices related to a waiver of its obligations to return the building to its previous state.
The firm moved into its new Temple Quay Central offices from Narrow and Broad Quays in the summer of 2010.
The LLP accounts also show that the firm put aside £2.7m for the depreciation costs of the fittings for the offices in 2010-11, in addition to the £16.7m it had designated for this as of 1 May 2010.
Meanwhile, the total amount paid to salaried partners, understood to relate to one individual, fell from £280,000 to £215,000. The highest profit share for a continuing partner was £467,000, up from £465,000 in 2009-10, while average profit per LLP member increased slightly from £352,000 to £362,000.