Scottish firm Burness Paull strengthened its cash position by over £2m in the first full year following the merger of Burness and Paull & Williamsons, with the figure rising from £3.6m to £5.8m.
According to LLP accounts filed at Companies House the firm, which was created via the December 2012 merger of Central Belt firm Burness with Aberdeen’s Paull & Williamsons (9 October 2012), ended the 2013/14 year with net funds of £4.5m.
This was made up of the £5.8m in cash minus outstanding term loans of £1.3m. At the end of the previous financial year the £3.6m in cash was offset by £1.9m in loans.
The firm’s bank debt is made up of two loans, both of which pre-date the merger. One, which was taken out in 2007 and runs until 2016, is being repaid in equal quarterly instalments of £36,842 while the other, whose term runs until 2019, is being repaid in lump sums of £50,000 a quarter.
While the interest rate on both loans is fixed, the amount of interest paid on servicing debt halved year on year, going from £106,210 in 2012/13 to £50,329 in 2013/14. In 2011/12 the firm paid interest on loans and overdrafts of just over £44,000.
Burness Paull increased revenue by 20 per cent in the 2013/14 financial year, bringing in £46.3m (8 August 2014).