Registered number
OC388493
Cambridge Solicitors LLP
Filleted Accounts
31 October 2021
Cambridge Solicitors LLP
Profit and Loss Account
for the year ended 31 October 2021
2021 2020
£ £
Turnover 539,059 282,541
Cost of sales (96,785) (59,541)
Gross profit 442,274 223,000
Administrative expenses (430,812) (254,690)
Other Income 82,093 67,913
Operating profit 93,555 36,223
Interest receivable 506 754
Profit before members' remuneration and profit share 94,061 36,977
Profit for the financial year available for discretionary division among members 94,061 36,977
Cambridge Solicitors LLP
Registered number: OC388493
Balance Sheet
as at 31 October 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 25,045 19,325
Current assets
Work in Progess 57,422 48,258
Cash at bank and in hand 39,235 2,241
96,657 50,499
Creditors: amounts falling due within one year 4 (38,457) (18,870)
Net current assets 58,200 31,629
Total assets less current liabilities 83,245 50,954
Creditors: amounts falling due after more than one year 5 (47,197) (50,000)
Net assets attributable to members 36,048 954
Represented by:
Loans and other debts due to members 6 - (8,000)
Members' other interests
Other reserves 36,048 8,954
36,048 954
Total members' interests
Loans and other debts due to members 6 - (8,000)
Members' other interests 36,048 8,954
36,048 954
For the year ended 31 October 2021 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 1 July 2022 and signed on their behalf by:
Kamila Rahman
Designated member
Cambridge Solicitors LLP
Notes to the Accounts
for the year ended 31 October 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the LLP 9 9
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020 53,111
Additions 13,249
At 31 October 2021 66,360
Depreciation
At 1 November 2020 33,786
Charge for the year 7,529
At 31 October 2021 41,315
Net book value
At 31 October 2021 25,045
At 31 October 2020 19,325
4 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 19,433 10,609
Other taxes and social security costs 15,549 3,713
Other creditors 3,475 4,548
38,457 18,870
5 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 47,197 50,000
6 Loans and other debts due to members 2021 2020
£ £
Amounts due to members in respect of profits - (8,000)
Amounts falling due within one year - (8,000)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Cambridge Solicitors LLP is a limited liability partnership incorporated in England. Its registered office is:
756 Warwick Road
Birmingham
West Midlands
B11 2HG
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