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Registration number: OC429243

PHP Law LLP

Filleted Unaudited Financial Statements

for the period from 1 May 2021 to 31 March 2022

 

PHP Law LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

PHP Law LLP

Limited liability partnership information

Designated members

A D Power

L J Partridge

R S Holland
 

Registered office

6 Delamore Park
Cornwood
Ivybridge
Devon
PL21 9QP

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

PHP Law LLP

(Registration number: OC429243)
Balance Sheet as at 31 March 2022

Note

31 March 2022
 £

30 April 2021
 £

Fixed assets

 

Tangible assets

3

24,749

21,024

Current assets

 

Debtors

121,828

67,864

Cash and short-term deposits

 

329,704

336,034

 

451,532

403,898

Creditors: Amounts falling due within one year

5

(47,567)

(51,683)

Net current assets

 

403,965

352,215

Total assets less current liabilities

 

428,714

373,239

Creditors: Amounts falling due after more than one year

6

(10,786)

(13,481)

Net assets attributable to members

 

417,928

359,758

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

7,500

13,500

Other amounts

(76,441)

89,072

 

(68,941)

102,572

Members’ other interests

 

Other reserves

 

486,869

257,186

   

417,928

359,758

Total members' interests

 

Loans and other debts due to members

 

(68,941)

102,572

Equity

 

486,869

257,186

   

417,928

359,758

For the period ending 31 March 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

PHP Law LLP

(Registration number: OC429243)
Balance Sheet as at 31 March 2022 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of PHP Law LLP (registered number OC429243) were approved by the Board and authorised for issue on 12 August 2022. They were signed on behalf of the limited liability partnership by:

.........................................
A D Power
Designated member

 

PHP Law LLP

Notes to the Financial Statements for the Period from 1 May 2021 to 31 March 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of PHP Law LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Disclosure of long or short period

These financial statements have been prepared for a period of less than one year. This is due to aligning the year end with the personal tax year end. The comparatives presented in these financial statements are therefore not entirely comparable.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Government grants

Government grants have been credited to other operating income and are recognised over the period to which the grant relates.

 

PHP Law LLP

Notes to the Financial Statements for the Period from 1 May 2021 to 31 March 2022 (continued)

1

Accounting policies (continued)

Members' remuneration and division of profits

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

 

PHP Law LLP

Notes to the Financial Statements for the Period from 1 May 2021 to 31 March 2022 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Computer equipment

25% straight line

Motor vehicles

20% straight line

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 5 (2021 - 4).

 

PHP Law LLP

Notes to the Financial Statements for the Period from 1 May 2021 to 31 March 2022 (continued)

3

Tangible fixed assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 May 2021

-

3,424

16,070

4,222

23,716

Additions

5,113

1,692

-

1,500

8,305

At 31 March 2022

5,113

5,116

16,070

5,722

32,021

Depreciation

At 1 May 2021

-

360

1,858

474

2,692

Charge for the year

154

404

2,946

1,076

4,580

At 31 March 2022

154

764

4,804

1,550

7,272

Net book value

At 31 March 2022

4,959

4,352

11,266

4,172

24,749

At 30 April 2021

-

3,064

14,212

3,748

21,024

 

PHP Law LLP

Notes to the Financial Statements for the Period from 1 May 2021 to 31 March 2022 (continued)

4

Debtors

31 March 2022
 £

30 April 2021
 £

Trade debtors

96,327

56,365

Other debtors

3,480

-

Prepayments and accrued income

22,021

11,499

Total current trade and other debtors

121,828

67,864

5

Creditors: Amounts falling due within one year

31 March 2022
 £

30 April 2021
 £

Trade creditors

1,142

10,818

Other creditors

2,633

2,633

Accruals and deferred income

5,550

3,379

Taxation and social security

38,242

34,853

47,567

51,683

 

PHP Law LLP

Notes to the Financial Statements for the Period from 1 May 2021 to 31 March 2022 (continued)

6

Creditors: Amounts falling due after more than one year

31 March 2022
 £

30 April 2021
 £

Other creditors

10,786

13,481

7

Loans and other debts due to members

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases. The total amount of financial commitments not included in the balance sheet is £59,075 (2021 - £4,375), of which £12,800 (2021 - £4,375) is due within 1 year.