Awdry Bailey & Douglas LLP OC434696 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 OC434696 2021-04-01 2022-03-31 OC434696 2022-03-31 OC434696 core:CurrentFinancialInstruments 2022-03-31 OC434696 core:Non-currentFinancialInstruments 2022-03-31 OC434696 core:FurnitureFittings 2022-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 OC434696 core:MotorVehicles 2022-03-31 OC434696 core:PlantMachinery 2022-03-31 OC434696 bus:SmallEntities 2021-04-01 2022-03-31 OC434696 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 OC434696 bus:FullAccounts 2021-04-01 2022-03-31 OC434696 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 OC434696 bus:RegisteredOffice 2021-04-01 2022-03-31 OC434696 bus:PartnerLLP1 2021-04-01 2022-03-31 OC434696 bus:PartnerLLP2 2021-04-01 2022-03-31 OC434696 bus:PartnerLLP3 2021-04-01 2022-03-31 OC434696 bus:PartnerLLP4 2021-04-01 2022-03-31 OC434696 bus:PartnerLLP5 2021-04-01 2022-03-31 OC434696 bus:PartnerLLP6 2021-04-01 2022-03-31 OC434696 bus:LimitedLiabilityPartnershipLLP 2021-04-01 2022-03-31 OC434696 bus:Agent1 2021-04-01 2022-03-31 OC434696 core:FurnitureFittings 2021-04-01 2022-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2021-04-01 2022-03-31 OC434696 core:MotorVehicles 2021-04-01 2022-03-31 OC434696 core:PlantMachinery 2021-04-01 2022-03-31 OC434696 core:AllSubsidiaries 2021-04-01 2022-03-31 OC434696 countries:AllCountries 2021-04-01 2022-03-31 OC434696 2021-03-31 OC434696 core:FurnitureFittings 2021-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2021-03-31 OC434696 core:MotorVehicles 2021-03-31 OC434696 core:PlantMachinery 2021-03-31 OC434696 2020-04-01 2021-03-31 OC434696 2021-03-31 OC434696 core:CurrentFinancialInstruments 2021-03-31 OC434696 core:Non-currentFinancialInstruments 2021-03-31 OC434696 core:FurnitureFittings 2021-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2021-03-31 OC434696 core:MotorVehicles 2021-03-31 OC434696 core:PlantMachinery 2021-03-31 iso4217:GBP xbrli:pure

Registration number: OC434696

Prepared for the registrar

Awdry Bailey & Douglas LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Awdry Bailey & Douglas LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Awdry Bailey & Douglas LLP

Limited liability partnership information

Designated members

J Bailey

A L David

A M Everett

T M Hotchkiss

Members

R Fereday

P Walshe

Registered office

33 St John's Street
Devizes
Wilshire
SN10 1BW

Bankers

Barclays Bank plc
36-38 Milsom Street
Bath
BA1 1DW

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

Awdry Bailey & Douglas LLP

(Registration number: OC434696)
Balance Sheet as at 31 March 2022

Note

2022
 £

2021*
 £

Fixed assets

 

Tangible assets

4

151,173

111,480

Investments

5

909,440

876,065

 

1,060,613

987,545

Current assets

 

Debtors

6

1,421,078

1,173,525

Cash and short-term deposits

 

218,052

505,354

 

1,639,130

1,678,879

Creditors: Amounts falling due within one year

7

(1,844,533)

(1,581,535)

Net current (liabilities)/assets

 

(205,403)

97,344

Total assets less current liabilities

 

855,210

1,084,889

Creditors: Amounts falling due after more than one year

8

(226,563)

(354,658)

Provisions for liabilities

9

(60,000)

(60,000)

Net assets attributable to members

 

568,647

670,231

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

315,000

315,000

Other amounts

10

253,647

355,231

 

568,647

670,231

   

568,647

670,231

Total members' interests

 

Loans and other debts due to members

 

568,647

670,231

   

568,647

670,231

* These numbers relate to Awdry Bailey & Douglas, a general partnership.

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

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, 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 Companies Act 2006, as applied to LLPs 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.

 

Awdry Bailey & Douglas LLP

(Registration number: OC434696)
Balance Sheet as at 31 March 2022 (continued)

The financial statements of Awdry Bailey & Douglas LLP (registered number OC434696) were approved by the members and authorised for issue on 7 September 2022. They were signed on behalf of the LLP by:

.........................................
A L David
Designated member

.........................................
A M Everett
Designated member

.........................................
T M Hotchkiss
Designated member

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
33 St John's Street
Devizes
Wilshire
SN10 1BW

2

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 periods 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.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Bad debt provision - due to the nature of the business, there are high levels of trade debtors at the period end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £66,436 (2021 - £92,609).

Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A period end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £838,356 (2021 - £638,553).

Provision for client claims - the provision is based on a review of potential claims and an assessment of any potential settlements that are considered likely as a result of these. The carrying amount is £60,000 (2021 - £60,000).

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Revenue recognition

Fee income represents the fair value of services provided during the period on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, expect where the final outcome cannot be assessed with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the period is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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 stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

2

Accounting policies (continued)

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 LLP 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 0 (2021 - 0). Individuals are employed by ABD Legal Services Limited, a related company.

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

4

Tangible fixed assets

Leasehold improvements
£

Computer equipment
£

Fixtures and fittings
£

Motor vehicles
£

Total
£

Cost

At 1 April 2021

140,033

134,862

66,586

9,995

351,476

Additions

15,810

33,209

55,955

-

104,974

At 31 March 2022

155,843

168,071

122,541

9,995

456,450

Depreciation

At 1 April 2021

88,831

113,093

28,077

9,995

239,996

Charge for the period

11,375

26,254

27,652

-

65,281

At 31 March 2022

100,206

139,347

55,729

9,995

305,277

Net book value

At 31 March 2022

55,637

28,724

66,812

-

151,173

At 31 March 2021

51,202

21,769

38,509

-

111,480

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

5

Investments held as fixed assets

2022
 £

2021
 £

Shares in ABD Legal Services Limited

909,440

876,065

Shares in ABD Legal Services Limited
£

Cost

At 1 April 2021

876,065

Revaluation

33,375

At 31 March 2022

909,440

Net book value

At 31 March 2022

909,440

At 31 March 2021

876,065

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

6

Debtors

2022
 £

2021
 £

Amounts recoverable on contracts

838,356

638,553

Trade debtors

202,995

219,685

Other debtors

67,709

13,663

Prepayments and accrued income

312,018

301,624

1,421,078

1,173,525

7

Creditors: Amounts falling due within one year

2022
 £

2021
 £

Bank loans and overdrafts

158,330

141,937

Trade creditors

1,283,915

882,377

Other creditors

380,371

440,243

Accruals and deferred income

21,917

23,079

Taxation and social security

-

93,899

1,844,533

1,581,535

8

Creditors: Amounts falling due after more than one year

2022
 £

2021
 £

Bank loans and overdrafts

226,563

354,658

 

Awdry Bailey & Douglas LLP

Notes to the Financial Statements for the Period Ended 31 March 2022 (continued)

9

Provisions

Client claims provision
£

At 1 April 2021 and 31 March 2022

60,000

10

Analysis of other amounts

2022
 £

2021
 £

Money owed to members by the LLP in respect of profits

253,647

355,231

11

Related party transactions

Summary of transactions with subsidiaries

ABD Legal Services Limited
 The LLP holds 100% of the share capital of ABD Legal Services Limited, which provides staff and other services to the LLP.
The LLP has taken advantage of the exemption from the requirement under FRS 102 section 33.1, to disclose transactions with ABD Legal Services Limited.

 

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £87,066 (2021 - £136,445).