REGISTERED NUMBER: |
Unaudited Financial Statements |
for the period |
18 December 2020 to 31 March 2022 |
for |
ICON LAW LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the period |
18 December 2020 to 31 March 2022 |
for |
ICON LAW LLP |
ICON LAW LLP (REGISTERED NUMBER: OC434762) |
Contents of the Financial Statements |
for the period 18 December 2020 to 31 March 2022 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ICON LAW LLP |
General Information |
for the period 18 December 2020 to 31 March 2022 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
ICON LAW LLP (REGISTERED NUMBER: OC434762) |
Balance Sheet |
31 March 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 129,472 |
Loans and other debts due to members | 7 | 129,472 |
Total members' interests |
Loans and other debts due to members | 7 | 129,472 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
ICON LAW LLP (REGISTERED NUMBER: OC434762) |
Notes to the Financial Statements |
for the period 18 December 2020 to 31 March 2022 |
1. | Statutory information |
Icon Law LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the entity becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the entity will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the entity's cash management. |
Financial liabilities and equity instruments issued by the entity are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Equity instruments issued by the entity are recorded at the proceeds received, net of direct issue costs. |
Members' participating interests |
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. |
3. | Employee information |
The average number of employees during the period was |
ICON LAW LLP (REGISTERED NUMBER: OC434762) |
Notes to the Financial Statements - continued |
for the period 18 December 2020 to 31 March 2022 |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
Additions |
At 31 March 2022 |
Depreciation |
Charge for period |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
5. | Debtors: amounts falling due within one year |
£ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
£ |
Trade creditors |
Other creditors |
7. | Loans and other debts due to members |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors |