Limited Liability Partnership Registration No. OC434982 (England and Wales)
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
CONTENTS
Page
LLP information
1
Balance sheet
2 - 3
Reconciliation of members' interests
4
Notes to the financial statements
5 - 8
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Mrs A F Livesey
Mr P G Solomons
Limited liability partnership number
OC434982
Registered office
Hamilton Court House
1-3 Alum Chine Road
Bournemouth
England
BH 4 8DT
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,499
4,908
Current assets
Debtors
4
206,850
258,584
Cash at bank and in hand
117,768
119,238
324,618
377,822
Creditors: amounts falling due within one year
5
(148,479)
(172,802)
Net current assets
176,139
205,020
Total assets less current liabilities
179,638
209,928
Creditors: amounts falling due after more than one year
6
(60,417)
(85,417)
Net assets attributable to members
119,221
124,511
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
119,221
124,511
Total members' interests
Loans and other debts due to members
119,221
124,511

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial Year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

SOLOMONS LAW LLP
SOLOMONS SOLICITORS
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the members and authorised for issue on 28 September 2023 and are signed on their behalf by:
28 September 2023
Mrs A F Livesey
Mr P G Solomons
Designated member
Designated Member
Limited Liability Partnership Registration No. OC434982
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
124,511
Members' interests at 1 April 2022
-
124,511
124,511
124,511
Profit for the Year available for discretionary division among members
320,742
-
-
320,742
Members' interests after profit for the Year
320,742
124,511
124,511
445,253
Allocation of profit for the Year
-
320,742
320,742
320,742
Other divisions of profits
(320,742)
-
-
(320,742)
Introduced by members
-
11,800
11,800
11,800
Drawings
-
(337,832)
(337,832)
(337,832)
Members' interests at 31 March 2023
-
119,221
119,221
119,221
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2022
£
£
£
£
Members' interests at 7 January 2021
-
-
-
-
Profit for the Year available for discretionary division among members
301,327
-
-
301,327
Members' interests after profit for the period
301,327
-
-
301,327
Allocation of profit for the period
-
301,327
301,327
301,327
Other divisions of profits
(301,327)
-
-
(301,327)
Introduced by members
-
84,946
84,946
84,946
Drawings
-
(261,762)
(261,762)
(261,762)
Members' interests at 31 March 2022
-
124,511
124,511
124,511
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Solomons Law LLP is a limited liability partnership incorporated in England and Wales. The registered office is Hamilton Court House, 1-3 Alum Chine Road, Bournemouth, England, BH 4 8DT.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

1.3
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.

SOLOMONS LAW LLP
SOLOMONS SOLICITORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Computer equipment
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs.

1.8
Retirement benefits and post retirement payments to members

The LLP operates a defined contribution scheme. Contributions payable to the LLP's pension scheme are charged to profit and loss in the period to which they relate.

SOLOMONS LAW LLP
SOLOMONS SOLICITORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the Year was 13 (2022 - 14).

3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
3,845
3,004
6,849
Depreciation and impairment
At 1 April 2022
577
1,364
1,941
Depreciation charged in the Year
490
919
1,409
At 31 March 2023
1,067
2,283
3,350
Carrying amount
At 31 March 2023
2,778
721
3,499
At 31 March 2022
3,268
1,640
4,908
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
94,401
156,355
Other debtors
90,635
90,096
Prepayments and accrued income
21,814
12,133
206,850
258,584
SOLOMONS LAW LLP
SOLOMONS SOLICITORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,000
25,000
Trade creditors
18,817
20,889
Other taxation and social security
82,600
93,091
Other creditors
14,377
24,482
Accruals and deferred income
7,685
9,340
148,479
172,802
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
60,417
85,417
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.

8
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
22,592
23,310
Between two and five years
35,960
58,552
58,552
81,862
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