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for the year ended 31 March 2023
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Registered number: OC372363
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GQ Employment Law LLP - Registered number: OC372363
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Statement of financial position
as at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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Page 1
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GQ Employment Law LLP - Registered number: OC372363
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Statement of financial position (continued)
as at 31 March 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Page 2
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Notes to the financial statements
for the year ended 31 March 2023
GQ Employment Law LLP is a limited liability partnership incorporated in England & Wales. The registered office and principal place of business during the year was 125 Wood Street, London, EC2V 7AN. The registered number is OC372363.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the amounts derived from the provision of legal services, which falls within the LLP's ordinary activities, all of which are continuing and stated net of tax.
Turnover arising from the provision of legal services is recognised by the stage of completion, when the stage of completion, costs incurred and costs to completion can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and direct expenses, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Over the term of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 3
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Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 4
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Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Taxation on the profits of the LLP is solely the liability of individual members. Therefore, neither income tax nor deferred tax arising in respect of the LLP's profit is included in these financial statements.
The entity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the entity to the fund in respect of the year.
Members' remuneration charged as an expense in the profit and loss account relates to amounts payable under contractual agreements. The balance of the profit and loss for the year, available for discretionary division amongst the members, is treated as members' equity in the balance sheet until it is formally allocated to the members when the financial statements are approved after the year end.
Any amount of profit not allocated to members is carried forward in other reserves and classified as equity.
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The average monthly number of employees during the year was 38 (2022 - 27).
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Page 5
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Notes to the financial statements
for the year ended 31 March 2023
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S/Term Leasehold Property
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Amounts recoverable under contracts
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Prepayments and accrued income
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Page 6
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Notes to the financial statements
for the year ended 31 March 2023
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Creditors: amounts falling due within one year
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Other taxation and social security
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The bank loan is secured by a debenture over the assets of the LLP.
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Page 7
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Notes to the financial statements
for the year ended 31 March 2023
The LLP operates a defined contributions pension scheme on behalf of its members and certain employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund. Contributions totalling £145,418 (2022 - £93,912) were paid by the LLP to the fund during the year. Contributions payable at the year end were £8,640 (2022- £419).
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Commitments under operating leases
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At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year, the LLP charged GQ Littler £24,000 (2022: £28,000) for management fees. In addition to this, the LLP paid for expenses on GQ Littler's behalf totalling £22,467 (2022: £42,936) and GQ Littler charged the LLP amounts totalling £79,732 (2022: £87,192) for services and recharged disbursements. At 31 March 2023, GQ Littler owed the LLP £769 (2022: £38,215). GQ Littler is a related party by virtue of common control.
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Page 8
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