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for the year ended 31 March 2023
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Registered number: OC398641
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ARC Pensions Law LLP - Registered number: OC398641
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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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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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ARC Pensions Law LLP - Registered number: OC398641
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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:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Notes to the financial statements
for the year ended 31 March 2023
ARC Pensions Law LLP is a limited liability partnership incorporated in England & Wales. The LLP's registered office and principal place of business is 80 Coleman Street, London, EC2R 5BJ. The registered number of the LLP is OC398641.
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 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 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:
The LLP has sufficient liquid resources to continue as a going concern for the foreseeable future and the members believe the LLP will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 3
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Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
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. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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Amounts recoverable under contracts
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Amounts recoverable under contracts represent work done at the year end where a continuing right to receive income exists and is valued at the estimated amount recoverable in excess of fees already rendered.
Page 4
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Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
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.
Taxation of all of the LLP's profits is solely the personal liability of individual members and is not dealt with in
these financial statements.
Profits are allocated to members in proportion to their profit shares for that accounting period and are accounted for as an expense in the profit and loss account.
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Defined contribution pension plan
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During the year, the LLP operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a seperate entity. Once the contributions have been paid the LLP has no further payment obligations.
Contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held seperately from the LLP in an independently administered fund.
Interest income is recognised in profit or loss using the effective interest method.
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.
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The average monthly number of employees, not including members, during the year was 14 (2022 - 13).
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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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Investments in subsidiary companies
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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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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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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.
The entity makes contributions into employees' personal pension plans. The pension cost charge represents contributions payable by the company to the pension plan and amounted to £65,287 (2022: £52,065). At 31 March 2023, there was £9,136 (2022: £8,392) payable in respect of these schemes.
Page 7
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This page does not form part of the statutory financial statements Page 8
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