Ralph & Co Solicitors LLP OC360467 false 2022-04-06 2023-04-05 2023-04-05 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 OC360467 2022-04-06 2023-04-05 OC360467 2023-04-05 OC360467 core:CurrentFinancialInstruments 2023-04-05 OC360467 core:Non-currentFinancialInstruments 2023-04-05 OC360467 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-05 OC360467 bus:SmallEntities 2022-04-06 2023-04-05 OC360467 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 OC360467 bus:FullAccounts 2022-04-06 2023-04-05 OC360467 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 OC360467 bus:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC360467 core:FurnitureFittings 2022-04-06 2023-04-05 OC360467 core:LandBuildings 2022-04-06 2023-04-05 OC360467 countries:AllCountries 2022-04-06 2023-04-05 OC360467 2021-04-06 2022-04-05 OC360467 2022-04-05 OC360467 core:CurrentFinancialInstruments 2022-04-05 OC360467 core:Non-currentFinancialInstruments 2022-04-05 OC360467 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-05 iso4217:GBP xbrli:pure

Ralph & Co Solicitors LLP

Annual Report and Unaudited Financial Statements
Year Ended 5 April 2023

Registration number: OC360467

 

Ralph & Co Solicitors LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Notes to the Financial Statements

3

 

Ralph & Co Solicitors LLP

Balance Sheet

5 April 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

13,050

10,452

Current assets

 

Debtors

243,270

297,454

Cash and short-term deposits

 

150,502

148,541

 

393,772

445,995

Creditors: Amounts falling due within one year

5

(103,840)

(160,307)

Net current assets

 

289,932

285,688

Total assets less current liabilities

 

302,982

296,140

Creditors: Amounts falling due after more than one year

6

(101,806)

(134,868)

Net assets attributable to members

 

201,176

161,272

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

150,000

150,000

Other amounts

51,176

11,272

 

201,176

161,272

   

201,176

161,272

Total members' interests

 

Loans and other debts due to members

 

201,176

161,272

   

201,176

161,272

For the year ending 5 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships. The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships 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.

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, and the option not to file the Profit and Loss Account has been taken.

 

Ralph & Co Solicitors LLP

Balance Sheet

5 April 2023 (continued)

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

The financial statements of Ralph & Co Solicitors LLP (registered number OC360467) were approved by the members and authorised for issue on 5 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
KA Clixby
Designated member

Registration number: OC360467

 

Ralph & Co Solicitors LLP

Notes to the Financial Statements

Year Ended 5 April 2023

1

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 years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention in accordance with FRS 102 incorporating Section 1A – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ‘Accounting for Limited Liability Partnerships’ issued in January 2017.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Ralph & Co Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.

Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.

Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included in debtors.

 

Ralph & Co Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 5 April 2023

1

Accounting policies (continued)

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over the lease term

Fixtures and fittings

25% reducing balance

Financial instruments

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:

Basic financial assets comprise short term trade and other debtors and cash and bank balances.

Basic financial liabilities comprise short term trade and other creditors and bank loans.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Ralph & Co Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 5 April 2023

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 13 (2022 - 16).

3

Tangible fixed assets

Leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost

At 6 April 2022

21,301

49,503

70,804

Additions

-

5,861

5,861

At 5 April 2023

21,301

55,364

76,665

Depreciation

At 6 April 2022

21,301

39,051

60,352

Charge for the year

-

3,263

3,263

At 5 April 2023

21,301

42,314

63,615

Net book value

At 5 April 2023

-

13,050

13,050

At 5 April 2022

-

10,452

10,452

4

Debtors

2023
 £

2022
 £

Trade debtors

80,575

110,165

Other debtors

5,000

8,467

Prepayments and accrued income

157,695

178,822

243,270

297,454

 

Ralph & Co Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 5 April 2023

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

33,064

33,064

Taxation and social security

34,199

42,166

Other creditors

3,375

45,042

Accruals and deferred income

33,202

40,035

103,840

160,307

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

6

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

101,806

134,868

7

Control

The limited liability partnership is controlled by K Clixby. The member K Clixby is the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

8

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 £17,913 (2022 - £12,950).