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REGISTERED NUMBER: OC435829 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Merritts Solicitors LLP

Merritts Solicitors LLP (Registered number: OC435829)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Merritts Solicitors LLP

General Information
for the Year Ended 31 May 2023







DESIGNATED MEMBERS: Mrs H Baxter
M J Moran





REGISTERED OFFICE: 83 High Street
Yarm
United Kingdom
Cleveland
TS15 9BG





REGISTERED NUMBER: OC435829 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Merritts Solicitors LLP (Registered number: OC435829)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,858 22,072

CURRENT ASSETS
Debtors 5 700,254 563,836
Cash at bank and in hand 350,972 180,166
1,051,226 744,002
CREDITORS
Amounts falling due within one year 6 406,035 325,590
NET CURRENT ASSETS 645,191 418,412
TOTAL ASSETS LESS CURRENT
LIABILITIES

670,049

440,484

CREDITORS
Amounts falling due after more than one
year

7

93,750

169,652
NET ASSETS ATTRIBUTABLE TO
MEMBERS

576,299

270,832

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

576,299

270,832

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 576,299 270,832

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 May 2023.

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.

Merritts Solicitors LLP (Registered number: OC435829)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 9 October 2023 and were signed by:





M J Moran - Designated member

Merritts Solicitors LLP (Registered number: OC435829)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Merritts Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is £ sterling and is rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes, adjusted for opening and closing amounts recoverable on contracts.

Revenue is recognised in accordance with FRS 102. Income is recognised when the LLP has performed the services for it's clients, and has obtained the right to consideration for those services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Amounts recoverable on contracts is calculated based on an assessment of the fair value of the services provided at the Balance Sheet date that have yet to be billed.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 23 (2022 - 22 ) .

Merritts Solicitors LLP (Registered number: OC435829)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022 5,109 22,883 27,992
Additions - 12,354 12,354
At 31 May 2023 5,109 35,237 40,346
DEPRECIATION
At 1 June 2022 326 5,594 5,920
Charge for year 1,022 8,546 9,568
At 31 May 2023 1,348 14,140 15,488
NET BOOK VALUE
At 31 May 2023 3,761 21,097 24,858
At 31 May 2022 4,783 17,289 22,072

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 388,298 266,909
Amounts recoverable on contract 265,825 255,180
Other debtors 46,131 41,747
700,254 563,836

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 52,500 71,391
Trade creditors 1,537 8,485
Taxation and social security 166,829 126,027
Other creditors 185,169 119,687
406,035 325,590

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 93,750 138,750
Other creditors - 30,902
93,750 169,652

Merritts Solicitors LLP (Registered number: OC435829)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Amounts owed to members in respect of profits 576,299 270,832

Falling due within one year 576,299 270,832

Loans & other debts due to members rank after all unsecured creditors in the event of a winding up.

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £21,954.