Limited Liability Partnership registration number OC307155 (England and Wales)
SPROULL SOLICITORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SPROULL SOLICITORS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr D Sproull
Mr D M Sproull
Mrs J D Rowan
Limited liability partnership number
OC307155
SPROULL SOLICITORS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SPROULL SOLICITORS LLP
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,424
23,012
Current assets
Debtors
4
396,527
369,984
Cash at bank and in hand
149,954
156,609
546,481
526,593
Creditors: amounts falling due within one year
5
(103,550)
(100,562)
Net current assets
442,931
426,031
Total assets less current liabilities
462,355
449,043
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
462,355
449,043
Total members' interests
Loans and other debts due to members
462,355
449,043

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 30 April 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.

The financial statements were approved by the members and authorised for issue on 13 October 2023 and are signed on their behalf by:
13 October 2023
Mr D Sproull
Mr D M Sproull
Designated member
Designated Member
Mrs J D Rowan
Designated Member
Limited Liability Partnership Registration No. OC307155
SPROULL SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Sproull Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Sproull Solicitors LLP, 8 Fore Street, Camelford, Cornwall, PL32 9PG.

 

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 December 2021, 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 £.

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 legal services provided to clients during the year, excluding value added tax.

Revenue from contracts for the provision of legal services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Provision is made against unbilled amounts on these engagements where the right to receive payments is contingent on factors outside the control of the limited liability partnership.

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.

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:

Short leasehold property
No depreciation
Fixtures and fittings
15% per annum on the reducing balance method
Computers
33.33% per annum on the straight line method

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.

SPROULL SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

1.7
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
21
22
3
Tangible fixed assets
Short leasehold property
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2022
4,500
161,650
226,842
392,992
Additions
-
-
871
871
At 30 April 2023
4,500
161,650
227,713
393,863
Depreciation and impairment
At 1 May 2022
-
144,776
225,204
369,980
Depreciation charged in the year
-
2,531
1,928
4,459
At 30 April 2023
-
147,307
227,132
374,439
Carrying amount
At 30 April 2023
4,500
14,343
581
19,424
At 30 April 2022
4,500
16,874
1,638
23,012
SPROULL SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
4
Debtors: amounts falling due within one year
2023
2022
Trade debtors
88,953
63,036
Other debtors
307,574
306,948
396,527
369,984
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,473
8,839
Taxation and social security
67,158
63,046
Other creditors
26,919
28,677
103,550
100,562
6
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.

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