Caseware UK (AP4) 2022.0.179 2022.0.179 No description of principal activity2022-05-01false3432truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC382130 2022-05-01 2023-04-30 OC382130 2021-05-01 2022-04-30 OC382130 2023-04-30 OC382130 2022-04-30 OC382130 c:Buildings c:LongLeaseholdAssets 2022-05-01 2023-04-30 OC382130 c:Buildings c:LongLeaseholdAssets 2023-04-30 OC382130 c:Buildings c:LongLeaseholdAssets 2022-04-30 OC382130 c:OfficeEquipment 2022-05-01 2023-04-30 OC382130 c:OfficeEquipment 2023-04-30 OC382130 c:OfficeEquipment 2022-04-30 OC382130 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC382130 c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC382130 c:CurrentFinancialInstruments 2023-04-30 OC382130 c:CurrentFinancialInstruments 2022-04-30 OC382130 c:Non-currentFinancialInstruments 2023-04-30 OC382130 c:Non-currentFinancialInstruments 2022-04-30 OC382130 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC382130 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 OC382130 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 OC382130 c:Non-currentFinancialInstruments c:AfterOneYear 2022-04-30 OC382130 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 OC382130 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-04-30 OC382130 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-04-30 OC382130 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-04-30 OC382130 d:FRS102 2022-05-01 2023-04-30 OC382130 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 OC382130 d:FullAccounts 2022-05-01 2023-04-30 OC382130 d:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC382130 c:WithinOneYear 2023-04-30 OC382130 c:WithinOneYear 2022-04-30 OC382130 c:BetweenOneFiveYears 2023-04-30 OC382130 c:BetweenOneFiveYears 2022-04-30 OC382130 c:MoreThanFiveYears 2023-04-30 OC382130 c:MoreThanFiveYears 2022-04-30 OC382130 2 2022-05-01 2023-04-30 OC382130 d:PartnerLLP9 2022-05-01 2023-04-30 OC382130 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-30 OC382130 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-30 iso4217:GBP xbrli:pure

Registered number: OC382130










Goodman Ray Solicitors LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2023

 
Goodman Ray Solicitors LLP
Registered number: OC382130

Balance Sheet
As at 30 April 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible Fixed Assets
 5 
73,545
56,293

  
73,545
56,293

Current assets
  

Work in progress
  
1,397,680
1,349,571

Debtors: amounts falling due within one year
 6 
1,264,979
918,311

Cash at bank and in hand
  
118,500
283,066

  
2,781,159
2,550,948

Creditors: Amounts Falling Due Within One Year
 7 
(1,339,218)
(872,284)

Net current assets
  
 
 
1,441,941
 
 
1,678,664

Total assets less current liabilities
  
1,515,486
1,734,957

Creditors: amounts falling due after more than one year
 8 
(32,361)
(40,700)

  
1,483,125
1,694,257

  

Net assets
  
1,483,125
1,694,257


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
875,000
875,000

Other amounts
 10 
608,125
819,257

  
1,483,125
1,694,257

  

  
1,483,125
1,694,257


Total members' interests
  

Loans and other debts due to members
 10 
1,483,125
1,694,257

  
1,483,125
1,694,257

Page 1

 
Goodman Ray Solicitors LLP
Registered number: OC382130

Balance Sheet (continued)
As at 30 April 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: 




................................................
T Featherstone
Designated member
Date: 11 October 2023

The notes on pages 4 to 11 form part of these financial statements.

Goodman Ray Solicitors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 2

 
Goodman Ray Solicitors LLP
 

Reconciliation of Members' Interests
For the Year Ended 30 April 2023





DEBT
Loans and other debts due to members less any amounts due from members in debtors
Members' capital (classified as debt)
Other amounts
Total

£
£
£

Members' interests after profit for the year
875,000
879,802
1,754,802

Other division of profits
-
1,207,567
1,207,567

Drawings on account and distribution of profit
-
(1,268,112)
(1,268,112)

Amounts due to members
875,000
819,257
1,694,257

Balance at 30 April 2022
875,000
819,257
1,694,257

Members' interests after profit for the year
875,000
819,257
1,694,257

Other division of profits
-
1,037,303
1,037,303

Drawings on account and distribution of profit
-
(1,248,435)
(1,248,435)

Amounts due to members
875,000
608,125
1,483,125

Balance at 30 April 2023 
875,000
608,125
1,483,125

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

1.


General information

Goodman Ray Solicitors LLP is a limited liability partnership, incorporated in England and Wales, registered number OC382130. The registered office and place of principal activity is Francis Barber House, 9 Gough Square, London, EC4A 3DG.
The principal activity of the LLP continued to be the provision of legal services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 4

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

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 .

 
2.5

Tangible fixed assets

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:

Long-term leasehold property
-
3 years
Office equipment
-
3-5 years

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.

 
2.6

Work in progress

Work in progress is stated at the estimated selling price less costs to complete and sell. Work in progress include labour and attributable overheads.

At each balance sheet date, work in progress is assessed for recoverability and impairment. If work in progress is impaired, the carrying amount is reduced to its recoverable value. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

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.

 
2.10

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

  
2.11

Members' participation rights

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 FRS 25 (IAS
32) Financial Instruments:  Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities  and similar instruments. A members' participation right  results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts  subscribed  or  otherwise  contributed  by members,  for example  members'  capital,  are classed as equity if the LLP has an unconditional  right to refuse  payment to members.  If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment,  the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account iri the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense.  They are therefore  shown as a residual amount  available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances,  are treated in the same way as all other divisions of profits,  as described above, according to whether the LLP has. in  each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within
'Members' remuneration charged as an expense'

  
2.12

Members' capital

Contributions and withdrawals of capital are made by members in accordance with the terms of the members' agreement.
Capital is repayable to any outgoing member in twelve equal quarterly instalments commencing on the first business day falling three months after the outgoing members leaving date, unless the LLP determines at its absolute discretion to make payments earlier. 

 
2.13

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Finance costs

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 7

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Depreciation
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Work in progress
Within stock are amounts which represent unbilled work in progress. The LLP recognises work completed during the year which has not been billed and assesses the balance for impairment at the year end. 
Bad debts
Trade debtors are assessed with respect to the recoverable value and are written off to the Statement of Comprehensive Income where the Members are not confident that amounts owed to the LLP will be recovered. 


4.


Employees

The average monthly number of employees, including directors, during the year was 34 (2022 - 32).

Page 8

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

5.


Tangible fixed assets





Long-term leasehold property
Office equipment
Total

£
£
£



Cost 


At 1 May 2022
118,607
82,357
200,964


Additions
-
37,734
37,734


Disposals
-
(1,149)
(1,149)



At 30 April 2023

118,607
118,942
237,549



Depreciation


At 1 May 2022
118,607
26,064
144,671


Charge for the year on owned assets
-
19,333
19,333



At 30 April 2023

118,607
45,397
164,004



Net book value



At 30 April 2023
-
73,545
73,545



At 30 April 2022
-
56,293
56,293


6.


Debtors

2023
2022
£
£


Trade debtors
778,198
582,589

Other debtors
8,923
8,910

Prepayments and accrued income
477,858
326,812

1,264,979
918,311


Page 9

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
130,682
40,692

Bank loans
10,000
10,000

Other loans
38,200
-

Trade creditors
583,453
338,353

Other taxation and social security
224,920
222,309

Accruals and deferred income
351,963
260,930

1,339,218
872,284



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,499
32,500

Other creditors
9,862
8,200

32,361
40,700



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
38,200
-


48,200
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
12,499
22,500


70,699
42,500


Page 10

 
Goodman Ray Solicitors LLP
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

10.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
(875,000)
(875,000)

Other amounts due to members
(608,125)
(819,257)

(1,483,125)
(1,694,257)

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
608,125
819,257

Falling due after more than one year
875,000
875,000

1,483,125
1,694,257

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


11.


Pension commitments

The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £28,475 (2022: £26,081). Contributions totalling £7,174 (2022: £5,854) were payable to the fund at the balance sheet date and are included in creditors. 


12.


Commitments under operating leases

At 30 April 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
311,175
300,000

Later than 1 year and not later than 5 years
1,216,763
1,200,000

Later than 5 years
825,000
1,125,000

2,352,938
2,625,000


Page 11