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REGISTERED NUMBER: OC326488 (England and Wales)





HOPKINS (2021) LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023






HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 6


HOPKINS (2021) LLP

GENERAL INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023







DESIGNATED MEMBERS: Mr P J Todd
Mr R P A Siderfin
Mr M C Knox
Mr C P Wright
Mr T W Stendall
Miss R D Jackson
Ms C M Lowe





REGISTERED OFFICE: Eden Court
Crow Hill Drive
Mansfield
Nottinghamshire
NG19 7AE





REGISTERED NUMBER: OC326488 (England and Wales)





ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,836 16,185
Tangible assets 5 184,065 224,241
234,901 240,426

CURRENT ASSETS
Debtors 6 2,143,491 1,964,810
Cash at bank and in hand 379,311 770,439
2,522,802 2,735,249
CREDITORS
Amounts falling due within one year 7 310,113 540,527
NET CURRENT ASSETS 2,212,689 2,194,722
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,447,590

2,435,148

CREDITORS
Amounts falling due after more than one
year

8

-

273,286
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,447,590

2,161,862

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

BALANCE SHEET - continued
31 JULY 2023


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 period ended 31 July 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.

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

BALANCE SHEET - continued
31 JULY 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

1,866,990

1,561,862

MEMBERS' OTHER INTERESTS
Capital accounts 580,600 600,000
2,447,590 2,161,862

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 1,866,990 1,561,862
Members' other interests 580,600 600,000
2,447,590 2,161,862

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

BALANCE SHEET - continued
31 JULY 2023


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 period ended 31 July 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.

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 12 October 2023 and were signed by:





Mr M C Knox - Designated member

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


1. STATUTORY INFORMATION

Hopkins (2021) 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 the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of the financial statements requires the members to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Conditional fee arrangements on personal injury cases require a favourable outcome preceding payment for legal services plus any percentage success fees; the members assume "no win no fee" as at the balance sheet date.

The financial statement includes estimations that assume the historical results can project the future expectations regarding the recognition of revenue at the balance sheet date and within in the next financial year.

Amounts recoverable on legal service contracts are calculated on a basis in line with the legal service type; wills, conveyancing, family, commercial, probate and either the estimated stage of completion for fixed fee arrangements or the historical results percentage is applied to calculate the total carrying value of £905,318 (2022:£793,993) as at the reporting date.

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value excluding Value Added Tax, of legal services supplied to customers during the year.

In respect of income received on fixed fee contracts, income is released into the profit and loss account in line with the stage of completion of the contract.
In respect of no win, no fee contracts, income is only released into the profit and loss account when a positive outcome to the case has been agreed.
In respect of any other legal services supplied to customers, all income is taken to profit and loss at the same point as the right to receive the consideration is acquired.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised at a rate of 33% on reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% straight line
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% straight line

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.

Under the terms of the membership agreement the LLP has a liability to make post retirement payments to members after they have retired from the partnership.

Irrespective of the fact that the right to these payments accrues over the period in which the individual serves as a member the costs are recognised each year as the payments are made. These amounts are included in 'Members' remuneration charged as an expense' in the Profit and Loss Account.

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


2. ACCOUNTING POLICIES - continued

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 member's 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 in the relevant year. To the extent that they remain unpaid at the year 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 rights 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'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

Debtors and creditors repayable 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.

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Taxation
The taxation payable on the partnership profits is the personal liability of the members and consequently neither taxation nor related deferred taxation are accounted for in the financial statements. Amounts retained for members' personal tax liabilities are treated in the same way as other profits of the partnership and are included in 'Loans and other debts due to members'.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 78 (2022 - 77 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022 16,185
Additions 75,323
At 31 July 2023 91,508
AMORTISATION
Amortisation for period 40,672
At 31 July 2023 40,672
NET BOOK VALUE
At 31 July 2023 50,836
At 31 March 2022 16,185

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 148,503 173,895 4,700 314,779 641,877
Additions - - - 54,432 54,432
At 31 July 2023 148,503 173,895 4,700 369,211 696,309
DEPRECIATION
At 1 April 2022 55,688 86,885 4,073 270,990 417,636
Charge for period 19,799 11,602 209 62,998 94,608
At 31 July 2023 75,487 98,487 4,282 333,988 512,244
NET BOOK VALUE
At 31 July 2023 73,016 75,408 418 35,223 184,065
At 31 March 2022 92,815 87,010 627 43,789 224,241

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,140,190 956,624
Amounts owed by participating interests 5,000 -
Amounts recoverable on contract 905,318 793,993
Prepayments and accrued income 92,983 214,193
2,143,491 1,964,810

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 89,324 64,262
Hire purchase contracts (see note 9) - 14,071
Trade creditors 5,096 6,925
Social security and other taxes 54,064 52,761
VAT 71,830 208,265
Other creditors 10,542 -
Accruals and deferred income 79,257 194,243
310,113 540,527

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years - 273,286

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 14,071

HOPKINS (2021) LLP (REGISTERED NUMBER: OC326488)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 87,939 88,572
Between one and five years 202,550 103,902
In more than five years 110,850 85,000
401,339 277,474

10. RELATED PARTY TRANSACTION

During the year the LLP was charged rent and insurance for one of its offices, from I.P.M SIPP Administration Limited, a collection of personal pension arrangements for some of the members. The charge to the profit and loss account during the year amounted to £55,202 and £4,711 respectively (2022:£61,849 and £1,145). There were no (2022:no) amounts outstanding with respect to these transactions at the balance sheet date. All transactions were carried out at an open market value.

A partner contributed to the client account on behalf of a related party of £742. All transactions relating to this file were carried out at market value.

11. CONTROLLING PARTY

There is no controlling party as no member has over 50% of the equity of the LLP.