Company registration number 00004302 (England and Wales)
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
David Tournafond
James Mannouch
Mickaela Schorah
Jeremy Myers
Julie O'Hare
Steven Zdolyny
Gaynor Williams
Emma Palmer
Nicola Harris
Lindsey Knowles
Syed MA Ullah
Jennifer Powell
Amelia Hayden
Paddy Dwyer
Jonathan Berkson
Sarah Mansfield
John Owens
Nina Sahu
Rachel Stalker
Haley Farrell
John-Paul Dennis
Lorna Mitchell
(Appointed 24 November 2022)
Lauren Cannon
(Appointed 24 November 2022)
Paul Kilty
(Appointed 12 October 2022)
Nadya Makarova
(Appointed 24 November 2022)
President
Jeremy Myers
Vice President
Gaynor Williams
Hon Secretaries
Sarah Mansfield
Syed MA Ullah
Company number
00004302
Registered office
Tempest
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
Auditor
BWM
Tempest
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
Bankers
Natwest
2-8 Church Street
Liverpool
L1 3BG
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Investment managers
Rathbone Investment Management
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the Society is the provision of services to Attorneys and Solicitors practising in Merseyside and its environs. The Society provides seminars on various topics of interest to its members. The company is limited by guarantee.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
David Tournafond
James Mannouch
Mickaela Schorah
Jeremy Myers
Julie O'Hare
Steven Zdolyny
Joanne Francis
(Resigned 8 November 2022)
Gaynor Williams
Eileen Chisnall
(Resigned 24 November 2022)
Emma Palmer
Nicola Harris
Lindsey Knowles
Syed MA Ullah
Jennifer Powell
Amelia Hayden
Paddy Dwyer
Warren Barr
(Resigned 12 July 2022)
Jonathan Berkson
Sarah Mansfield
John Owens
Nina Sahu
Rachel Stalker
Haley Farrell
John-Paul Dennis
Lorna Mitchell
(Appointed 24 November 2022)
Lauren Cannon
(Appointed 24 November 2022)
Paul Kilty
(Appointed 12 October 2022)
Nadya Makarova
(Appointed 24 November 2022)
Auditor
BWM were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Emma Palmer
Director
21 September 2023
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIVERPOOL LAW SOCIETY
- 4 -
Opinion
We have audited the financial statements of Liverpool Law Society (the 'company') for the year ended 31 May 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIVERPOOL LAW SOCIETY
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIVERPOOL LAW SOCIETY
- 6 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Louise Casey ACA
Senior Statutory Auditor
For and on behalf of BWM
4 October 2023
Chartered Accountants
Statutory Auditor
Tempest
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
270,004
235,992
Administrative expenses
(335,641)
(299,061)
Other operating income
5,740
Operating loss
(65,637)
(57,329)
Interest receivable and similar income
6,075
4,006
Interest payable and similar expenses
(955)
(1,050)
Gain/(loss) on disposal of investments
1,573
1,485
Fair value gains and losses on investments
(8,726)
(5,288)
Loss before taxation
(67,670)
(58,176)
Taxation
4
Loss for the financial year
(67,670)
(58,176)
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,123
4,174
Investments
6
244,819
248,906
246,942
253,080
Current assets
Debtors
7
28,400
36,509
Cash at bank and in hand
99,852
151,899
128,252
188,408
Creditors: amounts falling due within one year
8
(109,563)
(72,845)
Net current assets
18,689
115,563
Total assets less current liabilities
265,631
368,643
Creditors: amounts falling due after more than one year
9
(20,777)
(31,119)
Provisions for liabilities
10
(25,000)
Net assets
244,854
312,524
Reserves
Profit and loss reserves
244,854
312,524
Members' Funds
244,854
312,524
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime with the provision of FRS 102 Section 1A Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 21 September 2023 and are signed on its behalf by:
Emma Palmer
Director
Company Registration No. 00004302
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
Profit and loss reserves
£
Balance at 1 June 2021
370,700
Year ended 31 May 2022:
Loss and total comprehensive income for the year
(58,176)
Balance at 31 May 2022
312,524
Year ended 31 May 2023:
Loss and total comprehensive income for the year
(67,670)
Balance at 31 May 2023
244,854
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
1
Accounting policies
Company information
Liverpool Law Society is a private company limited by guarantee incorporated in England and Wales. The registered office is Tempest, Suite 5.1, 12 Tithebarn Street, Liverpool L2 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for subscriptions and services net of VAT.
Event income is recognised once the event is held.
Subscriptions represent amounts receivable from members. The income is recognised over the period of membership.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office equipment
20% per annum straight line
Furniture and fittings
20% per annum reducing balance
Computer equipment
33 1/3% per annum straight line
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 11 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net profit/(loss) for the year. Transaction costs are expensed as incurred.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year in accordance with FRS 17.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 13 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Investment income comprises dividends declared during the accounting period, interest received on listed and unlisted investments and bank interest receivable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 5 (2022 - 5).
4
Taxation
The company has trading losses of £1,149,130 (2022: £1,076,747) available for carry forward against future trading profits.
The amount of deferred tax which might be recoverable from a loss relief under section 393 has been calculated at £217,644 (2022: £204,040). This deferred tax asset has not been recognised as recoverability is uncertain.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 14 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
85,544
Additions
2,852
Disposals
(84,884)
At 31 May 2023
3,512
Depreciation and impairment
At 1 June 2022
81,370
Depreciation charged in the year
2,264
Eliminated in respect of disposals
(82,245)
At 31 May 2023
1,389
Carrying amount
At 31 May 2023
2,123
At 31 May 2022
4,174
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 15 -
6
Fixed asset investments
2023
2022
£
£
Listed Investments
244,819
248,906
Movements in fixed asset investments
Listed Investments
£
Cost or valuation
At 1 June 2022
248,906
Additions
32,456
Valuation changes
(8,726)
Movement on capital & income accounts
4,108
Disposals
(31,925)
At 31 May 2023
244,819
Carrying amount
At 31 May 2023
244,819
At 31 May 2022
248,906
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,209
13,021
Other debtors
6,191
23,488
28,400
36,509
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
9,120
Trade creditors
6,189
11,822
Taxation and social security
6,849
5,519
Other creditors
85,877
46,384
109,563
72,845
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 16 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,777
31,119
10
Provisions for liabilities
2023
2022
£
£
Dilapidations
-
25,000
In the prior year the decision was made by the directors to exercise the break clause in the current office lease in March 2023 and to transfer operations to a permanent working from home basis. The cost of this arrangement was estimated to be £25,000 in property dilapidations. A provision was applied in the accounts accordingly and has been released in the year.
11
Deferred income
Deferred income is included in the financial statements as follows:
2023
2022
£
£
Total deferred income at 1 June 2022
34,249
20,799
Movement in the year
10,785
13,450
Total deferred income at 31 May 2023
45,034
34,249
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
35,044
35,044
13
Related party transactions
Liverpool Law Society is the sole trustee of The Pritt Fund, Educational Foundation and Conkerton Memorial Fund. Administration charges of £600 (2022: £600) were charged each to The Pritt Fund and Educational Foundation along with lecture expenses of £1,361 charged to Conkerton Memorial Fund for the year ended 31 May 2023.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 17 -
14
Company limited by guarantee
The company is limited by guarantee and has no share capital. Each member undertakes to contribute a maximum of £10 to the assets of the company, in the event of winding up.
2023-05-312022-06-01falseCCH SoftwareCCH Accounts Production 2023.100David TournafondJames MannouchMickaela SchorahJeremy MyersJulie O'HareJoanne FrancisGaynor WilliamsEileen ChisnallEmma PalmerNicola HarrisLindsey KnowlesSyed MA UllahJennifer PowellAmelia HaydenPaddy DwyerWarren BarrJonathan BerksonSarah MansfieldJohn OwensNina SahuRachel StalkerHaley FarrellJohn-Paul DennisLorna MitchellLauren CannonPaul KiltyNadya MakarovaNadya MakarovaCatherine A Fielding000043022022-06-012023-05-3100004302bus:Director12022-06-012023-05-3100004302bus:Director22022-06-012023-05-3100004302bus:Director32022-06-012023-05-3100004302bus:Director42022-06-012023-05-3100004302bus:Director52022-06-012023-05-3100004302bus:CompanySecretaryDirector12022-06-012023-05-3100004302bus:Director72022-06-012023-05-3100004302bus:Director92022-06-012023-05-3100004302bus:Director102022-06-012023-05-3100004302bus:Director112022-06-012023-05-3100004302bus:Director122022-06-012023-05-3100004302bus:Director132022-06-012023-05-3100004302bus:Director142022-06-012023-05-3100004302bus:Director152022-06-012023-05-3100004302bus:Director172022-06-012023-05-3100004302bus:Director182022-06-012023-05-3100004302bus:Director192022-06-012023-05-3100004302bus:Director202022-06-012023-05-3100004302bus:Director212022-06-012023-05-3100004302bus:Director222022-06-012023-05-3100004302bus:Director232022-06-012023-05-3100004302bus:Director242022-06-012023-05-3100004302bus:Director252022-06-012023-05-3100004302bus:Director262022-06-012023-05-3100004302bus:Director272022-06-012023-05-3100004302bus:Director62022-06-012023-05-3100004302bus:Director82022-06-012023-05-3100004302bus:Director162022-06-012023-05-3100004302bus:Director282022-06-012023-05-3100004302bus:CompanySecretary12022-06-012023-05-3100004302bus:RegisteredOffice2022-06-012023-05-31000043022023-05-31000043022021-06-012022-05-3100004302core:RetainedEarningsAccumulatedLosses2021-06-012022-05-3100004302core:RetainedEarningsAccumulatedLosses2022-06-012023-05-31000043022022-05-3100004302core:OtherPropertyPlantEquipment2023-05-3100004302core:OtherPropertyPlantEquipment2022-05-3100004302core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3100004302core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3100004302core:CurrentFinancialInstruments2023-05-3100004302core:CurrentFinancialInstruments2022-05-3100004302core:Non-currentFinancialInstruments2023-05-3100004302core:Non-currentFinancialInstruments2022-05-3100004302core:RetainedEarningsAccumulatedLosses2023-05-3100004302core:RetainedEarningsAccumulatedLosses2022-05-3100004302core:RetainedEarningsAccumulatedLosses2021-05-3100004302core:PlantMachinery2022-06-012023-05-3100004302core:FurnitureFittings2022-06-012023-05-3100004302core:ComputerEquipment2022-06-012023-05-3100004302core:OtherPropertyPlantEquipment2022-05-3100004302core:OtherPropertyPlantEquipment2022-06-012023-05-3100004302core:WithinOneYear2023-05-3100004302core:WithinOneYear2022-05-3100004302bus:PrivateLimitedCompanyLtd2022-06-012023-05-3100004302bus:FRS1022022-06-012023-05-3100004302bus:Audited2022-06-012023-05-3100004302bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP