Limited Liability Partnership registration number OC441010 (England and Wales)
DOWSE & CO SOLICITORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DOWSE & CO SOLICITORS LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 7
DOWSE & CO SOLICITORS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
14,422
Current assets
Work in progress
34,000
Debtors
5
127,856
Cash at bank and in hand
296,104
457,960
Creditors: amounts falling due within one year
6
(139,096)
Net current assets
318,864
Total assets less current liabilities
333,286
Creditors: amounts falling due after more than one year
7
(26,676)
Net assets attributable to members
306,610
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
7,500
Other amounts
299,110
306,610

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 period ended 31 March 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.

DOWSE & CO SOLICITORS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 21 September 2023 and are signed on their behalf by:
21 September 2023
..............................................
..............................................
J Nilsen
P Spence
Designated member
Designated Member
..............................................
Ms Katherine Angel
Designated Member
Limited Liability Partnership registration number OC441010 (England and Wales)
DOWSE & CO SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 11 February 2022
-
-
-
-
-
Introduced by members
-
7,500
231,615
239,115
239,115
Profit for the period available for discretionary division among members
280,414
-
-
-
280,414
Members' interests after profit for the period
280,414
7,500
231,615
239,115
519,529
Allocation of profit for the period
(280,414)
-
280,414
280,414
-
Drawings on account and distributions of profit
-
-
(212,919)
(212,919)
(212,919)
Members' interests at 31 March 2023
-
7,500
299,110
306,610
306,610
DOWSE & CO SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Limited liability partnership information

Dowse & Co Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is 23-25, Dalston Lane, London, E8 3DF.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The LLP was incorporated on 11th February 2022 and commenced trading on 1st May 2022 following the transfer of the trade of messrs Dowse & Co, a general partnership that operated from the same premises and was dissolved on 30th April 2022.

1.2
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.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

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:

Plant and equipment
25% reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership 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, and this loss is booked immediately in profit or loss. No such impairment was judged necessary in the current period.

1.6
Work in progress

Work in progress represents amounts recoverable from clients for services provided which have not been invoiced at the balance sheet date.

DOWSE & CO SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and all company bank accounts.

1.8
Financial instruments

The limited liability partnership 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.

 

The firm enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables, accrued income, trade and other payables, accruals and bank loans carrying a commercial rate of interest. Short term receivables are measured at transaction price, less any impairment. There are no receivables due in over 12 months. Short term payables are measured at the transaction price. Payables due in over 12 months comprise a bank loan, measured initially at fair value, and subsequently measured at amortised cost using the effective interest method.

 

1.9
Employee benefits

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 limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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 number of persons (excluding members) employed by the partnership during the period was:

2023
Number
Total
13
DOWSE & CO SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 11 February 2022
-
Additions
19,229
At 31 March 2023
19,229
Depreciation and impairment
At 11 February 2022
-
Depreciation charged in the period
4,807
At 31 March 2023
4,807
Carrying amount
At 31 March 2023
14,422
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
39,335
Other debtors
88,521
127,856
6
Creditors: amounts falling due within one year
2023
£
Bank loan
10,000
Taxation and social security
69,229
Other creditors
59,867
139,096
7
Creditors: amounts falling due after more than one year
2023
£
Bank loan
26,676
DOWSE & CO SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
8
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 as secured creditors by virtue of fixed and floating charges granted by Dowse & Co Solicitors LLP in favor of the the members of Dowse & Co Solicitors LLP.

9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
£
273,000
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