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Company No: OC372923 (England and Wales)

PGS LAW LLP

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

PGS LAW LLP

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

PGS LAW LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 30 April 2023
PGS LAW LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 30 April 2023
DESIGNATED MEMBERS W J Dryden
I W Farrer
C D Hargreaves
K Swan
G Teasdale
W A Ward
REGISTERED OFFICE Law Court Chambers 22 Denmark Centre
Fowler Street
South Shields
NE33 2LR
United Kingdom
REGISTERED NUMBER OC372923 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
PGS LAW LLP

BALANCE SHEET

As at 30 April 2023
PGS LAW LLP

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 587,562 596,081
587,562 596,081
Current assets
Debtors 5 452,411 400,511
Cash at bank and in hand 444,722 545,338
897,133 945,849
Creditors: amounts falling due within one year 6 ( 302,465) ( 195,919)
Net current assets 594,668 749,930
Total assets less current liabilities 1,182,230 1,346,011
Creditors: amounts falling due after more than one year 7 ( 59,093) ( 288,292)
Net assets attributable to members 1,123,137 1,057,719
Represented by
Loans and other debts due to members within one year
Other amounts 481,734 484,359
481,734 484,359
Loans and other debts due to members after more than one year
Members' capital classified as a liability 641,403 573,360
641,403 573,360
Members' other interests
0 0
1,123,137 1,057,719
Total members' interests
Loans and other debts due to members 1,123,137 1,057,719
1,123,137 1,057,719

For the financial year ending 30 April 2023 the LLP 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.

Members' responsibilities:

PGS Law 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.

The financial statements of PGS Law LLP (registered number: OC372923) were approved and authorised for issue by the Board of Directors on 09 November 2023. They were signed on its behalf by:

W J Dryden
Designated member
K Swan
Designated member
W A Ward
Designated member
C D Hargreaves
Designated member
I W Farrer
Designated member
G Teasdale
Designated member
PGS LAW LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
PGS LAW LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PGS Law LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Law Court Chambers 22 Denmark Centre, Fowler Street, South Shields, NE33 2LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Turnover

Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT.

Services provided to clients during the period which at the balance sheet date have not been invoiced to clients, have been recognised in turnover. Turnover recognised is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.

Employee benefits

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

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Members' remuneration and division of profits

Profits are automatically allocated to members. They are therefore shown as "Members' remuneration charged 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 included within "Loans and other debts due to members" in the Balance Sheet.

Unallocated profits and losses are included within Other Reserves.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Depreciation is provided on all tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance
Computer equipment 20 % reducing balance
Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cashflows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:

Bank loans
Short term debtors and creditors

Debtors and creditors are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.

Loans which meet the criteria under FRS 102 to be classed as 'basic financial instruments' are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the LLP’s accounting policies, the members are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the members have made in the process of applying the LLP’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue in relation to unbilled time, excluding contingent fee matters, is recognised in the accounts based upon the judgement of the designated members in respect of expected ultimate recoverability. In undertaking this assessment the designated members consider a range of factors including historical recovery rates and contractual terms. In undertaking this process an adjustment is made to reduce the unbilled time to average recovery rates. In respect of contingent work judgement is exercised in determining whether revenue should be recognised in respect of work of a contingent nature. In making this judgement, the designated members have considered the nature of the work undertaken, this historic success rate for that type of work, as well as the specific circumstances of the matters up to the point of signing the accounts. Where the liability has been agreed the unbilled time for the matter is accrued but where the outcome is still uncertain no revenue is recognised in the accounts.

In total the carrying value of accrued income at the balance sheet date was £138,137.

Claims provision

Judgement is exercised in determining whether a provision for claims is required. In making this judgement, the designated members have considered the historic occurrence of claims against the firm and the level of specific claims notified to them at the balance sheet date. If it is determined that a
provision is required, an estimate is made of the eventual value of any uninsured claims. in making this estimate, the designated members have considered the specific circumstances of reported claims, the historic level of un-utilised insurance excesses, as well as the historic level of minor claims
settled outside of insurance. The carrying value of the claims provision at the balance sheet date was £15,000.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 28 24

4. Tangible assets

Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 May 2022 507,323 203,146 360,932 1,071,401
Additions 0 4,285 4,031 8,316
At 30 April 2023 507,323 207,431 364,963 1,079,717
Accumulated depreciation
At 01 May 2022 0 151,172 324,148 475,320
Charge for the financial year 0 8,442 8,393 16,835
At 30 April 2023 0 159,614 332,541 492,155
Net book value
At 30 April 2023 507,323 47,817 32,422 587,562
At 30 April 2022 507,323 51,974 36,784 596,081

Included within the net book value of land and buildings above is £507,323 (2022 - £507,323) in respect of leasehold land and buildings.

5. Debtors

2023 2022
£ £
Trade debtors 230,203 178,097
Prepayments and accrued income 221,031 211,385
Other debtors 1,177 11,029
452,411 400,511

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 86,546 81,518
Trade creditors 1,006 4,507
Accruals 62,662 34,391
Other taxation and social security 53,859 56,202
Other creditors 98,392 19,301
302,465 195,919

Capital loans and other debts due to members rank pari passu with creditors, in accordance with members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 59,093 288,292

8. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £471,585 (2022 - £23,104).