Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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587,562 | 596,081 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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897,133 | 945,849 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Net assets attributable to members |
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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 |
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:
W J Dryden
Designated member |
K Swan
Designated member |
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W A Ward
Designated member |
C D Hargreaves
Designated member |
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I W Farrer
Designated member |
G Teasdale
Designated member |
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.
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 £.
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.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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 |
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Computer equipment |
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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 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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Land and buildings | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 May 2022 |
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Additions |
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At 30 April 2023 |
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Accumulated depreciation | |||||||
At 01 May 2022 |
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Charge for the financial year |
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At 30 April 2023 |
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Net book value | |||||||
At 30 April 2023 |
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At 30 April 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Other financial commitments
The total amount of financial commitments not included in the balance sheet is £471,585 (2022 - £23,104).