Kemp IT Law LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC441771 (England and Wales)
Kemp IT Law LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
KEMP IT LAW LLP
Kemp IT Law LLP
BALANCE SHEET
As at 31 March 2023
31 March 2023
Page 1
2023
Notes
£
£
Fixed assets
Tangible assets
3
10,394
Current assets
Stocks
144,698
Debtors
4
255,931
Cash and cash equivalents
430,544
831,173
Creditors: amounts falling due within one year
5
(79,003)
Net current assets
752,170
Total assets less current liabilities
762,564
Creditors: amounts falling due after more than one year
6
(68,749)
Net assets attributable to members
693,815
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
106,315
Members' other interests
Members' capital classified as equity
587,500
693,815
Total members' interests
Amounts due from members
(16,475)
Loans and other debts due to members
106,315
Members' other interests
587,500
677,340

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

KEMP IT LAW LLP
Kemp IT Law LLP
BALANCE SHEET (Continued)
As at 31 March 2023
31 March 2023
Page 2

For the financial year 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.

The financial statements were approved by the members and authorised for issue on 13 November 2023 and are signed on their behalf by:
13 November 2023
R Kemp
Designated member
Limited Liability Partnership registration number OC441771 (England and Wales)
Kemp IT Law LLP
Reconciliation of Members' Interests
For the year ended 31 March 2023
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
-
-
-
-
-
-
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
174,994
174,994
174,994
Profit for the financial year available for discretionary division among members
-
244,266
244,266
-
-
244,266
Members' interests after profit and remuneration for the year
-
244,266
244,266
174,994
174,994
419,260
Allocation of profit for the financial year
-
(244,266)
(244,266)
244,266
244,266
-
Introduced by members
587,500
-
587,500
-
-
587,500
Drawings on account and distributions of profit
-
-
-
(365,616)
(365,616)
(365,616)
Other movements
-
-
-
36,196
36,196
36,196
Members' interests at 31 March 2023
587,500
-
587,500
89,840
89,840
677,340
Amounts due to members
106,315
Amounts due from members, included in debtors
(16,475)
89,840
KEMP IT LAW LLP
Kemp IT Law LLP
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
Page 4
1
Accounting policies
Limited liability partnership information

Kemp IT Law LLP is a limited liability partnership incorporated in England and Wales. The registered office is 21 Napier Avenue, London, SW6 3PS.

 

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

1.1
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.

1.2
Turnover

Turnover represents the fair value of services provided during the period to clients. Turnover is

recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from the ultimate parent company and is based on services provided and expenses incurred, but excludes VAT.

 

1.3
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

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.

KEMP IT LAW LLP
Kemp IT Law LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5

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
20% per annum straight line
Fixtures and fittings
33.33% per annum straight line
Computers
33.33% 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 recognised in the profit and loss account.

1.5
Stocks

Work in progress is valued at the lower of cost and net realisable value.

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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8
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 limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
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.

KEMP IT LAW LLP
Kemp IT Law LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
Page 6
2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
Number
Total
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
-
Additions
5,331
Transfers
80,455
At 31 March 2023
85,786
Depreciation and impairment
At 1 April 2022
-
Depreciation charged in the year
5,743
Transfers
69,649
At 31 March 2023
75,392
Carrying amount
At 31 March 2023
10,394
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
200,873
Amounts owed by members
16,475
Other debtors
21,788
Prepayments and accrued income
16,795
255,931
KEMP IT LAW LLP
Kemp IT Law LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
Page 7
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
16,888
Taxation and social security
29,773
Other creditors
1,598
Accruals and deferred income
30,744
79,003
6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
68,749

 

7
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 equally with unsecured creditors.

8
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
£
20,370

After balance sheet date, the LLP entered in to a further lease commitment for twelve months for £41,040 with a break clause option at six months.

9
Related party transactions

The LLP took over the trade of a law practice undertaken by member R Kemp with effect from 1 October 2022 when the LLP started to trade under authorisation no. 8000918 granted by the Solicitors Regulation Authority, the LLP’s regulator.

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