REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LAURIE & CO SOLICITORS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LAURIE & CO SOLICITORS LLP |
LAURIE & CO SOLICITORS LLP (REGISTERED NUMBER: SO301217) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 7 |
LAURIE & CO SOLICITORS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DESIGNATED MEMBERS: |
Miss C A Stephen |
Mrs S Mann |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 West Craibstone Street |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |
LAURIE & CO SOLICITORS LLP (REGISTERED NUMBER: SO301217) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
70,478 |
53,908 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
70,478 |
53,908 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 70,478 | 53,908 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
LAURIE & CO SOLICITORS LLP (REGISTERED NUMBER: SO301217) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
LAURIE & CO SOLICITORS LLP (REGISTERED NUMBER: SO301217) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Laurie & Co Solicitors LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of the amount receivable by the LLP for services provided, excluding value added tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible assets are measured at cost less accumulated depreciation and any accumulated impairment loss. Depreciation is provided at the following annual rates in order to write down the cost less estimated residual value of all tangible fixed assets over their estimated useful life. |
Improvements to property | - | 10% on reducing balance |
Office furniture | - | 10% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 20% on reducing balance |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Fee income and revenue recognition |
Legal services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with UITF40. Fee income recognised in this manner is based on an assessment of fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on factors outside the control of the firm. Income that has been recognised but not billed is included in debtors as amounts recoverable under contracts. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at undiscounted amount of cash or other consideration expected to be paid. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
LAURIE & CO SOLICITORS LLP (REGISTERED NUMBER: SO301217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Plant and |
machinery |
etc |
£ |
Valuation in 2022 | 38,345 |
Cost | 185,880 |
224,225 |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable from clients in respect of unbilled work performed |
Other debtors |
LAURIE & CO SOLICITORS LLP (REGISTERED NUMBER: SO301217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members' (other then members' capital classified as debt) would rank equally with debts due to other unsecured creditors in the event of a winding up. |
11. | OTHER FINANCIAL COMMITMENTS |
The LLP had total commitments at the balance sheet date of £78,525 (2022 £128,045). |
LAURIE & CO SOLICITORS LLP |
REPORT OF THE ACCOUNTANTS TO THE MEMBERS OF |
LAURIE & CO SOLICITORS LLP |
The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages three to nine and you consider that the LLP is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Chartered Accountants |
4 West Craibstone Street |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |