Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-04-01falsetrueprovision of referrals for legal firms who can best handle individual client requirements.02 OC364532 2022-04-01 2023-03-31 OC364532 2021-04-01 2022-03-31 OC364532 2023-03-31 OC364532 2022-03-31 OC364532 c:CurrentFinancialInstruments 2023-03-31 OC364532 c:CurrentFinancialInstruments 2022-03-31 OC364532 c:CurrentFinancialInstruments 2 2023-03-31 OC364532 c:CurrentFinancialInstruments 2 2022-03-31 OC364532 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC364532 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC364532 e:FRS102 2022-04-01 2023-03-31 OC364532 e:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC364532 e:FullAccounts 2022-04-01 2023-03-31 OC364532 e:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC364532 4 2022-04-01 2023-03-31 OC364532 e:PartnerLLP1 2022-04-01 2023-03-31 OC364532 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC364532 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure
Registered number: OC364532














DISCREET LAW LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
DISCREET LAW LLP
REGISTERED NUMBER:OC364532

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
93,828
1,232,207

Cash at bank and in hand
  
42,222
99,625

  
136,050
1,331,832

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(87,505)
(1,158,667)

  

Net assets
  
48,545
173,165


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 6 
161,961
-

Other reserves classified as equity
  
(113,416)
173,165

  
48,545
173,165


Total members' interests
  

Loans and other debts financed by members
 6 
161,961
-

Members' other interests
  
(113,416)
173,165

  
48,545
173,165


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

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DISCREET LAW LLP
REGISTERED NUMBER:OC364532
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 2 November 2023.




R Gherson
Designated member

The notes on pages 3 to 6 form part of these financial statements.

Discreet 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.

Page 2

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Discreet Law LLP is a limited liability partnership incorporated in England and Wales. With its business and registered office address at 17a - 19 Harcourt Street, London, W1F 4HF. 
The principal activity of the LLP continued to be the provision of legal services regulated by the Solicitors Regulation Authority (SRA). The LLP is in the process of winding-down its legal practice. It is the intention of the members that the LLP will complete this process by 15 December 2023 and will then cease to be regulated by the SRA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The LLP's activities are funded by a loan from a business under common control and the members are satisfied that such finance as may be required to enable the LLP to meet all of its liabilities as they fall due will continue to be made available for at least 12 months from the date of approval of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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. lf at the Statement of Financial Position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs, ln such cases, costs incurred up to the Statement of Financial Position date are carried forward as work in progress.

 
2.5

Pensions

Defined contribution pension plan
The LLP contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plans are held separately from the LLP in independently administered funds.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.8

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

Page 4

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. 

 
2.11

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including partners, during the year was 0 (2022 - 2).


4.


Debtors

2023
2022
£
£


Trade debtors
41,518
219,999

Other debtors
52,310
69,527

Amounts due from members
-
942,681

93,828
1,232,207



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
58,974
157,800

Other creditors
570
968,189

Accruals and deferred income
27,961
32,678

87,505
1,158,667


Page 5

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Loans and other debts due to members


2023
2022
£
£



Amounts due to members
161,961
-

Loans and other debts financed by members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
161,961
-

Loans and other debts financed by members rank equally with unsecured creditors in the event of a winding up.

 
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