Limited Liability Partnership registration number OC433058 (England and Wales)
RECLAW LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RECLAW LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
RECLAW LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RECLAW LLP FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RecLaw LLP for the period ended 31 March 2023 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of RecLaw LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RecLaw LLP and state those matters that we have agreed to state to the limited liability partnership's members of RecLaw LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RecLaw LLP and its members as a body, for our work or for this report.

It is your duty to ensure that RecLaw LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of RecLaw LLP. You consider that RecLaw LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of RecLaw LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
30 October 2023
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
RECLAW LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,222
386
Current assets
Debtors
4
125,399
147,854
Cash at bank and in hand
48,697
92,307
174,096
240,161
Creditors: amounts falling due within one year
5
(160,143)
(75,431)
Net current assets
13,953
164,730
Total assets less current liabilities and net assets attributable to members
16,175
165,116
Represented by:
Loans and other debts due to members within one year
Other amounts
16,175
165,116
Total members' interests
Loans and other debts due to members
16,175
165,116
16,175
165,116

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

For the financial period 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 30 October 2023 and are signed on their behalf by:
30 October 2023
Mr B Cullen
Designated member
Limited Liability Partnership Registration No. OC433058
RECLAW LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

RecLaw LLP is a limited liability partnership incorporated in England and Wales. The registered office is Freedom Works, Hove Business Centre, Fonthill Road, Hove, East Sussex, BN3 6HA.

 

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

 

The accounting period was extended to ensure the year-end is coterminous with the tax year (to facilitate ease for tax return submissions with basis periods changing etc). The comparative figures and notes will therefore not be entirely comparable as the current year is three months longer than the prior year.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The accounting period was extended to ensure the year-end would be coterminous with the tax year (to facilitate ease for tax return submissions with basis periods changing etc). The comparative figures and notes will therefore not be entirely comparable as the current year is three months longer than the prior year.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax.

1.5
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.

RECLAW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. [Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year].

1.6
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.

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:

Fixtures and fittings
Straight line over 5 years.
Computers
Straight line over 5 years.

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.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs.

1.9
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.

1.10
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.

RECLAW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was: 8

2023
2021
Number
Number
Total
8
8
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022
399
-
399
Additions
374
1,715
2,089
At 31 March 2023
773
1,715
2,488
Depreciation and impairment
At 1 January 2022
13
-
13
Depreciation charged in the period
194
59
253
At 31 March 2023
207
59
266
Carrying amount
At 31 March 2023
566
1,656
2,222
At 31 December 2021
386
-
386
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
50,630
52,374
Other debtors
74,769
95,480
125,399
147,854
RECLAW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
29,505
23,235
Taxation and social security
66,769
46,179
Other creditors
63,869
6,017
160,143
75,431
6
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.

7
Financial commitments, guarantees and contingent liabilities

At the reporting end date 31 March 2023, the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases totaling £9,187.

 

 

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