Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-010falseNo description of principal activitytrue3true OC312006 2022-01-01 2022-12-31 OC312006 2021-01-01 2021-12-31 OC312006 2022-12-31 OC312006 2021-12-31 OC312006 c:Buildings c:LongLeaseholdAssets 2022-01-01 2022-12-31 OC312006 c:PlantMachinery 2022-01-01 2022-12-31 OC312006 c:FurnitureFittings 2022-01-01 2022-12-31 OC312006 c:CurrentFinancialInstruments 2022-12-31 OC312006 c:CurrentFinancialInstruments 2021-12-31 OC312006 c:CurrentFinancialInstruments 2 2022-12-31 OC312006 c:CurrentFinancialInstruments 2 2021-12-31 OC312006 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC312006 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 OC312006 e:FRS102 2022-01-01 2022-12-31 OC312006 e:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 OC312006 e:FullAccounts 2022-01-01 2022-12-31 OC312006 e:LimitedLiabilityPartnershipLLP 2022-01-01 2022-12-31 OC312006 2 2022-01-01 2022-12-31 OC312006 e:PartnerLLP1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: OC312006










Cozen O'Connor LLP








Unaudited

Financial statements

For the year ended 31 December 2022

 
Cozen O'Connor LLP
Registered number: OC312006

Balance sheet
As at 31 December 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,441
2,086,996

Bank and cash balances
  
189,316
189,771

  
192,757
2,276,767

Creditors: Amounts Falling Due Within One Year
 5 
(192,757)
(2,276,767)

Net current assets
  
 
 
-
 
 
-

Total assets less current liabilities
  
-
-

  

Net assets
  
-
-


Represented by:
  

Loans and other debts due to members within one year
  

  

  
-
-


Total members' interests
  

Amounts due from members (included in debtors)
 4 
-
(2,058,967)

  
-
(2,058,967)


Page 1

 
Cozen O'Connor LLP
Registered number: OC312006

Balance sheet (continued)
As at 31 December 2022

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.

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 26 October 2023.




M. Heller
Designated member

The notes on pages 4 to 8 form part of these financial statements.
Page 2

 
Cozen O'Connor LLP
 

Reconciliation of members' interests
For the year ended 31 December 2022






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due from members 

(8,586,156)
(8,586,156)


Balance at 1 January 2021 
-
-
(8,586,156)
(8,586,156)
(8,586,156)

Members' remuneration charged as an expense
-
-
(361,005)
(361,005)
(361,005)

Loss for the year available for discretionary division among members
 
(881,127)
(881,127)
-
-
(881,127)

Members' interests after profit for the year
(881,127)
(881,127)
(8,947,161)
(8,947,161)
(9,828,288)

Other division of losses
881,127
881,127
(881,127)
(881,127)
-

Amounts introduced by members
-
-
7,408,316
7,408,316
7,408,316

Drawings on account and distribution of profit
-
-
361,005
361,005
361,005

Amounts due from members
 


(2,058,967)
(2,058,967)


Balance at 31 December 2021
-
-
(2,058,967)
(2,058,967)
(2,058,967)

Members' remuneration charged as an expense
-
-
(114,958)
(114,958)
(114,958)

Loss for the year available for discretionary division among members
 
(390,334)
(390,334)
-
-
(390,334)

Members' interests after profit for the year
(390,334)
(390,334)
(2,173,925)
(2,173,925)
(2,564,259)

Other division of losses
390,334
390,334
(390,334)
(390,334)
-

Amounts introduced by members
-
-
2,449,301
2,449,301
2,449,301

Drawings on account and distribution of profit
-
-
114,958
114,958
114,958

Balance at 31 December 2022 
-
-
-
-
-

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
Cozen O'Connor LLP
 

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Cozen O'Connor LLP is a limited liability partnership incorporated in England & Wales.  The registered office address is New London House, 6 London Street, London, EC3R 7LP.
The limited liability partnership's principal activity is the provision of a full range of commercial legal services and advice from offices in England.  

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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis despite the LLP reporting a loss of  £390,334 (2021: £881,127) for the year ended 31 December 2022 and net liabilities of £Nil (2021: £2,058,967) at that date. Included within Creditors is an amount of £177,827 (2021: £2,184,163) due to Cozen O'Connor PC. The LLP is reliant upon the continued financial support of Cozen O'Connor PC as per note 6.
 

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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.

Page 4

 
Cozen O'Connor LLP
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.4

Revenue

Turnover comprises revenue recognised by the LLP in respect of legal services supplied during the
year, exclusive of Value Added Tax and trade discounts.
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration which represents amounts chargeable to clients, including expenses and disbursements but excluding Value Added Tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.
Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

 
2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan 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 Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 5

 
Cozen O'Connor LLP
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.8

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
20%
straight line
Office equipment
-
20%
straight line
Fixtures and fittings
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

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

 
2.11

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.

Page 6

 
Cozen O'Connor LLP
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.12

Creditors

Short term creditors are measured at the transaction price.

 
2.13

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, loans to related parties and investments in ordinary shares.

 
2.14

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.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and as amounts due from members within members' interests.
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Profits of the LLP shall be apportioned amongst the members in such proportions as may from time to time be determined by the managing member of the LLP. The determination of the timing and amount of distributions of profits shall be made solely by the managing member. Losses of the LLP shall be shared in the same proportions as profits.
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.
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 division 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.

Page 7

 
Cozen O'Connor LLP
 

 
Notes to the financial statements
For the year ended 31 December 2022

3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2022
        2021
            No.
            No.







No of employees
-
3


4.


Debtors

2022
2021
£
£


Trade debtors
3,441
28,029

Amounts due from members
-
2,058,967

3,441
2,086,996



5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
177,827
2,184,163

Other taxation and social security
4,930
19,125

Accruals and deferred income
10,000
73,479

192,757
2,276,767



6.


Related party transactions

The Members of the LLP are also Members of Cozen O'Connor PC that is registered in the United States of America. Cozen O'Connor PC provides financial support to Cozen O'Connor LLP.
During the year, Cozen O'Connor PC made net payments of £2,006,336 (2021 received: £6,839,674) to Cozen O'Connor LLP. At the year end the amount outstanding was £177,827 (2021: £2,184,163) and is included within Creditors as 'Amounts owed to group undertakings'. No interest was charged on this loan.


7.


Controlling party

The LLP is under the control of its Designated Member.

Page 8