Caseware UK (AP4) 2022.0.179 2022.0.179 falseLegal services2022-04-0144truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC441066 2022-04-01 2023-03-31 OC441066 2021-04-01 2022-03-31 OC441066 2023-03-31 OC441066 2022-03-31 OC441066 c:OfficeEquipment 2022-04-01 2023-03-31 OC441066 c:OfficeEquipment 2023-03-31 OC441066 c:OfficeEquipment 2022-03-31 OC441066 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC441066 c:CurrentFinancialInstruments 2023-03-31 OC441066 c:CurrentFinancialInstruments 2022-03-31 OC441066 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC441066 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC441066 d:FRS102 2022-04-01 2023-03-31 OC441066 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC441066 d:FullAccounts 2022-04-01 2023-03-31 OC441066 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC441066 2 2022-04-01 2023-03-31 OC441066 d:PartnerLLP1 2022-04-01 2023-03-31 OC441066 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC441066 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC441066 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC441066 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC441066 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC441066 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 OC441066 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: OC441066










Tacit Legal LLP (previously Brightech Law LLP)








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
Tacit Legal LLP
Registered number: OC441066

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
3,409
3,132

  
3,409
3,132

Current assets
  

Work In Progress
  
15,926
-

Debtors: amounts falling due within one year
 4 
145,544
685

Cash at bank and in hand
  
109,429
3,568

  
270,899
4,253

Creditors: Amounts falling due within one year
 5 
(69,967)
-

Net current assets
  
 
 
200,932
 
 
4,253

Total assets less current liabilities
  
204,341
7,385

  

Net assets
  
204,341
7,385


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
92,000
8,329

  
92,000
8,329

Members' other interests
  

Members' capital classified as equity
  
(57,790)
(944)

Other reserves classified as equity
  
170,131
-

  
 
112,341
 
(944)

  
204,341
7,385


Total members' interests
  

Loans and other debts due to members
  
92,000
8,329

Members' other interests
  
112,341
(944)

  
204,341
7,385


Page 1

 
Tacit Legal LLP
Registered number: OC441066

Balance sheet (continued)
As at 31 March 2023

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 by: 




................................................
C J Bridges
Designated member
Date: 24 November 2023

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

Page 2

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Tacit Legal LLP is a limited liability partnership incorporated in England and Wales with the registration number OC441066. The address of the registered office is C/O Kreston Reeves LLP, Plus X Innovation Hub, Lewes Road, Brighton, England, BN2 4GL.

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 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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
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.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

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:

Office equipment
-
33%

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.

Page 4

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.7

Work in progress

Work in progress comprises unbilled amounts for client work, measured at fair value less provisions for foreseeable losses. 
Where work in progress relates to a contingent fee, this is not recognised within the financial statements except where it meets the criteria set out within  2.2.

 
2.8

Debtors

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

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.11

Transfer of members' interests

During the year £56,846 was transferred from members' capital interests to debts due to members.

Page 5

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

3.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
3,132


Additions
1,157



At 31 March 2023

4,289



Depreciation


Charge for the year on owned assets
880



At 31 March 2023

880



Net book value



At 31 March 2023
3,409



At 31 March 2022
3,132


4.


Debtors

2023
2022
£
£


Trade debtors
142,469
-

Other debtors
-
685

Prepayments and accrued income
3,075
-

145,544
685



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,541
-

Other taxation and social security
57,953
-

Other creditors
2,473
-

Accruals and deferred income
6,000
-

69,967
-



Page 6