Limited Liability Partnership registration number OC382958 (England and Wales)
ADAM DOUGLAS LEGAL LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ADAM DOUGLAS LEGAL LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ADAM DOUGLAS LEGAL LLP
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,173
3,160
Current assets
Debtors
4
104,617
164,267
Cash at bank and in hand
112,669
178,154
217,286
342,421
Creditors: amounts falling due within one year
5
(65,829)
(92,842)
Net current assets
151,457
249,579
Total assets less current liabilities and net assets attributable to members
154,630
252,739
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
200
200
Other amounts
154,430
252,539
154,630
252,739

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 year 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 22 August 2023 and are signed on their behalf by:
22 August 2023
Hilary Almond Limited
Designated member
Limited Liability Partnership registration number OC382958 (England and Wales)
ADAM DOUGLAS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Limited liability partnership information

Adam Douglas Legal LLP is a limited liability partnership incorporated in England and Wales. The registered office is Market Place, Alnwick, Northumberland, England, NE66 1HP.

 

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

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, The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue for services represents the fair value of legal services provided during the year on client

assignments. Fair value reflects the amount expected to be recovered from clients and is based on the time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax.

 

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 Section 23 Revenue of

Financial Reporting Standard 102. Fee income recognised in this manner is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement.

 

Unbilled fee income is included as amounts recoverable on contracts within debtors. Amounts

recoverable on contracts are stated at fair value where the right to consideration has been obtained.

1.3
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 shown 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.

ADAM DOUGLAS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
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:

Computer equipment
25% straight line
Office equipment
15% reducing balance
Library
20% straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ADAM DOUGLAS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
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.

1.9
Retirement benefits and post retirement payments to members

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.

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.

2
Employees

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

2023
2022
Number
Number
Total
11
15
ADAM DOUGLAS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Computer equipment
Office equipment
Library
Total
£
£
£
£
Cost
At 1 April 2022
20,031
8,801
11,015
39,847
Additions
374
480
-
854
At 31 March 2023
20,405
9,281
11,015
40,701
Depreciation and impairment
At 1 April 2022
19,341
6,331
11,015
36,687
Depreciation charged in the year
398
443
-
841
At 31 March 2023
19,739
6,774
11,015
37,528
Carrying amount
At 31 March 2023
666
2,507
-
3,173
At 31 March 2022
690
2,470
-
3,160
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
55,312
57,890
Other debtors
49,305
106,377
104,617
164,267
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,971
1,224
Taxation and social security
38,917
52,626
Other creditors
24,941
38,992
65,829
92,842
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.

ADAM DOUGLAS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
36,316
18,166
2023-03-312022-04-01false22 August 2023CCH SoftwareCCH Accounts Production 2023.200OC3829582022-04-012023-03-31OC3829582023-03-31OC382958bus:PartnerLLP12022-04-012023-03-31OC3829582021-04-012022-03-31OC382958bus:LimitedLiabilityPartnershipLLP2022-04-012023-03-31OC382958bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31OC382958bus:FRS1022022-04-012023-03-31OC382958bus:AuditExemptWithAccountantsReport2022-04-012023-03-31OC382958bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:shares