Registration number:
Midwinters Law LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 August 2023
Midwinters Law LLP
Contents
Limited liability partnership information |
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Members' Report |
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Accountants' Report |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Financial Statements |
Midwinters Law LLP
Limited liability partnership information
Designated members |
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Members |
Mrs AJ Cassin Mr M Lynham |
Registered office |
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Principal place of business |
1 Crescent Place |
Accountants |
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Midwinters Law LLP
Members' Report for the Year Ended 31 August 2023
The members present their report and the unaudited financial statements for the year ended 31 August 2023.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
The members participate fully in the firm's profit, share the risks and subscribe the firm's capital.
Members receive drawings from the partnership in the same ratio as their entitlement to share in the
partnership's profit. The timing and amount of those drawings depends upon the level of activity within
the partnership and the overriding cash requirements of the business.
Fixed share members receive their fixed share entitlement before resdiual profits are shared.
An individual member's capital requirements is linked to the financing requirements of the firm. No
interest is due on capital accounts.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.
Approved by the
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Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Midwinters Law LLP
for the Year Ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Midwinters Law LLP for the year ended 31 August 2023 set out on pages 4 to 10 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
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the members of Midwinters Law LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Midwinters Law LLP and state those matters that we have agreed to state to the members of Midwinters Law 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 Midwinters Law LLP and its members as a body for our work or for this report.
It is your duty to ensure that Midwinters Law LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midwinters Law LLP. You consider that Midwinters Law LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Midwinters Law 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 accounts.
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Chartered Accountants
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH
Midwinters Law LLP
Profit and Loss Account for the Year Ended 31 August 2023
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Profit for the year before members' remuneration and profit shares |
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Profit for the year available for discretionary division among members |
512,574 |
257,269 |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Midwinters Law LLP
(Registration number: OC438464)
Balance Sheet as at 31 August 2023
Note |
31 August 2023 |
31 August 2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
141,461 |
119,511 |
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Members’ other interests |
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Members' capital classified as equity |
200,000 |
200,000 |
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341,461 |
319,511 |
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Total members' interests |
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Loans and other debts due to members |
141,461 |
119,511 |
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Equity |
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341,461 |
319,511 |
For the year ending 31 August 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Midwinters Law LLP
(Registration number: OC438464)
Balance Sheet as at 31 August 2023
The financial statements of Midwinters Law LLP (registered number OC438464) were approved by the
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Midwinters Law LLP
Notes to the Financial Statements for the Year Ended 31 August 2023
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Midwinters Law LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Midwinters Law LLP
Notes to the Financial Statements for the Year Ended 31 August 2023
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Tangible fixed assets
Individual fixed assets costing £0 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
5 years straight line |
Leasehold property |
15 years straight line |
Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Midwinters Law LLP
Notes to the Financial Statements for the Year Ended 31 August 2023
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Long leasehold land and buildings |
Fixtures and fittings |
Total |
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Cost |
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At 1 September 2022 |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Net book value |
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At 31 August 2023 |
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At 31 August 2022 |
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Included within the net book value of land and buildings above is £Nil (2022 - Nil) in respect of freehold land and buildings and £4,004 (2022 - £4,257) in respect of leaseholds.
Midwinters Law LLP
Notes to the Financial Statements for the Year Ended 31 August 2023
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
- |
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Prepayments and accrued income |
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Total current trade and other debtors |
344,825 |
383,982 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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