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REGISTERED NUMBER: OC321831 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

DOWNS SOLICITORS LLP

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 134,890 184,552
Investments 7 2 2
134,892 184,554

CURRENT ASSETS
Debtors 8 1,229,702 1,136,925
Accrued income 940,968 837,765
Cash at bank and in hand 670,450 707,443
2,841,120 2,682,133
CREDITORS
Amounts falling due within one year 9 1,487,144 1,085,277
NET CURRENT ASSETS 1,353,976 1,596,856
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,488,868

1,781,410

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

841,367

1,146,408

MEMBERS' OTHER INTERESTS
Capital accounts 647,501 635,002
1,488,868 1,781,410

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 841,367 1,146,408
Members' other interests 647,501 635,002
Amounts due from members 8 (34,534 ) -
1,454,334 1,781,410

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 June 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 12 February 2024 and were signed by:





C Millar - Designated member

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Downs Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC321831

Registered office: 156 High Street
Dorking
Surrey
RH4 1BQ

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, which assumes that the LLP will continue in operational existence for the foreseeable future. Based on current and projected trading information for a period in excess of 12 months from the date of approval of these financial statements, the members expect that the LLP will have sufficient cash resources available to continue to trade for the foreseeable future.

Preparation of consolidated financial statements
The financial statements contain information about Downs Solicitors LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Related party exemption
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In preparing these financial statements, the members have made the following judgements:

- Determine whether leases entered into by the LLP either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the LLP's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. At each reporting period date, the LLP reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
- Determine whether there is a likelihood that some of the trade debtors' balances will not be recovered. A bad debt review is carried out quarterly where the debts outstanding are assessed for their recoverability and when this is considered to be uncertain the amount is provided against.
- Determine what the amount recoverable on contracts is likely to be based on time records of the staff and partners. A year end report is circulated to all fee earners to identify the likely recoverable amount.
- Determine the provision for client claims based on an assessment of the potential claims at the year end and their likely outcome.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover and income recognition
Turnover represents the right to consideration earned in respect of legal services performed during the year, net of VAT and any discounts given to clients. Income is recognised as contract activity progresses and the right to consideration is secured.

If the right to consideration is conditional or contingent on a specified future event or outcome, the occurrence of which is outside the control of the firm, then the revenue is not recognised until that event occurs.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2013 and 2015, is being amortised evenly over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets held for the LLP's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc- 25% on cost and 10% on cost

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include trade debtors, other debtors, accrued income, cash and bank balances, investments in shares are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade creditors, loans from fellow group companies, bank loans and other creditors, are initially recognised at transaction price and are subsequently recognised at amortised cost.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

The LLP has no financial assets or financial liabilities measured at fair value. Although the LLP has external borrowings it is not exposed to risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates, all of the borrowings are at a fixed interest rate.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Where assets are financed by leasing agreements that give rights approximately to ownership (finance leases), the assets are treated as if they has been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Pension costs
The LLP operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the LLP. The annual contributions payable are charged to the profit and loss account.

The LLP makes no post retirement payments to members.

Accrued income
Accrued income comprises unbilled fee income where the LLP has a right to consideration on work already undertaken at the year end but which has not yet been billed.

Taxation
The taxation payable on the LLP's profits is the personal liability of the Members. Consequently, the partnership taxation nor the related deferred taxation is accounted for in these financial statements.

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 87 (2022 - 86 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 65,332
AMORTISATION
At 1 July 2022
and 30 June 2023 65,332
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 33,267 881,669 914,936
Additions - 30,239 30,239
Disposals - (48,382 ) (48,382 )
At 30 June 2023 33,267 863,526 896,793
DEPRECIATION
At 1 July 2022 17,358 713,026 730,384
Charge for year 5,786 73,827 79,613
Eliminated on disposal - (48,094 ) (48,094 )
At 30 June 2023 23,144 738,759 761,903
NET BOOK VALUE
At 30 June 2023 10,123 124,767 134,890
At 30 June 2022 15,909 168,643 184,552

DOWNS SOLICITORS LLP (REGISTERED NUMBER: OC321831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2022
and 30 June 2023 2
NET BOOK VALUE
At 30 June 2023 2
At 30 June 2022 2

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 746,745 758,832
Other debtors 482,957 378,093
1,229,702 1,136,925

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 4,916
Trade creditors 294,122 278,666
Taxation and social security 394,716 364,096
Other creditors 798,306 437,599
1,487,144 1,085,277

10. LEASING AGREEMENTS
At the balance sheet date the LLP had total commitments under non-cancellable operating leases over the remaining life of those leases of £903,186 (2022: £952,176).

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

The capital (whether classified as a liability or equity) of an LLP may be reduced by agreement of the members either by repayment or by the conversion of equity capital into liability capital or other debt. In the absence of agreement to the contrary, unsecured debt due to members will rank equally with debts due to other unsecured creditors in a winding up.