1 June 2022 false No description of principal activity Taxfiler 2023.14 OC354056business:LimitedLiabilityPartnershipLLP2022-06-012023-05-31 OC3540562022-05-31 OC3540562022-06-012023-05-31 OC354056business:AuditExemptWithAccountantsReport2022-06-012023-05-31 OC354056business:FullAccounts2022-06-012023-05-31 OC3540562023-05-31 OC354056business:PartnerLLP12022-06-012023-05-31 OC354056business:PartnerLLP22022-06-012023-05-31 OC354056business:RegisteredOffice2022-06-012023-05-31 OC3540562022-05-31 OC354056core:WithinOneYear2023-05-31 OC354056core:WithinOneYear2022-05-31 OC354056core:AfterOneYear2023-05-31 OC354056core:AfterOneYear2022-05-31 OC354056core:ShareCapital2023-05-31 OC354056core:ShareCapital2022-05-31 OC354056business:SmallEntities2022-06-012023-05-31 OC354056core:FurnitureFittings2022-06-012023-05-31 OC354056core:ComputerEquipment2022-06-012023-05-31 OC354056countries:EnglandWales2022-06-012023-05-31 OC354056core:FurnitureFittings2022-05-31 OC354056core:ComputerEquipment2022-05-31 OC354056core:FurnitureFittings2023-05-31 OC354056core:ComputerEquipment2023-05-31 OC3540562021-06-012022-05-31 iso4217:GBP xbrli:pure
Registered No. OC354056 (England and Wales)
Baileys Law LLP Unaudited accounts for the year ended 31 May 2023
Baileys Law LLP LLP Information for the year ended 31 May 2023
Designated members
Baileys Law Legal Services Ltd
Ms Nicola Chandler
Registered Number
OC354056 (England and Wales)
Registered Office
Westcountry House Victoria Square Bodmin Cornwall PL31 1EB England
Accountants
Callywith Accountants 70 Castle Street Bodmin Cornwall PL31 2DY
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Baileys Law LLP Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
13,954 
14,412 
Current assets
Inventories
15,592 
6,945 
Debtors
57,268 
33,206 
Cash at bank and in hand
48,756 
78,039 
121,616 
118,190 
Creditors: amounts falling due within one year
(92,621)
(89,365)
Net current assets
28,995 
28,825 
Total assets less current liabilities
42,949 
43,237 
Creditors: amounts falling due after more than one year
(20,000)
(30,000)
Net assets attributable to members
22,949 
13,237 
Represented by:
Loans and other debts due to members
15,449 
5,737 
Members' other interests
Members' capital classified as equity
7,500 
7,500 
22,949 
13,237 
Total members' interests
Loans and other debts due to members
15,449 
5,737 
Members' other interests
7,500 
7,500 
22,949 
13,237 
For the year ending 31 May 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 23 February 2024.
Ms Nicola Chandler Designated member Limited Liability Partnership Registration No. OC354056
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Baileys Law LLP Notes to the Accounts for the year ended 31 May 2023
1
Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the amounts (excluding value added tax) derived from the prpvision of services to clients during the period.
Tangible fixed assets policy
Fixed assets are carried in the balance sheet at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful live as follows:
Fixtures & fittings
15% straight line
Computer equipment
25% straight line
Stocks
Work in progress is valued based on time incurred on the work undertaken for clients in accordance with recoverable Legal Services Commission rates.
Members' remuneration
Members' shares in the profit or loss for the year are accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
2
Statutory information
Baileys Law LLP is a limited liability partnership, incorporated in England and Wales, registration number OC354056. Its registered office is Westcountry House, Victoria Square, Bodmin, Cornwall, PL31 1EB, England.
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Baileys Law LLP Notes to the Accounts for the year ended 31 May 2023
3
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2022
19,444 
15,339 
34,783 
Additions
2,109 
- 
2,109 
At 31 May 2023
21,553 
15,339 
36,892 
Depreciation
At 1 June 2022
6,795 
13,576 
20,371 
Charge for the year
2,214 
353 
2,567 
At 31 May 2023
9,009 
13,929 
22,938 
Net book value
At 31 May 2023
12,544 
1,410 
13,954 
At 31 May 2022
12,649 
1,763 
14,412 
4
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
Trade creditors
15,725 
12,220 
Taxes and social security costs
57,972 
48,362 
Other creditors
5,774 
15,633 
Accruals
3,150 
3,150 
92,621 
89,365 
5
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
20,000 
30,000 
6
Loans and other debts due to members
2023 
2022 
£ 
£ 
Loans from members
15,609 
8,978 
Amounts due to members in respect of profits
(160)
(3,241)
15,449 
5,737 
Amounts falling due within one year
15,449 
5,737 
Loans and other debts due to members rank equally with debts due to other unsecured creditors in a winding up.
7
Average number of employees
During the year the average number of employees was 4 (2022: 3).
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