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REGISTERED NUMBER: OC318696
BIRD & CO SOLICITORS LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
BIRD & CO SOLICITORS LLP
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Page
Designated members and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
BIRD & CO SOLICITORS LLP
DESIGNATED MEMBERS AND PROFESSIONAL ADVISERS
Designated members
Mr C P Milligan
Mrs E Conron
Registered office
15 Castlegate
Grantham
Lincolnshire
NG31 6SE
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
Bankers
Lloyds Banking Group Plc
202 High Street
Lincoln
Lincs
LN5 7AP
BIRD & CO SOLICITORS LLP
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
5
42,000
42,000
Tangible assets
6
37,700
42,112
---------
---------
79,700
84,112
CURRENT ASSETS
Debtors
7
1,305,844
1,313,353
Cash at bank and in hand
478,160
774,914
-------------
-------------
1,784,004
2,088,267
CREDITORS: amounts falling due within one year
8
354,238
402,565
-------------
-------------
NET CURRENT ASSETS
1,429,766
1,685,702
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,509,466
1,769,814
CREDITORS: amounts falling due after more than one year
9
103,333
159,697
-------------
-------------
NET ASSETS
1,406,133
1,610,117
-------------
-------------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
10
1,406,133
1,610,117
-------------
-------------
MEMBERS' OTHER INTERESTS
Other reserves
-------------
-------------
1,406,133
1,610,117
-------------
-------------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
10
1,406,133
1,610,117
Members' other interests
-------------
-------------
1,406,133
1,610,117
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
BIRD & CO SOLICITORS LLP
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
For the year ending 30 June 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 29 February 2024 , and are signed on their behalf by:
C P MILLIGAN E CONRON
Designated Member Designated Member
Registered number: OC318696
BIRD & CO SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 15 Castlegate, Grantham, Lincolnshire, NG31 6SE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, and is inclusive of accrued income. Services provided during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover and included in the balance sheet as accrued income. Turnover recognised in this manner is based upon an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Books
-
10% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% and 33% Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial assets Basic financial assets, including trade and other receivables, cash and bank balances, loans to associated entities and investments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost, using the effective interest method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and loans from associated entities are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost, using the effective interest method. Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Particulars of employees
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 56 (2022: 54 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
42,000
---------
Amortisation
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
42,000
---------
At 30 June 2022
42,000
---------
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
109,801
33,328
562,695
705,824
Additions
7,930
5,423
13,353
----------
---------
----------
----------
At 30 June 2023
117,731
33,328
568,118
719,177
----------
---------
----------
----------
Depreciation
At 1 July 2022
92,832
23,426
547,454
663,712
Charge for the year
4,180
2,476
11,109
17,765
----------
---------
----------
----------
At 30 June 2023
97,012
25,902
558,563
681,477
----------
---------
----------
----------
Carrying amount
At 30 June 2023
20,719
7,426
9,555
37,700
----------
---------
----------
----------
At 30 June 2022
16,969
9,902
15,241
42,112
----------
---------
----------
----------
7.
Debtors
2023
2022
£
£
Trade debtors
1,112,771
1,178,814
Other debtors
193,073
134,539
-------------
-------------
1,305,844
1,313,353
-------------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
113,924
155,347
Trade creditors
8,021
9,177
Social security and other taxes
220,143
202,006
Other creditors
12,150
36,035
----------
----------
354,238
402,565
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,333
159,697
----------
----------
10.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
1,406,133
1,610,117
-------------
-------------
11.
Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,346
33,522
Later than 1 year and not later than 5 years
280,980
238,228
----------
----------
302,326
271,750
----------
----------
12.
Related party transactions
The limited liability partnership remained under the control of the designated members throughout the current and previous accounting period. No transactions with related parties subsisted during the period, such as are required to be disclosed under FRS102.