2022-12-312022-12-31false2021-11-01No description of principal activity25truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC329369 2021-11-01 2022-12-31 OC329369 2020-11-01 2021-10-31 OC329369 2022-12-31 OC329369 2021-10-31 OC329369 c:PlantMachinery 2021-11-01 2022-12-31 OC329369 c:PlantMachinery 2022-12-31 OC329369 c:PlantMachinery 2021-10-31 OC329369 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-11-01 2022-12-31 OC329369 c:CurrentFinancialInstruments 2022-12-31 OC329369 c:CurrentFinancialInstruments 2021-10-31 OC329369 c:CurrentFinancialInstruments 2 2022-12-31 OC329369 c:CurrentFinancialInstruments 2 2021-10-31 OC329369 c:Non-currentFinancialInstruments 2022-12-31 OC329369 c:Non-currentFinancialInstruments 2021-10-31 OC329369 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC329369 c:CurrentFinancialInstruments c:WithinOneYear 2021-10-31 OC329369 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC329369 c:Non-currentFinancialInstruments c:AfterOneYear 2021-10-31 OC329369 e:FRS102 2021-11-01 2022-12-31 OC329369 e:AuditExempt-NoAccountantsReport 2021-11-01 2022-12-31 OC329369 e:FullAccounts 2021-11-01 2022-12-31 OC329369 e:LimitedLiabilityPartnershipLLP 2021-11-01 2022-12-31 OC329369 e:PartnerLLP1 2021-11-01 2022-12-31 OC329369 c:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 OC329369 c:FurtherSpecificReserve2ComponentTotalEquity 2021-10-31 iso4217:GBP xbrli:pure
LLP Registered Number: OC329369 (England & Wales)



 






GOUGH LEGAL LLP


UNAUDITED FINANCIAL STATEMENTS


FOR THE PERIOD ENDED 
31 DECEMBER 2022





Pages for Filing with Registrar


























 
GOUGH LEGAL LLP
 

CONTENTS



Page
Limited Liability Partnership Information 
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 9



 
GOUGH LEGAL LLP
 

LIMITED LIABILITY PARTNERSHIP INFORMATION




Designated members

Dmitry Afanasiev
Allen Thomas

LLP registered number

OC329369

Registered office

3 Gough SquareLondonEC4A 3DE

Business address

3 Gough SquareLondonEC4A 3DE

Accountants

Lewis Golden LLP40 Queen Anne StreetLondonW1G 9EL

1 -


 
LLP Registered Number: OC329369 (England & Wales)
GOUGH LEGAL LLP


BALANCE SHEET
AS AT 31 DECEMBER 2022

31 December
31 October
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,444
13,193

Current assets
  

Debtors
 5 
391,454
393,808

Cash at bank and in hand
  
-
32,743

  
391,454
426,551

Creditors: amounts falling due within one year
 6 
(388,259)
(414,045)

Net current assets
  
 
 
3,195
 
 
12,506

Total assets less current liabilities
  
5,639
25,699

Creditors: amounts falling due after more than one year
 7 
(154,669)
(154,669)

  

Net liabilities before loans and other debts due to members
  
(149,030)
(128,970)


Represented by:
  

Loans and other debts due to members
  

Other amounts
 8 
(9,791)
10,000

Members' other interests
  

Other reserves classified as equity
  
(139,239)
(138,970)

  
(149,030)
(128,970)


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(325,889)
(147,770)

Loans and other debts due to members
 8 
(9,791)
10,000

Members' other interests
  
(139,239)
(138,970)

  
(474,919)
(276,740)


2 -


 
LLP Registered Number: OC329369 (England & Wales)
GOUGH LEGAL LLP

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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

The entity 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 Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the Profit and Loss Account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Allen Thomas
Designated member

Date: 29 September 2023

3 -


 
GOUGH LEGAL LLP
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Gough Legal LLP (formerly Egorov Puginsky Afanasiev & Partners LLP) is a limited liability partnership, incorporated in England and Wales, registered number OC329369. The address of the registered office is 3 Gough Square, London EC4A 3DE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and keep in accordance with Section 1A of 'Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" - January 2019.

  
2.2

Going concern

The financial stataments have been prepared on a going concern basis which assumes that the LLP will be able to meet its liabilities as and when they fall due for the foreseeable future. 

There has been minimal impact from Covid-19 on the company and the members believe that the LLP will be able to sustain its operational needs for a period of at least 12 months from the approval of these financial statements. 

On the basis of the above, the members have concluded that it is appropriate to prepare the financial statements on a going concern basis. The financial statement do not include the adjustments that would be required if the company was unable to continue as a going concern.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Plant and machinery etc.
-
3 or 7 years straight line or 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Profit or Loss.

 
2.4

Debtors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

4 -


 
GOUGH LEGAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
 
2.6

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
 
5 -


 
GOUGH LEGAL LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Pensions

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entitiy. Once the contributions have been paid the LLP has no further payment obligations.

 The contributions are recognised as an expense in the Profit or Loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.



  
2.10

Members' remuneration

A member's share of the profit or loss for the period is accounted for as an allocation of profits. Unallocated profits and losses are included within 'Other reserves'. 


3.


Employees

The average monthly number of employees, including members, during the period was 3 (2021 - 5).

6 -


 
GOUGH LEGAL LLP
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Tangible fixed assets







Plant and machinery etc.

£



Cost


At 1 November 2021
306,201


Disposals
(21,667)



At 31 December 2022

284,534



Depreciation


At 1 November 2021
293,008


Charge for the period on owned assets
9,260


Disposals
(20,178)



At 31 December 2022

282,090



Net book value



At 31 December 2022
2,444



At 31 October 2021
13,193

7 -


 
GOUGH LEGAL LLP
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Debtors

31 December
31 October
2022
2021
£
£


Other debtors
65,565
246,038

Amounts due from members
325,889
147,770

391,454
393,808



6.


Creditors: amounts falling due within one year

31 December
31 October
2022
2021
£
£

Bank overdrafts
-
586

Trade creditors
1,267
9,750

Other taxation and social security
7,509
-

Other creditors
379,483
403,709

388,259
414,045



7.


Creditors: amounts falling due after more than one year

31 December
31 October
2022
2021
£
£

Other creditors
154,669
154,669



8.


Loans and other debts due to members


31 December
31 October
2022
2021
£
£



Amounts due to members
(9,791)
10,000

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. 

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of members' other interests. 

8 -


 
GOUGH LEGAL LLP
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

9.


Related party transactions

During the period, a member received drawings from the LLP of £nil (2021 - £105) and made repayments of £nil (2021 - £nil). At the balance sheet date, the amount owing from the member was £325,889 (2021 - £147,769). The balance is interest free and repayable upon demand. 

 
9 -