Limited Liability Partnership registration number OC362841 (England and Wales)
ROOKS RIDER SOLICITORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ROOKS RIDER SOLICITORS LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 12
ROOKS RIDER SOLICITORS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
35,290
86,318
Current assets
Debtors
7
2,176,851
2,028,178
Cash at bank and in hand
161,297
93,425
2,338,148
2,121,603
Creditors: amounts falling due within one year
8
(1,777,598)
(1,822,909)
Net current assets
560,550
298,694
Total assets less current liabilities
595,840
385,012
Creditors: amounts falling due after more than one year
9
(73,754)
(115,439)
Provisions for liabilities
11
(25,000)
(25,000)
Net assets attributable to members
497,086
244,573
Represented by:
Loans and other debts due to members
Amounts due in respect of profits
266,986
14,473
Members' other interests
Members' capital classified as equity
230,100
230,100
497,086
244,573
Total members' interests
Amounts due from members
(1,227,584)
(1,023,443)
Loans and other debts due to members
266,986
14,473
Members' other interests
230,100
230,100
(730,498)
(778,870)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

ROOKS RIDER SOLICITORS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

For the financial year ended 31 March 2023 the limited liability partnership 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 Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 6 February 2024 and are signed on their behalf by:
06 February 2024
R H N Jenkins
A D Shalet
Designated member
Designated Member
Limited Liability Partnership Registration No. OC362841
ROOKS RIDER SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
14,473
Amounts due from members
(1,023,443)
Members' interests at 1 April 2022
230,100
(1,008,970)
(1,008,970)
(778,870)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
410,628
410,628
410,628
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
230,100
(598,342)
(598,342)
(368,242)
Drawings on account and distributions of profit
-
(362,256)
(362,256)
(362,256)
Members' interests at 31 March 2023
230,100
(960,598)
(960,598)
(730,498)
Amounts due to members
266,986
Amounts due from members, included in debtors
(1,227,584)
(960,598)
ROOKS RIDER SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2022
£
£
£
£
Amounts due to members
12,876
Amounts due from members
(1,045,587)
Members' interests at 1 April 2021
230,100
(1,032,711)
(1,032,711)
(802,611)
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
520,868
520,868
520,868
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
230,100
(511,843)
(511,843)
(281,743)
Drawings on account and distributions of profit
-
(351,127)
(351,127)
(351,127)
Taxation
-
(146,000)
(146,000)
(146,000)
Members' interests at 31 March 2022
230,100
(1,008,970)
(1,008,970)
(778,870)
Amounts due to members
14,473
Amounts due from members, included in debtors
(1,023,443)
(1,008,970)
ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Rooks Rider Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is St Magnus House, 3 Lower Thames Street, London, England, EC3R 6HD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Under Companies Act 2006, s454 it is applicable to LLPs, on a voluntary basis, the designated members can amend these financial statements if they subsequently prove to be defective.

1.2
Going concern

The LLP meets its day to day working capital requirements through its bank account facilities.

 

The nature of the LLP's business is such that there can be considerable unpredictable variation in the timing of cash inflows. On the basis of discussions with the LLP's bankers, the members consider that the limited liability partnership will continue to operate within the facility currently agreed.

 

However, the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the members consider it appropriate to prepare the financial statements on the going concern principle. The financial statements do not include any adjustments that would result from the breaching of those facilities.

 

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.

1.3
Turnover

Turnover represents the amounts receivable for the provision of legal services and is net of VAT and discounts.

 

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contractual obligations are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

Where the outcome of the contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% Straight line
Computer equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in or .

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
1.9
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payment on account.

 

2
Change in accounting policy

Management have decided to change the accounting policy applied in respect of tangible fixed assets. They have revised the depreciation rates used to be more reflective of the assets held.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Income from rendering of legal services
2,214,122
2,380,073
ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Turnover
(Continued)
- 9 -
2023
2022
£
£
Other significant revenue
Interest income
54,008
656
4
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
17
21
5
Members' remuneration
2023
2022
Number
Number
The average number of members during the year was
5
6
2023
2022
£
£
Remuneration to members charged as an expense
410,628
520,868

The remuneration above is paid to the members under a profit sharing agreement, and remuneration representing a division of profit is included in the allocation of profit figures in the Reconciliation of members' interests statement.

ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
158,364
Additions
1,837
At 31 March 2023
160,201
Depreciation and impairment
At 1 April 2022
72,046
Depreciation charged in the year
52,865
At 31 March 2023
124,911
Carrying amount
At 31 March 2023
35,290
At 31 March 2022
86,318
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
534,851
594,937
Gross amounts owed by contract customers
258,533
258,256
Amounts owed by members
1,227,584
1,023,443
Prepayments and accrued income
155,883
151,542
2,176,851
2,028,178
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
35,621
31,436
Trade creditors
235,059
199,902
Taxation and social security
230,264
255,425
Other creditors
1,276,654
1,336,146
1,777,598
1,822,909

As at the year end date amounts due to or held on behalf of clients' amounted to £15,570,454 (2022: £4,440,181).

ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
10
73,754
115,439
10
Loans and overdrafts
2023
2022
£
£
Bank loans
109,375
146,875
Other loans
1,221,692
1,254,862
1,331,067
1,401,737
Payable within one year
1,257,313
1,286,298
Payable after one year
73,754
115,439

On 26 February 2021 the company received a government Coronavirus Business Interruption Scheme (CBILS) loan of £150,000, included in bank loans. The government provides a guarantee for 80% of the loan and also provides business interruption payments whereby interest payments and any fees levied by the Lender are covered for the first year.

 

The loan is fully repayable after 60 months, by monthly instalments of £3,992 commencing 13 months after the drawdown date.

 

Other loans include an amount of £1,100,000 (2022: £1,100,000), due to a designated member, that is fully secured against all the assets of the LLP,

11
Provisions for liabilities
2023
2022
£
£
Provision for professional indemnity claims
25,000
25,000
12
Loans and other debts due from members
2023
2022
£
£
Amounts due from members in respect of profits
887,584
1,045,587

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

ROOKS RIDER SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
13
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Due within one year
178,725
155,853
Between two and five years
30,423
209,148
209,148
365,001
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