Midwinters Law LLP OC438464 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Solicitors Digita Accounts Production Advanced 6.30.9574.0 OC438464 2022-09-01 2023-08-31 OC438464 2023-08-31 OC438464 core:CurrentFinancialInstruments 2023-08-31 OC438464 core:WithinOneYear 2023-08-31 OC438464 core:FurnitureFittings 2023-08-31 OC438464 core:LandBuildings core:LongLeaseholdAssets 2023-08-31 OC438464 bus:SmallEntities 2022-09-01 2023-08-31 OC438464 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 OC438464 bus:FullAccounts 2022-09-01 2023-08-31 OC438464 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 OC438464 bus:RegisteredOffice 2022-09-01 2023-08-31 OC438464 bus:PartnerLLP1 2022-09-01 2023-08-31 OC438464 bus:PartnerLLP2 2022-09-01 2023-08-31 OC438464 bus:PartnerLLP3 2022-09-01 2023-08-31 OC438464 bus:PartnerLLP4 2022-09-01 2023-08-31 OC438464 bus:LimitedLiabilityPartnershipLLP 2022-09-01 2023-08-31 OC438464 bus:Agent1 2022-09-01 2023-08-31 OC438464 core:FurnitureFittings 2022-09-01 2023-08-31 OC438464 core:LandBuildings 2022-09-01 2023-08-31 OC438464 core:LandBuildings core:LongLeaseholdAssets 2022-09-01 2023-08-31 OC438464 countries:AllCountries 2022-09-01 2023-08-31 OC438464 2022-08-31 OC438464 core:FurnitureFittings 2022-08-31 OC438464 core:LandBuildings core:LongLeaseholdAssets 2022-08-31 OC438464 2021-07-22 2022-08-31 OC438464 2022-08-31 OC438464 core:CurrentFinancialInstruments 2022-08-31 OC438464 core:WithinOneYear 2022-08-31 OC438464 core:FurnitureFittings 2022-08-31 OC438464 core:LandBuildings core:LongLeaseholdAssets 2022-08-31 iso4217:GBP xbrli:pure

Registration number: OC438464

Midwinters Law LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Midwinters Law LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 10

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

7

 

Midwinters Law LLP

Limited liability partnership information

Designated members

Mr HJO Harries

Mr GN Gregory
 

Members

Mrs AJ Cassin

Mr M Lynham

Registered office

1 Crescent Place
Cheltenham
Gloucestershire
GL50 3PJ

Principal place of business

1 Crescent Place
Cheltenham
Gloucestershire
GL50 3PJ

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Midwinters Law LLP

Members' Report for the Year Ended 31 August 2023

The members present their report and the unaudited financial statements for the year ended 31 August 2023.

Designated members

The members who held office during the year were as follows:

Mr HJO Harries

Mr GN Gregory

Members' drawings and the subscription and repayment of members' capital

The members participate fully in the firm's profit, share the risks and subscribe the firm's capital.

Members receive drawings from the partnership in the same ratio as their entitlement to share in the
partnership's profit. The timing and amount of those drawings depends upon the level of activity within
the partnership and the overriding cash requirements of the business.

Fixed share members receive their fixed share entitlement before resdiual profits are shared.

An individual member's capital requirements is linked to the financing requirements of the firm. No
interest is due on capital accounts.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 6 February 2024 and signed on its behalf by:

.........................................
Mr HJO Harries
Designated member

.........................................
Mr GN Gregory
Designated member

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Midwinters Law LLP
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Midwinters Law LLP for the year ended 31 August 2023 set out on pages 4 to 10 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Midwinters Law LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Midwinters Law LLP and state those matters that we have agreed to state to the members of Midwinters Law LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midwinters Law LLP and its members as a body for our work or for this report.

It is your duty to ensure that Midwinters Law LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midwinters Law LLP. You consider that Midwinters Law LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Midwinters Law LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

6 February 2024

 

Midwinters Law LLP

Profit and Loss Account for the Year Ended 31 August 2023

Note

Total
2023
£

Total
2022
£

Turnover

1,370,662

1,167,296

Cost of sales

 

(384,269)

(427,425)

Gross profit

 

986,393

739,871

Administrative expenses

 

(544,439)

(484,526)

Operating profit

441,954

255,345

Other interest receivable and similar income

70,620

1,924

Profit for the year before members' remuneration and profit shares

 

512,574

257,269

Profit for the year available for discretionary division among members

 

512,574

257,269

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

 

Midwinters Law LLP

(Registration number: OC438464)
Balance Sheet as at 31 August 2023

Note

31 August 2023
 £

31 August 2022
 £

Fixed assets

 

Tangible assets

3

4,610

5,587

Current assets

 

Stocks

374,782

320,417

Debtors

4

344,825

383,982

Cash and short-term deposits

 

24,479

758

 

744,086

705,157

Creditors: Amounts falling due within one year

6

(407,235)

(391,233)

Net current assets

 

336,851

313,924

Net assets attributable to members

 

341,461

319,511

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

141,461

119,511

Members’ other interests

 

Members' capital classified as equity

 

200,000

200,000

   

341,461

319,511

Total members' interests

 

Loans and other debts due to members

 

141,461

119,511

Equity

 

200,000

200,000

   

341,461

319,511

For the year ending 31 August 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Midwinters Law LLP

(Registration number: OC438464)
Balance Sheet as at 31 August 2023

The financial statements of Midwinters Law LLP (registered number OC438464) were approved by the Board and authorised for issue on 6 February 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr HJO Harries
Designated member

.........................................
Mr GN Gregory
Designated member

 

Midwinters Law LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Midwinters Law LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Midwinters Law LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing £0 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

5 years straight line

Leasehold property

15 years straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors 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 the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Midwinters Law LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 14 (2022 - 14).

3

Tangible fixed assets

Long leasehold land and buildings
£

Fixtures and fittings
 £

Total
£

Cost

At 1 September 2022

4,653

1,939

6,592

At 31 August 2023

4,653

1,939

6,592

Depreciation

At 1 September 2022

396

609

1,005

Charge for the year

312

665

977

At 31 August 2023

708

1,274

1,982

Net book value

At 31 August 2023

3,945

665

4,610

At 31 August 2022

4,257

1,330

5,587

Included within the net book value of land and buildings above is £Nil (2022 - Nil) in respect of freehold land and buildings and £4,004 (2022 - £4,257) in respect of leaseholds.
 

 

Midwinters Law LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Stocks

2023
£

2022
£

Work in progress

374,782

320,417

5

Debtors

2023
£

2022
£

Trade debtors

300,805

196,575

Other debtors

-

136,308

Prepayments and accrued income

44,020

51,099

Total current trade and other debtors

344,825

383,982

6

Creditors: Amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

33,454

63,922

Trade creditors

17,258

29,808

Other creditors

236,143

200,796

Accruals and deferred income

44,179

20,322

Taxation and social security

76,201

76,385

407,235

391,233