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Milford & Dormor Solicitors LLP

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2023

Registration number: OC422057

 

Milford & Dormor Solicitors LLP

Contents

Financial Statements

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Milford & Dormor Solicitors LLP

Balance Sheet

30 September 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

394,422

398,516

Current assets

 

Accrued income and work in progress

307,639

272,906

Debtors

4

190,954

214,082

Cash and short-term deposits

 

239,919

177,230

 

738,512

664,218

Creditors: Amounts falling due within one year

5

(294,932)

(259,625)

Net current assets

 

443,580

404,593

Total assets less current liabilities

 

838,002

803,109

Creditors: Amounts falling due after more than one year

6

(20,833)

(54,642)

Net assets attributable to members

 

817,169

748,467

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

265,000

265,000

Other amounts

7

552,169

483,467

 

817,169

748,467

   

817,169

748,467

Total members' interests

 

Loans and other debts due to members

 

817,169

748,467

   

817,169

748,467

For the year ending 30 September 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to small limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered 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 small limited liability partnerships and the option not to file a profit and loss account has been taken.

 

Milford & Dormor Solicitors LLP

Balance Sheet

30 September 2023 (continued)

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.

The financial statements of Milford & Dormor Solicitors LLP (registered number OC422057) were approved by the Board and authorised for issue on 4 April 2024. They were signed on behalf of the limited liability partnership by:

.........................................
D T Fazio
Designated member

 

Milford & Dormor Solicitors LLP

Notes to the Financial Statements

Year Ended 30 September 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 incorporating 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 Milford & Dormor Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

Going concern

The members have considered a period of 12 months from approval of these accounts, including appropriate forecasts and are satisfied that the going concern basis continues to be appropriate.

Revenue recognition

Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.

Services provided to clients during the period, which at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.

Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.

 

Milford & Dormor Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 30 September 2023

1

Accounting policies (continued)

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.

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

Freehold land and buildings

Nil

Motor vehicles

25% reducing balance basis

Office equipment

20% reducing balance basis

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

Milford & Dormor Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 30 September 2023

1

Accounting policies (continued)

Financial instruments

Classification

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities,when the company's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:

- Basic financial assets comprise short term trade and other debtors and cash and bank balances.
- Basic financial liabilities comprise short term trade and other creditors and bank loans.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 22 (2022 - 21).

 

Milford & Dormor Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 30 September 2023

3

Tangible fixed assets

Freehold land and buildings
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 October 2022

375,000

29,270

253,307

657,577

Additions

-

-

1,671

1,671

At 30 September 2023

375,000

29,270

254,978

659,248

Depreciation

At 1 October 2022

-

22,216

236,845

259,061

Charge for the year

-

1,764

4,001

5,765

At 30 September 2023

-

23,980

240,846

264,826

Net book value

At 30 September 2023

375,000

5,290

14,132

394,422

At 30 September 2022

375,000

7,054

16,462

398,516

Included within the net book value of land and buildings above is £375,000 (2022 - £375,000) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of leaseholds.
 

 

Milford & Dormor Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 30 September 2023

4

Debtors

2023
 £

2022
 £

Trade debtors

98,855

107,703

Other debtors

2,658

4,698

Prepayments and accrued income

89,441

101,681

190,954

214,082

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

24,866

36,913

Trade creditors

4,878

5,016

Taxation and social security

91,600

89,353

Other creditors

70,172

72,918

Accruals and deferred income

103,416

55,425

294,932

259,625

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Bank loan

14,866

27,746

The bank loans are secured over the Seaton propery.

 

Milford & Dormor Solicitors LLP

Notes to the Financial Statements (continued)

Year Ended 30 September 2023

6

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

20,833

47,148

Other creditors

-

7,494

20,833

54,642

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Bank loan

-

15,482

The bank loans are secured over the Seaton propery.

7

Analysis of other amounts

2023
 £

2022
 £

Money owed to members by the LLP in respect of profits

552,169

483,467

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £146,910 (2022 - £111,024).