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Registration number: OC370679

Laytons LLP

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Laytons LLP

Contents

Financial Statements

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Laytons LLP

(Registration number: OC370679)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

105,641

158,453

Tangible assets

5

94,418

110,150

 

200,059

268,603

Current assets

 

Debtors

6

5,995,218

5,658,031

Cash and short-term deposits

 

176,556

75,643

 

6,171,774

5,733,674

Creditors: Amounts falling due within one year

7

(1,719,978)

(2,242,182)

Net current assets

 

4,451,796

3,491,492

Total assets less current liabilities

 

4,651,855

3,760,095

Provisions for liabilities

-

(100,000)

Net assets attributable to members

 

4,651,855

3,660,095

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

3,870,708

3,101,134

Other amounts

8

1,005,435

783,249

 

4,876,143

3,884,383

Members’ other interests

 

Members' capital classified as equity

 

836,667

836,667

Other reserves

 

(1,060,955)

(1,060,955)

 

(224,288)

(224,288)

   

4,651,855

3,660,095

Total members' interests

 

Amounts due from members

 

(503,714)

(461,149)

Loans and other debts due to members

 

4,876,143

3,884,383

Equity

 

(224,288)

(224,288)

   

4,148,141

3,198,946

 

Laytons LLP

(Registration number: OC370679)
Balance Sheet as at 31 December 2023 (continued)

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’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The financial statements of Laytons LLP (registered number OC370679) were approved by the Board and authorised for issue on 2 May 2024. They were signed on behalf of the limited liability partnership by:

.........................................
J C Abbott
Chairman and designated member

 

Laytons LLP

Notes to the Financial Statements for the Year Ended 31 December 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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 Laytons 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.

Going concern

The members have assessed the performance and position of the LLP at the year end and concluded it has more than enough financial resources to be able to continue in business for at least twelve months from approving the financial statements. The financial statements have therefore been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 May 2024 was Robert Stafford BA (hons) FCA, who signed for and on behalf of SCCA Ltd.

Exemption from preparing group accounts

The limited liability partnership has taken advantage of the exemption provided by Section 400 of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

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.

 

Laytons LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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.

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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets are initially recorded at cost and subsequently at cost less depreciation and impairment.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Equally over the assessed life of 20 years/10 years

 

Laytons LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

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

Computer equipment

33% Reducing balance and 20% Straight line

Fixtures and fittings

15% Reducing balance and 15% Straight line

Leased computer equipment

20% Straight line

Motor Vehicles

25% Reducing balance

Short leasehold property and improvements

10% Straight line

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date 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.

In common with other professional services businesses the LLP is insured against the cost of any professional liability claims that are notified to the LLP. A provision is made for the LLP's estimated retained liability for such claims and generally against the possibility that professional claims might arise in the future.

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.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Members Loans

Members loans and other debts due to members are unsecured and rank pari passu within other unsecured creditors in the event of a winding up.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 69 (2022 - 67).

 

Laytons LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

3

Auditor's remuneration

2023
 £

2022
 £

Audit of the financial statements

10,000

10,000

4

Intangible fixed assets

Goodwill
£

Total
£

Cost

At 1 January 2023

718,265

718,265

At 31 December 2023

718,265

718,265

Amortisation

At 1 January 2023

559,812

559,812

Charge for the year

52,812

52,812

At 31 December 2023

612,624

612,624

Net book value

At 31 December 2023

105,641

105,641

At 31 December 2022

158,453

158,453


 

 

Laytons LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 January 2023

317,357

303,193

620,550

Additions

-

9,299

9,299

At 31 December 2023

317,357

312,492

629,849

Depreciation

At 1 January 2023

245,320

265,080

510,400

Charge for the year

10,806

14,225

25,031

At 31 December 2023

256,126

279,305

535,431

Net book value

At 31 December 2023

61,231

33,187

94,418

At 31 December 2022

72,037

38,113

110,150

6

Debtors

2023
 £

2022
 £

Trade debtors

2,709,450

2,999,008

Other debtors

960,800

919,853

Prepayments and accrued income

2,324,968

1,739,170

Total current trade and other debtors

5,995,218

5,658,031

7

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

-

41,270

Trade creditors

1,119,213

854,807

Other creditors

141,628

162,811

Accruals and deferred income

45,542

29,737

Taxation and social security

413,595

1,153,557

1,719,978

2,242,182

 

Laytons LLP

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

8

Analysis of other amounts

2023
 £

2022
 £

Money owed to members by the LLP in respect of profits

1,005,435

783,249

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

The parent of the largest group in which results are consolidated is ETL Holdings (UK) Ltd.
Consolidated financial statements are available from:
1 Pavilion Square, Westhoughton, BL5 3AJ

The ultimate parent is ETL Holdings (UK) Ltd.

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £214,586 (2022 - £207,606).

Contributions totalling £18,593 (2022 - £17,785) were payable to the scheme at the end of the year and are included in creditors.