Registered number
OC369923
Paradigm Solicitors LLP
Filleted Accounts
31 March 2024
Paradigm Solicitors LLP
Registered number: OC369923
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 8,588 7,738
Current assets
Debtors 4 49,999 47,242
Cash at bank and in hand 1,998,499 796,546
2,048,498 843,788
Creditors: amounts falling due within one year 5 (2,015,672) (813,836)
Net current assets 32,826 29,952
Total assets less current liabilities 41,414 37,690
Creditors: amounts falling due after more than one year 6 (21,310) (31,667)
Net assets attributable to members 20,104 6,023
Represented by:
Loans and other debts due to members 7 20,104 6,023
20,104 6,023
Total members' interests
Loans and other debts due to members 7 20,104 6,023
20,104 6,023
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 23 July 2024 and signed on their behalf by:
Ilyas Ahmetoglu
Designated member
Paradigm Solicitors LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Statement of Recommended Practice (SORP), "Accounting by Limited Liability Partnerships".
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Leasehold land and buildings not depreciated
Plant and machinery 15% RB basis
Fixtures, fittings, tools and equipment 15% RB basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 15,637
Additions 2,366
At 31 March 2024 18,003
Depreciation
At 1 April 2023 7,899
Charge for the year 1,516
At 31 March 2024 9,415
Net book value
At 31 March 2024 8,588
At 31 March 2023 7,738
4 Debtors 2024 2023
£ £
Trade debtors 18,620 21,096
Other debtors 31,379 26,146
49,999 47,242
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,700 6,361
Other taxes and social security costs 32,327 21,336
Other creditors 1,980,645 786,139
2,015,672 813,836
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,310 31,667
7 Loans and other debts due to members 2024 2023
£ £
Loans from members (20,636) (20,636)
Amounts due to members in respect of profits 40,740 26,659
20,104 6,023
Amounts falling due within one year 20,104 6,023
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Controlling party
The company was under the control of its members, I Ahmetoglu, K M Teo and Y T Eng(resigned on 25/09/2023).
9 Other information
Paradigm Solicitors LLP is a limited liability partnership incorporated in England. Its registered office is:
Second Floor (Rear)
36 Gerrard Street
London
England
W1D 5QA
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