Limited Liability Partnership registration number OC441771 (England and Wales)
KEMP IT LAW LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KEMP IT LAW LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
5 - 8
KEMP IT LAW LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,870
10,394
Current assets
Stocks
4
136,981
144,698
Debtors
5
304,877
255,931
Cash at bank and in hand
506,828
430,544
948,686
831,173
Creditors: amounts falling due within one year
6
(177,472)
(79,003)
Net current assets
771,214
752,170
Total assets less current liabilities
782,084
762,564
Creditors: amounts falling due after more than one year
7
(39,898)
(68,749)
Net assets attributable to members
742,186
693,815
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
154,686
106,315
Members' other interests
Members' capital classified as equity
587,500
587,500
742,186
693,815
Total members' interests
Amounts due from members
(3,558)
(16,475)
Loans and other debts due to members
154,686
106,315
Members' other interests
587,500
587,500
738,628
677,340

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

For the financial year ended 31 March 2024 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.

KEMP IT LAW LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 9 August 2024 and are signed on their behalf by:
09 August 2024
Mr R H Kemp
Designated member
Limited Liability Partnership registration number OC441771 (England and Wales)
KEMP IT LAW LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 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 reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
106,315
Amounts due from members
(16,475)
Members' interests at 1 April 2023
587,500
-
587,500
89,840
89,840
677,340
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
385,000
385,000
385,000
Profit for the financial year available for discretionary division among members
-
438,284
438,284
-
-
438,284
Members' interests after profit and remuneration for the year
587,500
438,284
1,025,784
474,840
474,840
1,500,624
Allocation of profit for the financial year
-
(438,284)
(438,284)
438,284
438,284
-
Drawings on account and distributions of profit
-
-
-
(761,996)
(761,996)
(761,996)
Members' interests at 31 March 2024
587,500
-
587,500
151,128
151,128
738,628
Amounts due to members
154,686
Amounts due from members, included in debtors
(3,558)
151,128
KEMP IT LAW LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 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 reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
-
-
-
-
-
-
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
174,994
174,994
174,994
Profit for the financial year available for discretionary division among members
-
244,266
244,266
-
-
244,266
Members' interests after profit and remuneration for the year
-
244,266
244,266
174,994
174,994
419,260
Allocation of profit for the financial year
-
(244,266)
(244,266)
244,266
244,266
-
Introduced by members
587,500
-
587,500
-
-
587,500
Drawings on account and distributions of profit
-
-
-
(365,616)
(365,616)
(365,616)
Other movements
-
-
-
36,196
36,196
36,196
Members' interests at 31 March 2023
587,500
-
587,500
89,840
89,840
677,340
Amounts due to members
106,315
Amounts due from members, included in debtors
(16,475)
89,840
KEMP IT LAW LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Kemp IT Law LLP is a limited liability partnership incorporated in England and Wales. The registered office is 21 Napier Avenue, London, SW6 3PS.

 

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.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
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:

Office equipment
20% per annum on the straight line method
Office fixtures and fittings
33.33% per annum on the straight line method
Computer hardware
33.33% per annum on the straight line method
Books and library
33.33% per annum on the straight line method

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.

KEMP IT LAW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Stocks

Work in progress is valued at the lower of cost and net realisable value.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Taxation

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

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.10
Retirement benefits and post retirement payments to members

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

1.11
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.

2
Employees

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

2024
2023
Number
Number
Total
3
4
KEMP IT LAW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Tangible fixed assets
Office equipment
Office fixtures and fittings
Computer hardware
Books and library
Total
£
£
£
£
£
Cost
At 1 April 2023
3,362
4,808
62,406
15,210
85,786
Additions
-
-
7,014
-
7,014
At 31 March 2024
3,362
4,808
69,420
15,210
92,800
Depreciation and impairment
At 1 April 2023
2,594
3,731
54,499
14,568
75,392
Depreciation charged in the year
416
369
5,362
391
6,538
At 31 March 2024
3,010
4,100
59,861
14,959
81,930
Carrying amount
At 31 March 2024
352
708
9,559
251
10,870
At 31 March 2023
768
1,077
7,907
642
10,394
4
Stocks
2024
2023
£
£
Contract work in progress
136,981
144,698
5
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
284,217
200,873
Amounts owed by members
3,558
16,475
Other debtors
4
21,788
Prepayments and accrued income
17,098
16,795
304,877
255,931
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
78,923
16,888
Other taxation and social security
52,325
29,773
Other creditors
2,514
1,598
Accruals and deferred income
43,710
30,744
177,472
79,003
KEMP IT LAW LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
39,898
68,749
8
Loans and other debts due to members

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

9
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:

2024
2023
£
£
Within one year
20,370
20,370
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