Limited Liability Partnership registration number OC388952 (England and Wales)
BACHES SOLICITORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BACHES SOLICITORS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
5 - 9
BACHES SOLICITORS LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,592
6,337
Investments
5
104,365
84,296
109,957
90,633
Current assets
Debtors
6
493,518
519,724
Cash at bank and in hand
83,510
113,340
577,028
633,064
Creditors: amounts falling due within one year
7
(120,355)
(194,156)
Net current assets
456,673
438,908
Total assets less current liabilities
566,630
529,541
Creditors: amounts falling due after more than one year
8
(87,500)
(137,500)
Net assets attributable to members
479,130
392,041
Represented by:
Loans and other debts due to members within one year
Other amounts
100,000
100,000
Members' other interests
Revaluation reserve
104,265
84,196
Other reserves classified as equity
274,865
207,845
479,130
392,041

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 December 2023 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.

BACHES SOLICITORS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 11 July 2024 and are signed on their behalf by:
11 July 2024
Mrs L S Newell
Ms J T Johnson
Designated member
Designated Member
Limited Liability Partnership registration number OC388952 (England and Wales)
BACHES SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 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
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 January 2023
84,196
207,844
292,040
100,000
100,000
392,040
Profit for the financial year available for discretionary division among members
-
169,722
169,722
-
-
169,722
Members' interests after profit for the year
84,196
377,566
461,762
100,000
100,000
561,762
Surplus arising on revaluation of fixed assets
20,069
-
20,069
-
-
20,069
Other movements
-
(102,701)
(102,701)
-
-
(102,701)
Members' interests at 31 December 2023
104,265
274,865
379,130
100,000
100,000
479,130
BACHES SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 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
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Members' interests at 1 January 2022
64,189
469,173
533,362
100,000
100,000
633,362
Loss for the financial year available for discretionary division among members
-
(7,629)
(7,629)
-
-
(7,629)
Members' interests after loss for the year
64,189
461,544
525,733
100,000
100,000
625,733
Surplus arising on revaluation of fixed assets
20,007
-
20,007
-
-
20,007
Other movements
-
(253,699)
(253,699)
-
-
(253,699)
Members' interests at 31 December 2022
84,196
207,845
292,041
100,000
100,000
392,041
BACHES SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Baches Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Lombard House, Cronehills Linkway, West Bromwich, West Midlands, B70 7PL.

 

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 amounts chargeable to clients for the provision of professional services, net of VAT, that have been provided during the year. The LLP recognises income as contract activity progresses and it obtains the right to consideration, except where the outcome cannot be assessed with reasonable probability. The excess of the right to consideration over invoiced amounts is shown within amounts recoverable on contracts.

 

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.

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:

Fixtures and fittings
25% on cost
Computers
25% on cost

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.

BACHES SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Fixed asset investments

The LLP accounts for its investment in Baches Property Limited by the equity method, whereby the original cost of the investment is adjusted for the movement in underlying net assets applicable to the investments since their date of acquisition, as adjusted for any impairment in value that, in the judgement of the partners, needs to be reflected in the financial statements, with an adjustment to the LLP's revaluation reserve.

 

The partners consider the value of the assets and liabilities in Baches Property Limited at each reporting date and compare this with the carrying value of the fixed asset investment in the LLP's balance sheet. If the investment's recoverable amount is estimated to be less than its carrying amount then the carrying amount is reduced to the recoverable amount, with the impairment loss being recognised in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lower of the revised estimate of the carrying amount and the carrying amount, had no impairment loss previously been recognised. A reversal of an impairment loss is recognised in income immediately.

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
Financial instruments

The LLP only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade or other debtors and creditors, loans from banks and other third parties, loans to related parties and investment in non-puttable ordinary shares.

1.8

Pensions

The LLP operates a defined contribution plan for its employees. Contributions are charged to the profit and loss account as they become payable.

1.9

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BACHES SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees

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

2023
2022
Number
Number
Total
27
30
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
21,352
53,035
74,387
Additions
-
5,817
5,817
At 31 December 2023
21,352
58,852
80,204
Depreciation and impairment
At 1 January 2023
21,315
46,735
68,050
Depreciation charged in the year
37
6,525
6,562
At 31 December 2023
21,352
53,260
74,612
Carrying amount
At 31 December 2023
-
5,592
5,592
At 31 December 2022
37
6,300
6,337
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
104,365
84,296
Fixed asset investments revalued

Cost or valuation at 31st December 2023 is represented by; valuation in 2023; £104,265. Cost; £100.

 

 

BACHES SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
84,296
Valuation changes
20,069
At 31 December 2023
104,365
Carrying amount
At 31 December 2023
104,365
At 31 December 2022
84,296
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
188,667
157,577
Other debtors
304,851
362,147
493,518
519,724
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
22,496
34,482
Taxation and social security
31,829
94,238
Other creditors
16,030
15,436
120,355
194,156
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
87,500
137,500

LLoyds Bank Plc hold a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, leasehold property, fixtures and fixed plant and machinery.

 

BACHES SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
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.

10
Revaluation reserve
2023
2022
£
£
At beginning of year
84,196
64,189
Revaluation surplus arising in the year
20,069
20,007
At end of year
104,265
84,196
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