Registration number:
Wilsons Solicitors LLP
for the period from 1 May 2023 to 31 March 2024
Wilsons Solicitors LLP
Contents
Limited liability partnership information |
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Members' Report |
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Statement of Members' Responsibilities |
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Independent Auditor's Report |
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Financial Statements |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Cash Flow Statement |
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Notes to the Financial Statements |
Wilsons Solicitors LLP
Limited liability partnership information
Designated members |
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Registered office |
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Auditors |
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Wilsons Solicitors LLP
Members' Report for the period from 1 May 2023 to 31 March 2024
The members present their report and the financial statements for the period from 1 May 2023 to 31 March 2024.
Principal activity
The principal activity of the limited liability partnership is legal services in the UK.
Review of the business and future developments
The limited liability partnership's key financial and other performance indicators during the period were as follows:
2024 |
2023 |
||
Turnover |
13,970,075 |
14,224,779 |
|
Net Profit |
4,326,457 |
4,589,571 |
The LLP members are of the view that the state of the LLP's affairs as at 31 March 2024 is satisfactory.
Having changed its accounting reference date to the end of March, the LLP performed well during the resulting eleven-month period. Work levels were consistently high, and a strong collaborative approach was deployed by the Wilsons team to support clients in all practice areas. The members recognise and appreciate the teamwork which enabled the LLP to meet its financial and other objectives.
Several important IT infrastructure projects were carried out to improve the operating platform of the business. To preserve a competitive position in the marketplace, significant investment was and continues to be made in connection with retention and recruitment.
With recent changes in the domestic political picture and ongoing geopolitical uncertainty, the current year looks set to be a mixture of opportunities and challenges. The members have confidence in the resilience of the business and for this reason continue to adopt the going concern basis in these financial statements.
Designated members
The members who held office during the period were as follows:
The following member was appointed after the period end:
Wilsons Solicitors LLP
Members' Report for the period from 1 May 2023 to 31 March 2024
Members' drawings and the subscription and repayment of members' capital
During the year, the members receive monthly drawings representating payments on account of profits which may be allocated to them.
Profits are determined, allocated and divided between members after the finalisation of the accounts. Unallocated profits are included within 'members' other interests'. Members' drawings taken during the year are within members interest equity accounts.
Capital requirements are determined by the designated members and are received at least annually. All members are reuired to subscribe a proportion of that capital, with the amounts being determined by reference to status.
Disclosure of information to the auditors
Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditor, UHY Ross Brooke, has indicated a willingness to continue in office. The Designated members will propose a motion re-appointing the auditor at a meeting of the members.
Approved by the
......................................... |
Wilsons Solicitors LLP
Statement of Members' Responsibilities for the period from 1 May 2023 to 31 March 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
• |
select suitable accounting policies and then apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.
Wilsons Solicitors LLP
Independent Auditor's Report to the Members of Wilsons Solicitors LLP
Opinion
We have audited the financial statements of Wilsons Solicitors LLP (the ‘limited liability partnership’) for the period from 1 May 2023 to 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2024 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other information
The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Wilsons Solicitors LLP
Independent Auditor's Report to the Members of Wilsons Solicitors LLP
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the limited liability partnership financial statements are not in agreement with the accounting records and returns; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities [set out on page 4], the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:
the nature of the industry and sector, control environment and business performance including the company's remuneration policy, bonus levels, and performance targets;
the company's own assessment, including assessments made by key management, of the risks that
irregularities may occur either as a result of fraud or error;
any matters we identified having reviewed the company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed amongst the audit engagement team.
Wilsons Solicitors LLP
Independent Auditor's Report to the Members of Wilsons Solicitors LLP
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the areas in which management is
required to exercise significant judgement, such as the disclosure of adjusting items. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this
context were the Companies Act, tax legislation and regulations concerning importing and exporting to and
from the UK.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
16 Dorcan Business Village
Murdock Road, Dorcan
Wiltshire
SN3 5HY
Wilsons Solicitors LLP
Profit and Loss Account for the Period from 1 May 2023 to 31 March 2024
Note |
1 May 2023 to 31 March 2024 |
(As restated) |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit for the period before members' remuneration and profit shares |
|
|
|
Profit for the period available for discretionary division among members |
4,326,457 |
4,589,571 |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the period other than the results above.
Wilsons Solicitors LLP
Statement of Comprehensive Income for the Period from 1 May 2023 to 31 March 2024
Note |
1 May 2023 to 31 March 2024 |
(As restated) |
|
Profit for the period available for discretionary division among members |
4,326,457 |
4,589,571 |
|
Other comprehensive income |
- |
- |
|
Total comprehensive income for the period available for discretionary division among members |
|
|
Wilsons Solicitors LLP
(Registration number: OC328787)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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|
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
|
|
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Represented by: |
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Loans and other debts due to members |
|||
Members' capital classified as a liability |
3,275,756 |
3,410,753 |
|
Members’ other interests |
|||
Other reserves |
|
|
|
7,982,769 |
7,514,301 |
||
Total members' interests |
|||
Loans and other debts due to members |
3,275,756 |
3,410,753 |
|
Equity |
|
|
|
7,982,769 |
7,514,301 |
The financial statements of Wilsons Solicitors LLP (registered number OC328787) were approved by the
......................................... |
Wilsons Solicitors LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Debt |
||||
Other reserves |
Total equity |
Members' capital classified as a liability |
Total debt |
Total |
|
Members' interest at 1 May 2022 (restated) |
3,406,435 |
3,406,435 |
3,345,750 |
3,345,750 |
6,752,185 |
Profit for the financial period available for discretionary division among members |
4,589,571 |
4,589,571 |
- |
- |
4,589,571 |
Members' interests after total comprehensive income |
7,996,006 |
7,996,006 |
3,345,750 |
3,345,750 |
11,341,756 |
Members’ capital introduced |
- |
- |
65,003 |
65,003 |
65,003 |
Drawings (including tax payments) (restated) |
(3,892,458) |
(3,892,458) |
- |
- |
(3,892,458) |
(3,892,458) |
(3,892,458) |
65,003 |
65,003 |
(3,827,455) |
|
At 30 April 2023 (restated) |
|
4,103,548 |
3,410,753 |
3,410,753 |
7,514,301 |
Equity |
Debt |
||||
Other reserves |
Total equity |
Members' capital classified as a liability |
Total debt |
Total |
|
Members' interest at 1 May 2023 (restated) |
4,103,549 |
4,103,549 |
3,410,753 |
3,410,753 |
7,514,302 |
Profit for the financial period available for discretionary division among members |
4,326,457 |
4,326,457 |
- |
- |
4,326,457 |
Members' interests after total comprehensive income |
8,430,006 |
8,430,006 |
3,410,753 |
3,410,753 |
11,840,759 |
Drawings (including tax payments) |
(3,722,993) |
(3,722,993) |
- |
- |
(3,722,993) |
Transfer of capital to former members’ balances |
- |
- |
(134,997) |
(134,997) |
(134,997) |
At 31 March 2024 |
|
4,707,013 |
3,275,756 |
3,275,756 |
7,982,769 |
Wilsons Solicitors LLP
Cash Flow Statement for the Period from 1 May 2023 to 31 March 2024
Note |
31 March 2024 |
(As restated) |
|
Net cash inflow from operating activities |
|
|
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Cash flows from investing activities |
|||
Purchase of tangible fixed assets |
( |
( |
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Interest received |
|
|
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HP and finance lease interest |
( |
( |
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Interest paid |
( |
( |
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Net cash flows from investing activities |
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|
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Cash flows from financing activities |
|||
Repayment of loans and borrowings |
( |
( |
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Repayment of finance leases |
( |
( |
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Value of new loans obtained during the period |
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Payments to or on behalf of members |
( |
( |
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Capital contributions by members |
( |
|
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Net cash flows from financing activities |
( |
( |
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Net increase in cash and cash equivalents |
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|
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Cash and cash equivalents at 1 May |
|
( |
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Cash and cash equivalents at 31 March |
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31 March |
30 April |
|
Reconciliation to cash at bank and in hand: |
||
Cash at bank |
|
|
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships."
General information and basis of accounting
The limited liability partnership is incorporated in 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 Wilsons 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. Foreign operations are included in accordance with the policies set out below.
The financial statements for 2024 are a 11 month period to March 2024, the comparatives are a 12 month period to April 2023.
Going concern
At the time of approving these financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus, the members continue to adopt the going concern basis of accounting in preparing these financial statements
Changes in accounting policy
During the year ended 31st March 2024 the LLP has changed the accounting policy for Members' Drawings, Following a reassessment of the nature of the Drawings it was deemed appropriate to allocate these amounts against the Members' Equity balance as a reflection of the amounts withdrawn from their current accounts during the period. Previously the Drawings taken out in the year had been shown as a debtor. The comparative figures have been restated where appropriate to reflect the prior year adjustment. See Note 21 for the impact on the financial statements. |
Prior period restatement
In addition to the Change in accounting policy documented above, the following restatements to the comparative figures have been made:
1) Rental income of £60k has been reclassified from Interest received to Other operating income.
2) Interest Payable to clients of £487k has been reclassified from Interest received to Interest Payable.
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefit will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:
• the amount of turnover can be measured reliably;
• it is probable that the LLP will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the cost incurred and the cost to complete the contract can be measured reliably.
Members' remuneration and division of profits
Profits attributable to members are detemined, allocated and divided between members after the year end and until that time are included within members' other interests.
The terms of the members' agreement require that capital be returned to a member on his or her retirement. Members' capital is therefore accounted for as a liability of the LLP.
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.
Interest Income
Interest Income is recognised in profit or loss using the effective interest method.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charges is at a constant rate on the carrying amount. Issue cossts are initially recognised as a reduction in the proceeds of the assoicated capital instrument.
Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Asset class |
Depreciation method and rate |
Leasehold property improvement |
10-25% reducing balance |
Motor Vehicle |
25% straight-line |
Office furniture and equipment |
10-33% reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or it there is an indication of a significant change since the last reporting date.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Fixed asset investments
Investments are included at their revalued amount, based on the valuation of the underlying assets at the balance sheet date. The revaluation reserve is included in the 'members' equity interests'.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Hire purchase and leasing
Operating leases: the LLP as lessee
Rentals paid under leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Hire Purchase assets: the LLP as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks or ownership are assumed by the LLP. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so at to produce a contstant rate of change on the net obligation outstanding in each period.
Operating leases: The LLP as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
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.
Judgements
The preparation of financial statements in conformity with generally accepted accounting practise requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
Accrued income
Accrued income is based on hours complete at each fee earners chargeable rate. This is then discounted by the estimates amount that is irrecoverable based on historic recovery rates.
Bad debt provisions
Potential bad debts are identified from the trade debtor listing and appropriately provided for. The trade debtor balance of £4,736,753 (£2023: £3,836,325) includes a bad debt provison of £354,031 (2023: £321,159).
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Financial instruments
Classification
Financial assets and financial liabilities are recognised in the Balance Sheet when the LLP becomes a party to the contractual provisions of the instruments.
Trade and other debtors and creditors are classified as based financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A proision is established when there is objective evidence that the LLP will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and bank, short-term deposits with an original maturity of three months or less and bank overdrafts whcih are an integral part of the LLP's cash management.
Financial liabilities and equity instruments issued by the LLP are classified in accordance with the substance of the contractual arrangements entered into and the definitions of the financial liabilitie and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Equity instruments issued by the LLP are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdraft and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subequently measured at amortised costs, using the effective interest rate method.
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Turnover |
An analysis of the LLP's turnover for the period by class of business is as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
Rendering of services |
|
|
An analysis of the LLP's turnover for the period by geographical market is as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
UK |
|
|
Rest of world |
|
|
|
|
Operating profit |
Operating profit is stated after charging /(crediting):
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
Operating leases - office equipment |
|
|
Operating leases - Buildings |
|
|
Profit on sale of tangible fixed assets |
|
|
Depreciation of owned assets |
|
|
Depreciation of assets held under finance lease and hire purchase contracts |
|
|
Auditors remuneration |
|
|
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Other interest receivable and similar income |
1 May 2023 to 31 March 2024 |
(As restated) |
|
Other interest receivable and similar income |
|
|
2,590,023 |
1,911,652 |
Interest payable and similar charges |
1 May 2023 to 31 March 2024 |
(As restated) |
|
Interest on bank borrowings and overdrafts |
|
|
Other interest payable |
|
|
Finance charges |
|
|
|
|
Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the period was as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
|
|
|
|
|
|
|
The aggregate payroll costs were as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Cost of defined contribution scheme |
|
|
5,917,922 |
5,657,973 |
|
|
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Information in relation to members |
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
Average number of members during the period |
19 |
19 |
The profit attributable to the member with the largest entitlement was £271,058 (2023: £291,110).
Auditor's remuneration |
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
Audit of the financial statements |
|
|
Fees payable to the LLP's auditor and its associates for other services: |
||
Other services |
|
|
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Tangible fixed assets |
Freehold land and buildings |
Motor vehicles |
Office equipment |
Total |
|
Cost |
||||
At 1 May 2023 |
|
|
|
|
Additions |
- |
- |
|
|
Disposals |
( |
- |
- |
( |
At 31 March 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposals |
( |
- |
- |
( |
At 31 March 2024 |
|
|
|
|
Net book value |
||||
At 31 March 2024 |
|
- |
|
|
At 30 April 2023 |
|
- |
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
31 March |
30 April |
|
Office equipment |
267,456 |
439,915 |
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Investments held as fixed assets |
31 March |
30 April |
|
Other investments |
|
|
Debtors |
31 March |
(As restated) |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Creditors: Amounts falling due within one year |
31 March 2024 |
30 April 2023 |
|
Bank loans and overdrafts |
|
|
Obligations under finance lease and hire purchase contracts |
|
|
Trade creditors |
|
|
Other taxes and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
The obligations under finance lease and hire purchase contracts are secured against the assets in which they relate, the value of these assets are disclosed in Note 8.
Creditors: Amounts falling due after more than one year |
31 March 2024 |
30 April 2023 |
|
Bank loans and overdrafts |
|
|
Obligations under finance lease and hire purchase contracts |
|
|
|
|
Long term bank loans are secured by a fixed and floating charge over the assets of the LLP. The loan is repayable in equal instalments and will be fully repaid August 2027.
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
31 March |
30 April |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
- |
|
|
|
Cash flow statement |
31 March 2024 |
(As restated) |
|
Operating profit |
|
|
Depreciation, amortisation and impairment charges |
|
|
Loss on disposal of fixed assets |
92,752 |
153,014 |
Increase in debtors |
( |
( |
Increase/(decrease) in creditors |
|
( |
Cash generated by operations |
|
|
Net cash inflow from operating activities |
|
|
Pension commitments |
The entity operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the entity in an independently administered fund. The pension cost charge represent contributions payable by the entity to the fund and amounted to £273,453 (2023: £290,505). Contributions totalling £40,533 (2023: £34,131) were payable to the fund at the balance sheet date and are included in creditors. |
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Analysis of changes in net debt |
At 1 May 2023 |
Cash flows |
Reclassification |
New leases |
Other non-cash changes |
At 31 March 2024 |
|
Cash at bank |
434,203 |
495,423 |
- |
- |
- |
929,626 |
Bank borrowings (less than one year) |
(1,010,962) |
(36,710) |
167,606 |
- |
(96,032) |
(976,098) |
Bank borrowings (more than one year) |
(510,580) |
- |
(167,606) |
- |
(6,201) |
(684,387) |
Finance leases |
(144,658) |
96,896 |
- |
(25,205) |
(13,728) |
(86,695) |
Net debt (before members’ debt) |
(1,231,997) |
555,609 |
- |
(25,205) |
(115,961) |
(817,554) |
Loans and other debts due to members |
||||||
Members’ capital |
(3,410,753) |
134,997 |
- |
- |
- |
(3,275,756) |
Net debt |
( |
|
- |
( |
( |
( |
|
Wilsons Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Related party transactions |
The following transactions, entered into in the year, are classified as related party transactions due to one or more of the members also being directors of the entity.
In the year, fees billed including accrued revenue totalled £Nil (2023: £26,868), purchase of £25,121 (2023: £Nil) were made. At year end, there was £Nil (2023: £5,96) included in debtors and £10,500 (2023: £729) included in creditors.
Key management personnel are those persons having authority and responsibility for planning, controlling and directing the activities of the LLP. In the opinion of the partnership board this comprises all the members.
Information regarding their compensation is as follows;
Profit attributable to the members for the 11 months ending 31 March 2024 £4,326,457 (2023: £4,589,572)
Control |
In the opinion of the members there is no controlling party.
Prior period adjustments |
The following restatements to the comparative figures have been made:
1) Rental income of £60k has been reclassified from Turnover to Other operating income.
2) Interest Payable to clients of £487k has been reclassified from Interest received to Interest Payable.
Change in Accounting Policy |
As noted in the accounting policies in Note 1, the below reflects the impact of the change in accounting policy as a result of reclassifying the members drawings from debtors to members interest equity accounts:
Members Interest Equity as at 30th April 2022 |
Members Drawings Year Ended 30 April 2023 |
Members Interest Equity as at 30th April 2023 |
||||
As previously Stated |
5,363,555 |
(4,185,046) |
5,768,081 |
|||
Prior period adjustment |
(1,957,120) |
292,588 |
(1,664,532) |
|||
As restated |
3,406,435 |
(3,892,458) |
4,103,549 |