9 false false false false false false false false false false false false false false false false false 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 40,745 33,461 1,796 35,257 5,488 7,284 xbrli:pure xbrli:shares iso4217:GBP OC334536 2023-04-01 2024-03-31 OC334536 2024-03-31 OC334536 2023-03-31 OC334536 2022-04-01 2023-03-31 OC334536 2023-03-31 OC334536 2022-03-31 OC334536 core:PlantMachinery 2023-04-01 2024-03-31 OC334536 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 OC334536 bus:Director1 2023-04-01 2024-03-31 OC334536 bus:Director2 2023-04-01 2024-03-31 OC334536 core:PlantMachinery 2023-03-31 OC334536 core:PlantMachinery 2024-03-31 OC334536 core:WithinOneYear 2024-03-31 OC334536 core:WithinOneYear 2023-03-31 OC334536 core:AfterOneYear 2024-03-31 OC334536 core:AfterOneYear 2023-03-31 OC334536 core:PlantMachinery 2023-03-31 OC334536 bus:SmallEntities 2023-04-01 2024-03-31 OC334536 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC334536 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC334536 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC334536 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC334536
Sound Advice (Legal) LLP
Filleted Unaudited Financial Statements
31 March 2024
Sound Advice (Legal) LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Members' report
1
Report to the members on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Sound Advice (Legal) LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The principal activity of the limited liability partnership continued to be that of legal services.
Designated members
The designated members who served the LLP during the year were as follows:
Ms Sonia Diwan
Mr Robert Horsfall
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".
This report was approved by the members on 15 July 2024 and signed on behalf of the members by:
Mr Robert Horsfall
Designated Member
Sound Advice (Legal) LLP
Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Sound Advice (Legal) LLP
Year ended 31 March 2024
In order to assist you to fulfil your duties under 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, we have prepared for your approval the financial statements of Sound Advice (Legal) LLP for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
BAILHACHE LINTON LLP Accountants
Bourne House 475 Godstone Road Whyteleafe Surrey CR3 0BL
15 July 2024
Sound Advice (Legal) LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
5,488
7,284
Current assets
Debtors
5
630,839
584,515
Cash at bank and in hand
94,082
196,637
---------
---------
724,921
781,152
Creditors: amounts falling due within one year
6
165,612
133,709
---------
---------
Net current assets
559,309
647,443
---------
---------
Total assets less current liabilities
564,797
654,727
Creditors: amounts falling due after more than one year
7
13,333
23,333
---------
---------
Net assets
551,464
631,394
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Other reserves
551,464
631,394
---------
---------
551,464
631,394
---------
---------
Total members' interests
Amounts due from members
(346,613)
(379,208)
Loans and other debts due to members
Members' other interests
551,464
631,394
---------
---------
204,851
252,186
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.
For the year ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Sound Advice (Legal) LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 15 July 2024 , and are signed on their behalf by:
Mr Robert Horsfall
Designated Member
Registered number: OC334536
Sound Advice (Legal) LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 14 Tileyard Studios, Kings Cross, London, N7 9AH, England.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 9 (2023: 8 ).
4.
Tangible assets
Plant and machinery
£
Cost
At 1 April 2023 and 31 March 2024
40,745
--------
Depreciation
At 1 April 2023
33,461
Charge for the year
1,796
--------
At 31 March 2024
35,257
--------
Carrying amount
At 31 March 2024
5,488
--------
At 31 March 2023
7,284
--------
5.
Debtors
2024
2023
£
£
Trade debtors
226,297
175,356
Other debtors
404,542
409,159
---------
---------
630,839
584,515
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
31,242
30,132
Trade creditors
41,134
11,108
Social security and other taxes
74,865
77,299
Other creditors
18,371
15,170
---------
---------
165,612
133,709
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333
--------
--------
8.
Related party transactions
The LLP is controlled by the designated members. The transactions and balances with these members and group undertakings during the year were as follows:
2024 2023
£ £
Amounts due to designated members 551,464 631,394
Amounts due from designated members 346,613 379,207
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
9.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
35,646
39,256
Later than 1 year and not later than 5 years
9,125
29,205
--------
--------
Total
44,771
68,461
--------
--------