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Registration number: OC445090

Bolt Burdon LLP

Annual Report and Unaudited Financial Statements

for the period from 16 December 2022 to 31 March 2024

 

Bolt Burdon LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Bolt Burdon LLP

Limited liability partnership information

Designated members

L V Dawson

N J Iliffe
 

Members

M J Carroll

Registered office

Providence House
Providence Place
London
United Kingdom
N1 0NT

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Bolt Burdon LLP

(Registration number: OC445090)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

30 June 2023*
 £

Fixed assets

 

Tangible assets

4

49,604

64,440

Current assets

 

Debtors

5

1,956,317

2,068,822

Cash and short-term deposits

 

263,088

446,113

 

2,219,405

2,514,935

Creditors: Amounts falling due within one year

6

(916,499)

(1,291,469)

Net current assets

 

1,302,906

1,223,466

Total assets less current liabilities

 

1,352,510

1,287,906

Creditors: Amounts falling due after more than one year

7

(100,000)

(160,000)

Provisions for liabilities

8

(70,000)

(47,500)

Net assets attributable to members

 

1,182,510

1,080,406

Represented by:

 

Loans and other debts due to members

 

Other amounts

1,182,510

1,080,406

   

1,182,510

1,080,406

Total members' interests

 

Loans and other debts due to members

 

1,182,510

1,080,406

   

1,182,510

1,080,406

* These numbers relate to Bolt Burdon, a general partnership.

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 to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Bolt Burdon LLP

(Registration number: OC445090)
Balance Sheet as at 31 March 2024

The financial statements of Bolt Burdon LLP (registered number OC445090) were approved by the members and authorised for issue on 1 August 2024. They were signed on behalf of the LLP by:

.........................................
L V Dawson
Designated member

.........................................
N J Iliffe
Designated member

 

Bolt Burdon LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Providence House
Providence Place
London
United Kingdom
N1 0NT

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £1,087,363 (2023 - £1,059,410).

Dilapidations provision - a provision for dilapidations on the LLP's property leases is included in the accounts and is based on the amount expected to be payable at the cessation of the leases. The carrying amount is £20,000 (2023 - £20,000).

Provision for client claims - the provision is based on a review of potential claims and an assessment of any potential settlements that are considered likely as a result of these. The carrying amount is £50,000 (2023 - £27,500).

 

Bolt Burdon LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, expect where the final outcome cannot be assessed with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Disbursements

Disbursements are not included in income or expenses but are netted against each other.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% straight line

Fixtures and fittings

25% straight line

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 LLP 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Bolt Burdon LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 63 (2023 - 63).

 

Bolt Burdon LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

4

Tangible fixed assets

Freehold land and buildings
£

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost

At 1 July 2023

43,230

36,992

459,175

539,397

Additions

-

12,479

27,420

39,899

Disposals

-

-

(208)

(208)

At 31 March 2024

43,230

49,471

486,387

579,088

Depreciation

At 1 July 2023

43,230

35,701

396,026

474,957

Charge for the year

-

2,690

51,924

54,614

Eliminated on disposals

-

-

(87)

(87)

At 31 March 2024

43,230

38,391

447,863

529,484

Net book value

At 31 March 2024

-

11,080

38,524

49,604

At 30 June 2023

-

1,291

63,149

64,440

5

Debtors

31 March 2024
 £

30 June 2023
 £

Trade debtors

606,750

790,951

Amounts recoverable on contracts

1,087,363

1,059,410

Other debtors

775

8,810

Prepayments and accrued income

261,429

209,651

1,956,317

2,068,822

6

Creditors: Amounts falling due within one year

31 March 2024
 £

30 June 2023
 £

Bank loans and overdrafts

80,000

80,000

Trade creditors

77,117

90,625

Other creditors

331,837

645,522

Accruals and deferred income

157,640

146,185

Taxation and social security

269,905

329,137

916,499

1,291,469

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:

2024
£

Bank loans and overdrafts

80,000

The bank loans and overdrafts are secured by way of a fixed and floating charge over all the property or undertaking of the LLP.

 

Bolt Burdon LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

7

Creditors: Amounts falling due after more than one year

31 March 2024
 £

30 June 2023
 £

Bank loans and overdrafts

100,000

160,000

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:

2024
£

Bank loans and overdrafts

100,000

The bank loans and overdrafts are secured by way of a fixed and floating charge over all the property or undertaking of the LLP.

8

Provisions

Client claims provision
£

Dilapidations provision
£

Total
£

At 1 July 2023

27,500

20,000

47,500

Additional provisions

22,500

-

22,500

At 31 March 2024

50,000

20,000

70,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £850,000 (2023 - £1,050,000).