Veitch Penny LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 31 March 2024
Registration number: OC348623
Veitch Penny LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Veitch Penny LLP
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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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 |
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Members' capital classified as a liability |
974,000 |
974,000 |
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Other amounts |
(873,126) |
(424,415) |
|
100,874 |
549,585 |
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100,874 |
549,585 |
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Total members' interests |
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Loans and other debts due to members |
100,874 |
549,585 |
|
100,874 |
549,585 |
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Veitch Penny LLP
Balance Sheet
31 March 2024
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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.
The financial statements of Veitch Penny LLP (registered number OC348623) were approved by the
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Veitch Penny LLP
Notes to the Financial Statements
Year Ended 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 have been prepared in accordance with Financial Reporting Standard 102 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in January 2017.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
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 Veitch Penny 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.
Going concern
The LLP merged with Gilbert Stephens LLP on the 30 September 2021. At this date the LLP's trade and certain net assets transferred on a going concern basis into the Gilbert Stephens corporate entity.
As such these financial statements of Vetich Penny LLP are prepared on a cessation basis and cover the run off period for the LLP following the merger.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
Veitch Penny LLP
Notes to the Financial Statements
Year Ended 31 March 2024
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
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.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any
estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold |
Not depreciated |
Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value, unless fair value can be reliably measured in which case they are measured at fair value
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.
Veitch Penny LLP
Notes to the Financial Statements
Year Ended 31 March 2024
Financial instruments
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities,when the company's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors and bank loans.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Veitch Penny LLP
Notes to the Financial Statements
Year Ended 31 March 2024
Tangible fixed assets |
Freehold land and buildings |
Total |
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Cost |
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At 1 April 2023 |
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Disposals |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 31 March 2024 |
- |
- |
Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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|
42,293 |
53,787 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
10,648 |
10,648 |
Trade creditors |
- |
75 |
Taxation and social security |
- |
25,642 |
Other creditors |
40,059 |
41,230 |
Accruals and deferred income |
2,592 |
2,500 |
53,299 |
80,095 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Veitch Penny LLP
Notes to the Financial Statements
Year Ended 31 March 2024
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
|
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Analysis of other amounts |
2024 |
2023 |
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Money owed to members by the LLP in respect of profits |
(873,126) |
(424,415) |