Veitch Penny LLP OC348623 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is is the provision of legal services. The LLP merged with Gilbert Stephens 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. These accounts have been prepared on a non-going concern basis for the trade and cover the run off period of Vetich Penny LLP and ongoing rental of the office premises . Digita Accounts Production Advanced 6.30.9574.0 false OC348623 2023-04-01 2024-03-31 OC348623 2024-03-31 OC348623 core:CurrentFinancialInstruments 2024-03-31 OC348623 core:Non-currentFinancialInstruments 2024-03-31 OC348623 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 OC348623 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC348623 bus:SmallEntities 2023-04-01 2024-03-31 OC348623 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC348623 bus:FilletedAccounts 2023-04-01 2024-03-31 OC348623 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC348623 bus:PartnerLLP1 2023-04-01 2024-03-31 OC348623 bus:PartnerLLP2 2023-04-01 2024-03-31 OC348623 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC348623 core:LandBuildings 2023-04-01 2024-03-31 OC348623 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC348623 countries:AllCountries 2023-04-01 2024-03-31 OC348623 2023-03-31 OC348623 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC348623 2022-04-01 2023-03-31 OC348623 2023-03-31 OC348623 core:CurrentFinancialInstruments 2023-03-31 OC348623 core:Non-currentFinancialInstruments 2023-03-31 OC348623 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 OC348623 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 iso4217:GBP xbrli:pure

Veitch Penny LLP

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: OC348623

 

Veitch Penny LLP

Contents

Financial Statements

1 to 7

Balance Sheet

1

Notes to the Financial Statements

3

 

Veitch Penny LLP

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

60,000

470,368

Current assets

 

Debtors

4

42,293

53,787

Cash and short-term deposits

 

71,103

128,906

 

113,396

182,693

Creditors: Amounts falling due within one year

5

(53,299)

(80,095)

Net current assets

 

60,097

102,598

Total assets less current liabilities

 

120,097

572,966

Creditors: Amounts falling due after more than one year

6

(16,015)

(23,381)

Provisions for liabilities

(3,208)

-

Net assets attributable to members

 

100,874

549,585

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

974,000

974,000

Other amounts

7

(873,126)

(424,415)

 

100,874

549,585

   

100,874

549,585

Total members' interests

 

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 members and authorised for issue on 14 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
A R Harris
Designated member

.........................................
C E R Dowell
Designated member

 

Veitch Penny LLP

Notes to the Financial Statements

Year Ended 31 March 2024

1

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Veitch Penny LLP

Notes to the Financial Statements

Year Ended 31 March 2024

3

Tangible fixed assets

Freehold land and buildings
£

Total
£

Cost

At 1 April 2023

470,368

470,368

Disposals

(410,368)

(410,368)

At 31 March 2024

60,000

60,000

Depreciation

At 31 March 2024

-

-

Net book value

At 31 March 2024

60,000

60,000

At 31 March 2023

470,368

470,368

4

Debtors

2024
 £

2023
 £

Trade debtors

495

5,974

Other debtors

41,798

47,813

42,293

53,787

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

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

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

16,015

23,381

7

Analysis of other amounts

2024
£

2023
£

Money owed to members by the LLP in respect of profits

(873,126)

(424,415)