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Registered number: OC428340














 
 
 
 
 
GHERSON SOLICITORS LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
GHERSON SOLICITORS LLP
 

INFORMATION




Designated Members

R Gherson
C N R Burnett

LLP registered number

OC428340

Registered office

17a -19 Harcourt Street
London
W1F 4HF

Independent auditors

Sopher + Co LLP
Chartered Accountants
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD


 
GHERSON SOLICITORS LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Reconciliation of Members' Interests
 
9
Statement of Cash Flows
 
10
Notes to the Financial Statements
 
11 - 19


 
GHERSON SOLICITORS LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Gherson Solicitors LLP (the "LLP") for the ended 31 March 2024
 

Principal activities
 
 
The principal activity of the LLP is the provision of legal services.
 
 
Designated Members
 
 
R Gherson and C N R Burnett were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 
 
Page 1

 
GHERSON SOLICITORS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members on 16 August 2024 and signed on their behalf by:
 
 

R Gherson
Designated member

Page 2

 
GHERSON SOLICITORS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GHERSON SOLICITORS LLP
 

Opinion


We have audited the financial statements of Gherson Solicitors LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 LLP's affairs as at 31 March 2024 and of its profit for the year 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.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 LLP's ability to continue as a going concern for a period of at least twelve months from when the 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.


Page 3

 
GHERSON SOLICITORS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GHERSON SOLICITORS LLP (CONTINUED)

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 Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except 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 statementsour 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Members' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Members' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the LLP and its environment obtained in the course of the audit, we have not identified material misstatements in the Members' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of members' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Members' Responsibilities Statement set out on page , 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
GHERSON SOLICITORS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GHERSON SOLICITORS LLP (CONTINUED)

Auditors' 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 Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the LLP through discussions with directors and other management, and from our commercial knowledge of the legal sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including the Companies Act 2006,taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation];
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the LLP’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
performed analytical procedures to identify any unusual or unexpected relationships; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the LLP's legal advisors. 

 
Page 5

 
GHERSON SOLICITORS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GHERSON SOLICITORS LLP (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

The comparative figures were not audited.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the LLP's member those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

16 August 2024
Page 6

 
GHERSON SOLICITORS LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,947,504
7,758,649

Administrative expenses
  
(6,704,077)
(6,458,914)

Operating profit
 5 
 
2,243,427
 
1,299,735

Interest payable and similar expenses
  
(72,472)
-

Profit for the year before members' remuneration and profit shares
  
 
2,170,955
 
1,299,735

Profit for the year before members' remuneration and profit shares
  
2,170,955
1,299,735

Members' remuneration charged as an expense
  
(225,000)
(302,380)

Profit for the financial year available for discretionary division among members
  
 
1,945,955
 
997,355

There was no other comprehensive income for 2024(2023:£NIL).

The notes on pages 11 to 19 form part of these financial statements.

Page 7

 
GHERSON SOLICITORS LLP
REGISTERED NUMBER:OC428340

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
-
2,003

Tangible fixed assets
 10 
575,489
691,528

  
575,489
693,531

Current assets
  

Debtors: amounts falling due within one year
 11 
5,687,839
6,128,833

Cash at bank and in hand
  
1,476,506
3,006,411

  
7,164,345
9,135,244

Current liabilities
  

Creditors: amounts falling due within one year
 12 
(7,634,727)
(9,667,398)

Net current liabilities
  
 
 
(470,382)
 
 
(532,154)

Net assets
  
105,107
161,377


Represented by:
  

Other amounts
 13 
105,107
161,377


Total members' interests
  

Loans and other debts due to members
 13 
105,107
161,377


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 16 August 2024.




R Gherson
C N R Burnett
Designated member
Designated member

The notes on pages 11 to 19 form part of these financial statements.

Gherson Solicitors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 8

 
GHERSON SOLICITORS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members 
485,107
485,107


Amounts due from members 

-
-


Balance at 1 April 2022 
-
-
485,107
485,107
485,107

Members' remuneration charged as an expense
-
-
302,380
302,380
302,380

Profit for the year available for discretionary division among members
 
997,355
997,355
-
-
997,355

Members' interests after profit for the year
997,355
997,355
787,487
787,487
1,784,842

Other division of profits
(997,355)
(997,355)
997,355
997,355
-

Amounts introduced by members
-
-
1,117,500
1,117,500
1,117,500

Drawings on account and distribution of profit
-
-
(2,740,965)
(2,740,965)
(2,740,965)

Amounts due to members
161,377
161,377

Amounts due from members
 


-
-


Balance at 31 March 2023
-
-
161,377
161,377
161,377

Members' remuneration charged as an expense
-
-
225,000
225,000
225,000

Profit for the year available for discretionary division among members
 
1,945,955
1,945,955
-
-
1,945,955

Members' interests after profit for the year
1,945,955
1,945,955
386,377
386,377
2,332,332

Other division of profits
(1,945,955)
(1,945,955)
1,945,955
1,945,955
-

Amounts introduced by members
-
-
470,000
470,000
470,000

Payments made to or on behalf of members
 
-
-
(2,697,225)
(2,697,225)
(2,697,225)

Amounts due to members
 


105,107
105,107


Amounts due from members
 


-
-


Balance at 31 March 2024 
-
-
105,107
105,107
105,107

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 9

 
GHERSON SOLICITORS LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,945,955
997,355

Adjustments for:

Members' remuneration charged as an expense
225,000
302,380

Amortisation of intangible assets
2,003
24,407

Depreciation of tangible assets
200,241
191,821

Interest payable
72,472
-

Decrease/(increase) in debtors
440,994
(3,728,647)

(Decrease)/increase in creditors
(1,069,401)
2,833,215

Net cash generated from operating activities before transactions with members

1,817,264
620,531

Cash flows used in investing activities

Purchase of tangible fixed assets
(84,201)
(152,916)

Net cash used in investing activities

(84,201)
(152,916)

Cash flows from/(used in) financing activities

Interest paid
(72,472)
-

Amounts introduced by members
470,000
1,117,500

Payments to and on behalf of members
(2,697,225)
(1,772,775)

Net cash used in financing activities
(2,299,697)
(655,275)

Net decrease in cash and cash equivalents
(566,634)
(187,660)

Cash and cash equivalents at beginning of year
(775,088)
(587,428)

Cash and cash equivalents at the end of year
(1,341,722)
(775,088)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,476,506
3,006,411

Bank overdrafts
(2,818,228)
(3,781,499)

(1,341,722)
(775,088)


The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gherson Solicitors LLP is a limited liability partnership incorporated in England & Wales, with its registered office address and principal place of business at 17a - 19 Harcourt Street, London, W1F 4HF.
The prinicpal activity of the LLP continued to be that of the provision of the legal services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the Members continue tp adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Turnover

Turnover represents the value of professional services provided during the year to clients. The value reflects the amount of time, skill and expertise expected to be recoverable from clients, excluding VAT.
Where work is unbilled at the reporting date, an estimated accrued income is recognised in the  Statement of Comprehensive Income and Statement of Financial Position based on the stage of completion of the transaction where it is probable that the economic benefits of the transaction will flow to the LLP and the value can be estimated reliably. Turnover which has been recognised but not invoiced by the reporting date is included in trade debtors.

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

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 charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 11

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits both automatically and discretionarily. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

The LLP classifies distributions of profits as financing cash flows in the Statement of Cash Flows

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

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.

Page 12

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Page 13

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the members have made the following judgements:
To determine the recoverable value of unbilled time at the reporting date and to make a                                  provision for irrecoverable and unbillable work in progress.
To make an estimate of the recoverable value of debtors. When assessing impairment of trade debtors, other debtors, management consider factors including ageing profile and historic experience. 
To determine whether there are indicators of impairment of the Company’s tangible and intangible assets. The factors taken into consideration include the economic life of the assets and expected future financial performance of the assets. 
To make the best estimate of the likelihood of future cash flows for professional indemnity and other commercial claims.
Other key sources of estimation uncertainty
Tangible and intangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fees receivable
8,947,504
7,758,649


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,947,504
7,758,649



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
450,000
457,652

Page 14

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
16,500
15,000

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
3,145,195
2,648,300

Social security costs
348,860
315,588

Cost of defined contribution scheme
70,443
95,461

3,564,498
3,059,349


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
54
53


8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
2
2

2024
2023
£
£



The amount of profit attributable to the member with the largest entitlement was
3,518,688
997,355


Page 15

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Intangible assets




Computer software

£



Cost


At 1 April 2023
122,037



At 31 March 2024

122,037



Amortisation


At 1 April 2023
120,034


Charge for the year on owned assets
2,003



At 31 March 2024

122,037



Net book value



At 31 March 2024
-



At 31 March 2023
2,003



Page 16

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 April 2023
1,918,206


Additions
84,201



At 31 March 2024

2,002,407



Depreciation


At 1 April 2023
1,226,677


Charge for the year on owned assets
200,241



At 31 March 2024

1,426,918



Net book value



At 31 March 2024
575,489



At 31 March 2023
691,529


11.


Debtors

2024
2023
£
£


Trade debtors
5,064,516
5,938,498

Other debtors
143,364
11,928

Prepayments and accrued income
479,959
178,407

5,687,839
6,128,833


Page 17

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,818,228
3,781,499

Trade creditors
4,616,024
4,017,913

Other taxation and social security
123,910
388,519

Other creditors
2,000
-

Accruals and deferred income
74,565
1,479,467

7,634,727
9,667,398


The LLP's bank facilities are secured by fixed and floating charges over the assets of the LLP.


13.


Loans and other debts due to members


2024
2023
£
£



Other amounts due (from)/to members
105,107
161,377

Loans and other debts due (from)/to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
105,107
161,377

Loans and other debts due (from)/to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 18

 
GHERSON SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Analysis of net debt




At 1 April 2023
Arising from cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

3,006,411

(1,529,905)

1,476,506

Bank overdrafts

(3,781,499)

963,271

(2,818,228)

Net debt (before members' debt)
(775,088)
(566,634)
(1,341,722)

Loans and other debts due (from)/to members




Other amounts due to members
(161,377)

56,270

(105,107)

Net debt


(936,465)
(510,364)
(1,446,829)


15.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
450,000
450,000

Later than 1 year and not later than 5 years
1,800,000
1,800,000

Later than 5 years
1,312,500
1,762,500

3,562,500
4,012,500


16.


Related party transactions

During the year the LLP paid rent amounting to £450,000 (2023 - £457,652) to a SIPP of which R Gherson, a designated member, is the beneficiary. 

 
Page 19