Paddle & Cocks LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 31 March 2024
Registration number: OC419377
Paddle & Cocks LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Paddle & Cocks 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 |
|
|
|
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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Net assets attributable to members |
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|
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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 |
50,000 |
50,000 |
|
Other amounts |
602 |
49,867 |
|
50,602 |
99,867 |
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50,602 |
99,867 |
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Total members' interests |
|||
Loans and other debts due to members |
50,602 |
99,867 |
|
50,602 |
99,867 |
For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships.
These financial statements have been prepared and delivered 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, and the option not to file a profit and loss account has been taken.
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 Paddle & Cocks LLP (registered number OC419377) were approved by the
Paddle & Cocks LLP
Balance Sheet
31 March 2024
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Paddle & Cocks 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.
General information and basis of accounting
The limited liability partnership is incorporated in 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 Paddle & Cocks 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 financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the
provision of legal services excluding VAT.
Services provided to clients during the period which at the balance sheet date have not been invoiced to clients, have been recognised in turnover. Turnover recognised is based on an assessment of the fair value of 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.
Members' remuneration and division of profits
Profits are automatically allocated to members. They are therefore shown as "Members' remuneration
charged as an expense" in the Profit and Loss account in the relevant year. To the extent that they
remain unpaid at the year end, they are included within "Loans and other debts due to members" in
the Balance Sheet.
Unallocated profits and losses are included within Other Reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Paddle & Cocks LLP
Notes to the Financial Statements
Year Ended 31 March 2024
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 |
Computer equipment |
33% straight line basis |
Fixtures and fittings |
25% reducing balance basis |
Financial instruments
Classification
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cashflows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:
Bank loans
Short term debtors and creditors
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 judgements.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Paddle & Cocks LLP
Notes to the Financial Statements
Year Ended 31 March 2024
Tangible fixed assets |
Computer equipment |
Fixtures and fittings |
Total |
|
Cost |
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At 1 April 2023 |
711 |
96 |
807 |
At 31 March 2024 |
711 |
96 |
807 |
Depreciation |
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At 1 April 2023 |
711 |
74 |
785 |
Charge for the year |
- |
6 |
6 |
At 31 March 2024 |
711 |
80 |
791 |
Net book value |
|||
At 31 March 2024 |
- |
16 |
16 |
At 31 March 2023 |
- |
22 |
22 |
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
- |
Prepayments and accrued income |
|
|
66,765 |
128,533 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
24,677 |
49,071 |
Taxation and social security |
21,378 |
30,606 |
Accruals and deferred income |
17,812 |
20,466 |
63,867 |
100,143 |
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.
Paddle & Cocks LLP
Notes to the Financial Statements
Year Ended 31 March 2024
Analysis of other amounts |
2024 |
2023 |
|
Money owed to members by the LLP in respect of profits |
602 |
49,867 |
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 £333 (2023 - £333).