Registration number:
PHP Law LLP
Filleted
for the Year Ended 31 March 2024
PHP Law LLP
Contents
Limited liability partnership information |
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Members' Report |
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Balance Sheet |
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Notes to the Financial Statements |
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Non-statutory pages |
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Detailed Profit and Loss Account |
PHP Law LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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PHP Law LLP
Members' Report for the Year Ended 31 March 2024
The members present their report and the unaudited financial statements for the year ended 31 March 2024.
Firm structure
The LLP is a limited liability partnership registered in England and Wales. A list of designated members’ names is available for inspection at the LLP’s registered office.
Principal activity
The principal activity of the limited liability partnership is that of legal advice.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
The capital requirements of the limited liability partnership are determined from time to time by the members and each member is required to subscribe a proportion of this capital. The amount of capital subscribed by each member is usually agreed with other members. On leaving the limited liability partnership, a members' capital classified as a liability is repayable over a period as agreed from time to time.
During the period, members receive monthly drawings and from time to time, additional profit distributions. The level and timing of both monthly drawings and additional distributions is decided by the members after taking into account the LLP's cash requirements for its operating and investing activities.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.
Approved by the
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PHP Law LLP
(Registration number: OC429243)
Balance Sheet as at 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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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 |
10,100 |
7,500 |
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Other amounts |
(473,210) |
(219,249) |
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(463,110) |
(211,749) |
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Members’ other interests |
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Other reserves |
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747,638 |
493,815 |
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Total members' interests |
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Loans and other debts due to members |
(463,110) |
(211,749) |
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Equity |
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747,638 |
493,815 |
For the period 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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
PHP Law LLP
(Registration number: OC429243)
Balance Sheet as at 31 March 2024
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
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 PHP Law LLP (registered number OC429243) were approved by the
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PHP Law LLP
Notes to the Financial Statements for the 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 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 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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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 PHP Law 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.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
PHP Law LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Members' remuneration and division of profits
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
PHP Law LLP
Notes to the Financial Statements for the 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 |
Short leasehold land and buildings |
Straight line over the life of the lease |
Fixtures and fittings |
10% reducing balance |
Motor vehicles |
20% straight line |
Computer equipment |
25% straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
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 limited liability partnership 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 subsequently measured at amortised cost using the effective interest method.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
PHP Law LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Profit for the year before members' remuneration and profit shares |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation |
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
PHP Law LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Short leasehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
- |
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- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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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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Prepayments and accrued income |
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Total current trade and other debtors |
295,545 |
162,755 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
- |
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Accruals and deferred income |
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Taxation and social security |
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Obligations under finance lease and hire purchase contracts |
8,151 |
2,634 |
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PHP Law LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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Obligations under finance lease and hire purchase contracts |
8,151 |
2,634 |
Secured creditors relate to finance lease liabilities which are secured over the assets to which they relate.
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Obligations under finance lease and hire purchase contracts |
- |
8,151 |
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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Obligations under finance lease and hire purchase contracts |
- |
8,151 |
Secured creditors relate to finance lease liabilities which are secured over the assets to which they relate.
Loans and other debts due to members |
Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases. The total amount of financial commitments not included in the balance sheet is £
PHP Law LLP
Detailed Profit and Loss Account for the Year Ended 31 March 2024
2024 |
2023 |
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Turnover (analysed below) |
2,454,938 |
1,539,726 |
Cost of sales (analysed below) |
(95,582) |
(140,650) |
Gross profit |
2,359,356 |
1,399,076 |
Gross profit (%) |
96.11% |
90.87% |
Administrative expenses |
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Employment costs (analysed below) |
324,441 |
196,227 |
Establishment costs (analysed below) |
23,918 |
17,660 |
General administrative expenses (analysed below) |
165,785 |
84,615 |
Finance charges (analysed below) |
216 |
111 |
Depreciation costs (analysed below) |
14,093 |
11,752 |
(528,453) |
(310,365) |
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Operating profit |
1,830,903 |
1,088,711 |
Other interest receivable and similar income (analysed below) |
5,070 |
1,853 |
Profit for the year before members' remuneration charged as an expense |
1,835,973 |
1,090,564 |
PHP Law LLP
Detailed Profit and Loss Account for the Year Ended 31 March 2024
2024 |
2023 |
Turnover |
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Sales, UK |
2,454,938 |
1,539,726 |
Cost of sales |
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Direct costs |
95,582 |
140,650 |
Employment costs |
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Wages and salaries |
294,971 |
179,816 |
Staff NIC (Employers) |
21,167 |
12,694 |
Staff pensions (Defined contribution) - pension scheme 1 |
5,810 |
3,299 |
Private health insurance |
2,388 |
- |
Staff training |
105 |
418 |
324,441 |
196,227 |
Establishment costs |
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Rent and rates |
21,882 |
14,931 |
Light, heat and power |
915 |
1,566 |
Insurance |
1,121 |
1,163 |
23,918 |
17,660 |
General administrative expenses |
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Repairs and maintenance |
- |
1,088 |
Telephone and fax |
3,849 |
2,876 |
Computer software and maintenance costs |
56,073 |
23,273 |
Printing, postage and stationery |
1,130 |
1,373 |
Trade and professional journals |
169 |
150 |
Trade subscriptions |
378 |
1,666 |
Charitable donations |
2,458 |
- |
Hire of plant and machinery (Operating leases) |
7,222 |
1,220 |
Sundry expenses |
992 |
962 |
Cleaning |
5,385 |
5,247 |
Motor expenses |
3,137 |
2,410 |
Travel and subsistence |
4,846 |
3,396 |
Advertising |
530 |
1,170 |
Staff entertaining (allowable for tax) |
1,495 |
2,051 |
Customer entertaining (disallowable for tax) |
805 |
213 |
Accountancy fees |
5,797 |
5,775 |
Consultancy fees |
28,862 |
- |
Professional indemnity insurance |
34,501 |
25,294 |
Legal and professional fees |
8,156 |
6,451 |
165,785 |
84,615 |
PHP Law LLP
Detailed Profit and Loss Account for the Year Ended 31 March 2024
Finance charges |
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Bank charges |
216 |
111 |
Depreciation costs |
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Depreciation of short leasehold property |
6,381 |
5,433 |
Depreciation of fixtures and fittings (owned) |
723 |
643 |
Depreciation of motor vehicles (finance lease/hp) |
3,214 |
3,214 |
Depreciation of office equipment (owned) |
3,775 |
2,462 |
14,093 |
11,752 |
Other interest receivable and similar income |
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Bank interest receivable |
5,070 |
1,853 |