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Registration number: OC429243

PHP Law LLP

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

PHP Law LLP

Contents

Limited liability partnership information

1

Members' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

Non-statutory pages

11 to 13

Detailed Profit and Loss Account

11

 

PHP Law LLP

Limited liability partnership information

Designated members

A D Power

L J Partridge

R S Holland

J A Walker

J J Medforth
 

Registered office

6 Delamore Park
Cornwood
Ivybridge
Devon
PL21 9QP

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

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:

A D Power

L J Partridge

R S Holland

J A Walker (appointed 1 April 2023)

J J Medforth

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 Board on 7 August 2024 and signed on its behalf by:

.........................................
A D Power
Designated member

 

PHP Law LLP

(Registration number: OC429243)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

42,005

49,722

Current assets

 

Debtors

5

295,545

162,755

Cash and short-term deposits

 

512,786

358,878

 

808,331

521,633

Creditors: Amounts falling due within one year

6

(102,698)

(69,389)

Net current assets

 

705,633

452,244

Total assets less current liabilities

 

747,638

501,966

Creditors: Amounts falling due after more than one year

7

-

(8,151)

Net assets attributable to members

 

747,638

493,815

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

10,100

7,500

Other amounts

(473,210)

(219,249)

 

(463,110)

(211,749)

Members’ other interests

 

Other reserves

 

1,210,748

705,564

   

747,638

493,815

Total members' interests

 

Loans and other debts due to members

 

(463,110)

(211,749)

Equity

 

1,210,748

705,564

   

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 Board and authorised for issue on 7 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
A D Power
Designated member

 

PHP Law LLP

Notes to the Financial Statements for the 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 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

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation

14,093

11,752

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 11 (2023 - 7).

 

PHP Law LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible fixed assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 April 2023

31,914

8,433

16,070

12,329

68,746

Additions

-

383

-

5,993

6,376

At 31 March 2024

31,914

8,816

16,070

18,322

75,122

Depreciation

At 1 April 2023

5,587

1,407

8,018

4,012

19,024

Charge for the year

6,381

723

3,214

3,775

14,093

At 31 March 2024

11,968

2,130

11,232

7,787

33,117

Net book value

At 31 March 2024

19,946

6,686

4,838

10,535

42,005

At 31 March 2023

26,327

7,026

8,052

8,317

49,722

5

Debtors

2024
£

2023
£

Trade debtors

277,248

123,940

Other debtors

3,515

4,032

Prepayments and accrued income

14,782

34,783

Total current trade and other debtors

295,545

162,755

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Trade creditors

11,972

10,625

Other creditors

-

1,032

Accruals and deferred income

6,654

4,479

Taxation and social security

75,921

50,619

Obligations under finance lease and hire purchase contracts

8,151

2,634

102,698

69,389

 

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
£

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.

7

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

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
£

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.

8

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.

9

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.

10

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 £33,475 (2023 - £46,275), of which £12,800 (2023 - £12,800) is due within 1 year.

 

PHP Law LLP

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

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

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)

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

Sales, UK

2,454,938

1,539,726

Cost of sales

Direct costs

95,582

140,650

Employment costs

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

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

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

Bank charges

216

111

Depreciation costs

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

Bank interest receivable

5,070

1,853