REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
for |
Merritts Solicitors LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
for |
Merritts Solicitors LLP |
Merritts Solicitors LLP (Registered number: OC435829) |
Contents of the Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Merritts Solicitors LLP |
General Information |
for the Period 1 June 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Merritts Solicitors LLP (Registered number: OC435829) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
606,481 |
576,299 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
606,481 |
576,299 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 606,481 | 576,299 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Merritts Solicitors LLP (Registered number: OC435829) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Merritts Solicitors LLP (Registered number: OC435829) |
Notes to the Financial Statements |
for the Period 1 June 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Merritts Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is £ sterling and is rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes, adjusted for opening and closing amounts recoverable on contracts. |
Revenue is recognised in accordance with FRS 102. Income is recognised when the LLP has performed the services for it's clients, and has obtained the right to consideration for those services. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Amounts recoverable on contracts |
Amounts recoverable on contracts is calculated based on an assessment of the fair value of the services provided at the Balance Sheet date that have yet to be billed. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was |
Merritts Solicitors LLP (Registered number: OC435829) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Merritts Solicitors LLP (Registered number: OC435829) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 March 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed charge and a floating charge over all the property and undertakings of the LLP. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 606,481 | 576,299 |
Falling due within one year | 606,481 | 576,299 |
Loans & other debts due to members rank after all unsecured creditors in the event of a winding up. |
10. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £20,341. |