Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity1715falsefalsefalse OC426315 2023-01-01 2023-12-31 OC426315 2022-01-01 2022-12-31 OC426315 2023-12-31 OC426315 2022-12-31 OC426315 2022-01-01 OC426315 9 2023-01-01 2023-12-31 OC426315 9 2022-01-01 2022-12-31 OC426315 10 2023-01-01 2023-12-31 OC426315 10 2022-01-01 2022-12-31 OC426315 d:FurnitureFittings 2023-01-01 2023-12-31 OC426315 d:FurnitureFittings 2023-12-31 OC426315 d:FurnitureFittings 2022-12-31 OC426315 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC426315 d:ComputerEquipment 2023-01-01 2023-12-31 OC426315 d:ComputerEquipment 2023-12-31 OC426315 d:ComputerEquipment 2022-12-31 OC426315 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC426315 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC426315 d:Goodwill 2023-01-01 2023-12-31 OC426315 d:Goodwill 2023-12-31 OC426315 d:Goodwill 2022-12-31 OC426315 d:CurrentFinancialInstruments 2023-12-31 OC426315 d:CurrentFinancialInstruments 2022-12-31 OC426315 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 OC426315 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 OC426315 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 OC426315 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 OC426315 e:UnitedKingdom 2023-01-01 2023-12-31 OC426315 e:UnitedKingdom 2022-01-01 2022-12-31 OC426315 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 OC426315 e:RestEuropeOutsideUK 2022-01-01 2022-12-31 OC426315 e:RestWorldOutsideUK 2023-01-01 2023-12-31 OC426315 e:RestWorldOutsideUK 2022-01-01 2022-12-31 OC426315 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 OC426315 d:OtherMiscellaneousReserve 2023-12-31 OC426315 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 OC426315 d:OtherMiscellaneousReserve 2022-12-31 OC426315 f:FRS102 2023-01-01 2023-12-31 OC426315 f:Audited 2023-01-01 2023-12-31 OC426315 f:FullAccounts 2023-01-01 2023-12-31 OC426315 f:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC426315 d:WithinOneYear 2023-12-31 OC426315 d:WithinOneYear 2022-12-31 OC426315 d:BetweenOneFiveYears 2023-12-31 OC426315 d:BetweenOneFiveYears 2022-12-31 OC426315 2 2023-01-01 2023-12-31 OC426315 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 OC426315 f:PartnerLLP1 2023-01-01 2023-12-31 OC426315 f:PartnerLLP2 2023-01-01 2023-12-31 OC426315 f:PartnerLLP3 2023-01-01 2023-12-31 OC426315 f:PartnerLLP4 2023-01-01 2023-12-31 OC426315 f:PartnerLLP5 2023-01-01 2023-12-31 OC426315 f:PartnerLLP6 2023-01-01 2023-12-31 OC426315 f:PartnerLLP7 2023-01-01 2023-12-31 OC426315 f:PartnerLLP8 2023-01-01 2023-12-31 OC426315 d:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC426315 d:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC426315 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC426315










SCHJODT LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SCHJODT LLP
 

INFORMATION




Designated Members

Advokatfirmaet Schjodt AS
D A Gardner

Members

G Green
J Biggs
S Woods
C Dwyer (appointed 1 May 2023)
J Adolfsson (appointed 1 January 2024)

LLP registered number

OC426315

Registered office

Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

Trading address

Becket House
36 Old Jewry
London
EC2R 8DD

Independent auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT


 
SCHJODT LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8 - 9
Statement of Changes in Equity
 
10 - 11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 25


 
SCHJODT LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The members present their annual report together with the audited financial statements of Schjodt LLP (the "LLP") for the ended 31 December 2023
 

Principal activities
 
 
The principal object of the LLP is to provide legal services.
 
 
Designated Members
 
 
Advokatfirmaet Schjodt AS and D A Gardner were designated members of the LLP throughout the period.
 

Members


G Green, J Biggs and S Woods were members of the LLP throughout the period.
C Dwyer was appointed as a member of the LLP during the period.
J Adolfson was appointed as a member of the LLP on 1 January 2024.
 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 December 2023 are set out in the financial statements.
 
 
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
.
 
Page 1

 
SCHJODT LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
 
 

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.
 
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 and signed on their behalf by: 








................................................
D A Gardner
Designated member


Date: 27 August 2024

Date: 27 August 2024
Page 2

 
SCHJODT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHJODT LLP
 

Opinion
 

We have audited the financial statements of Schjodt LLP (the 'LLP') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 December 2023 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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

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


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, 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

 
SCHJODT LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHJODT 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:

We gained an understanding of the legal and regulatory framework applicable to the LLP and the industry in
which it operates, and considered the risk of acts by the LLP that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of
not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from
error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or
through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006, as applied to limited liability partnerships by
The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and
enquiries with management. There are inherent limitations in the audit procedures described above and the
further removed non-compliance with laws and regulations is from the events and transactions reflected in the
financial statements, the less likely we would become aware of it. We did not identify any key audit matters
relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override
of internal controls, including testing journals and evaluating whether there was evidence of bias by the
members that represented a risk of material misstatement due to fraud.


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.


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 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members 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.


Page 5

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







Stephen South FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

2 September 2024
Page 6

 
SCHJODT LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
11,783,536
12,010,958

Cost of sales
  
(2,677,539)
(2,669,494)

Gross profit
  
 
9,105,997
 
9,341,464

Administrative expenses
  
(3,922,629)
(3,117,929)

Operating profit
 5 
 
5,183,368
 
6,223,535

Interest receivable and similar income
 9 
1,986
305

Profit before tax
  
 
5,185,354
 
6,223,840

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
5,185,354
 
6,223,840

There was no other comprehensive income for 2023(2022:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 7

 
SCHJODT LLP
REGISTERED NUMBER: OC426315

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
131,667
151,667

Tangible assets
 11 
89,600
103,664

  
221,267
255,331

Current assets
  

Debtors: amounts falling due within one year
 12 
5,188,119
4,926,962

Cash at bank and in hand
  
2,054,639
2,812,555

  
7,242,758
7,739,517

Creditors: Amounts Falling Due Within One Year
 13 
(1,062,179)
(947,308)

Net current assets
  
 
 
6,180,579
 
 
6,792,209

Total assets less current liabilities
  
6,401,846
7,047,540

  

Net assets
  
6,401,846
7,047,540


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 14 
6,401,846
7,047,540

  
6,401,846
7,047,540

  

  
6,401,846
7,047,540


Total members' interests
  

Loans and other debts due to members
 14 
6,401,846
7,047,540

  
6,401,846
7,047,540


Page 8

 
SCHJODT LLP
REGISTERED NUMBER: OC426315
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 






................................................
D A Gardner
Designated member

Date: 27 August 2024

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
SCHJODT LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Other reserves
Total equity

£
£


Comprehensive income for the year

Profit for year for discretionary division among members
5,185,354
5,185,354

Allocated profit
(5,185,354)
(5,185,354)
Total comprehensive income for the year
-
-


Total transactions with members
-
-


At 31 December 2023
-
-

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
SCHJODT LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Other reserves
Total equity

£
£


Comprehensive income for the year

Profit for year for discretionary division among members
6,223,840
6,223,840

Allocated profit
(6,223,840)
(6,223,840)
Total comprehensive income for the year
-
-


Total transactions with members
-
-


At 31 December 2022
-
-


The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
SCHJODT LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,185,354
6,223,840

Adjustments for:

Amortisation of intangible assets
20,000
20,000

Depreciation of tangible assets
34,968
19,230

Interest received
(1,986)
(305)

(Increase) in debtors
(261,160)
(879,141)

Increase/(decrease) in creditors
114,873
(258,890)

Net cash generated from operating activities before transactions with members

5,092,049
5,124,734


Cash flows from investing activities

Purchase of tangible fixed assets
(20,903)
(103,625)

Interest received
1,986
305

Net cash from investing activities

(18,917)
(103,320)

Cash flows from financing activities

Amounts introduced by members
112,500
185,416

Distribution paid to members
(5,943,548)
(5,193,112)

Net cash used in financing activities
(5,831,048)
(5,007,696)

Net (decrease)/increase in cash and cash equivalents
(757,916)
13,718

Cash and cash equivalents at beginning of year
2,812,555
2,798,837

Cash and cash equivalents at the end of year
2,054,639
2,812,555


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,054,639
2,812,555


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Schjodt LLP (OC426315) is a Limited Liability Partnership. It is incorporated in England & Wales. Its
registered office is Wey Court West, Union Road, Farnham, Surrey, United Kingdom, GU9 7PT.
The principal trading address is Becket House, 36 Old Jewry, London, EC2R 8DD.

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

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

Page 14

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

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

 
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
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.

 The estimated useful lives range as follows:

Goodwill
-
10
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 15

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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
-
5 years straight line
Computer equipment
-
3 years 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 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.

Page 16

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 17

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the LLP's accounting policies management is required to make judgements,
estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent
from other sources. The estimates and underlying assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the
financial statements are described below.
The LLP has two types of asset that are subject to impairment based on an expected credit loss model:
-   Amounts recoverable under contract (unbilled work in progress)
-   Trade debtors
To measure expected credit losses, trade debtors and amounts recoverable under contract are grouped
based on shared credit risk characteristics and the days past due. Assessing the credit risk on a client by
client basis would involve significant cost and effort.


4.


Turnover

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


2023
2022
£
£

Fees and costs
11,783,536
12,010,958


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
2,254,823
654,324

Rest of Europe
5,197,066
7,424,819

Rest of the world
4,331,647
3,931,815

11,783,536
12,010,958


Page 18

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
38,840
11,174

Operating lease rentals
559,980
415,338

Depreciation
34,967
19,229

Amortisation
20,000
20,000


6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2023
2022
£
£

Fees payable for accountancy, tax and other services
24,066
18,984

Fees payable for statutory and SRA audit services
40,702
-


7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
2,090,261
1,690,845

Social security costs
269,101
247,640

Cost of defined contribution scheme
96,146
82,422

2,455,508
2,020,907


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


        2023
        2022
            No.
            No.







Staff
17
15

Page 19

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Members' participation rights

2023
2022
Number
Number


The average number of members during the year was
6
6

2023
2022
£
£







The amount of profit attributable to the member with the largest entitlement was
1,259,462
1,678,454



9.


Interest receivable

2023
2022
£
£


Other interest receivable
1,986
305


10.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
200,000



At 31 December 2023

200,000



Amortisation


At 1 January 2023
48,333


Charge for the year on owned assets
20,000



At 31 December 2023

68,333



Net book value



At 31 December 2023
131,667



At 31 December 2022
151,667



Page 20

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
65,207
65,286
130,493


Additions
-
20,903
20,903



At 31 December 2023

65,207
86,189
151,396



Depreciation


At 1 January 2023
6,318
20,511
26,829


Charge for the year on owned assets
13,041
21,926
34,967



At 31 December 2023

19,359
42,437
61,796



Net book value



At 31 December 2023
45,848
43,752
89,600



At 31 December 2022
58,889
44,775
103,664


12.


Debtors

2023
2022
£
£


Trade debtors
3,327,374
2,687,506

Other debtors
264,800
525,050

Prepayments and accrued income
235,956
175,779

Amounts recoverable on long-term contracts
1,359,991
1,538,627

5,188,121
4,926,962


Page 21

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
610,916
249,201

Other taxation and social security
89,366
72,703

Other creditors
177,191
491,640

Accruals and deferred income
184,706
133,764

1,062,179
947,308



14.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
6,401,846
7,047,540

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
6,401,846
7,047,540

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

Page 22

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Reconciliation of members' interests 






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
7,047,540
7,047,540

Profit for the year available for discretionary division among members
 
5,185,354
5,185,354
-
-
5,185,354

Members' interests after profit for the year
5,185,354
5,185,354
7,047,540
7,047,540
12,232,894

Other division of profits
(5,185,354)
(5,185,354)
5,185,354
5,185,354
-

Amounts introduced by members
-
-
112,500
112,500
112,500

Drawings on account and distribution of profit
-
-
(5,943,548)
(5,943,548)
(5,943,548)

Amounts due to members
6,401,846
6,401,846

Balance at 31 December 2023 
-
-
6,401,846
6,401,846
6,401,846

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 23

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Analysis of net debt




At 1 January 2023
Arising from cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,812,555

(757,916)

2,054,639

Net debt (before members' debt)
2,812,555
(757,916)
2,054,639

Loans and other debts due to members




Other amounts due to members
(7,047,540)

645,694

(6,401,846)

Net debt


(4,234,985)
(112,222)
(4,347,207)


17.


Pension commitments

The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered scheme. The pension cost charge represents contributions payable by the LLP to the administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £96,146 (2022 - £82,422). There are no pension liabilites at the year end.


18.


Commitments under operating leases

At 31 December 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
483,954
455,154

Later than 1 year and not later than 5 years
282,777
682,730

766,731
1,137,884

Page 24

 
SCHJODT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Related party transactions

At the year end the LLP had the following balances owing to related parties. These amounts are
included within other creditors.
Schjodt Services Limited £nil (2022 - £312,776)
Advokatfirmaet Schjodt AS Norway £177,191 (2022 - £167,542)
Advokatfirmaet Schjodt AS Sweden £nil (2022 - £11,322)
Schjodt Services Limited is a related party as it is under the control of Advokatfirmaet Schjodt AS, a
member of the LLP and ultimate controlling party of the LLP.
At the year end the company had £1,004 (2022 - £238,486) owed to them from Advokatfinnaet
Schjodt AS Norway, Sweden and Denmark branches in relation to unbilled receivables. This amount is included within other debtors.
At the year end the company had the following balances with Advokatfirmaet Schjodt AS:
Trade debtors £249,767 (2022 - £961,140)
Trade creditors £13,066 (2022 - £5,228)
During the year the LLP had intercompany transactions with its related parties, the values of these transactions were:
Advokatfirmaet Schjodt AS Norway 
Sales £2,676,617 - (2022 - £3,371,937)
Purchases £50,477 (2022 - £134,598)
Recharges £160,515 (2022 - £564,992)
Advokatfirmaet Schjodt AS Sweden
Sales £100,872 (2022 - £125,475)
Purchases £72,464 (2022 - £3,512)
Recharges £nil (2022 - £11,322)
Advokatfirmaet Schjodt AS Denmark
Sales £31,505 (2022 - £nil)
Purchases £5,763 (2022 - £nil)


20.


Controlling party

The ultimate controlling party is Advokatfirmaet Schjodt AS.

 
Page 25