Gill Akaster LLP
Annual Report and
Unaudited
Financial Statements
period from 1 July 2023 to 31 March 2024
Registration number: OC344691
Gill Akaster LLP
Contents
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
Gill Akaster LLP
Balance Sheet
31 March 2024
Note |
31 March 2024 |
30 June 2023 |
|
Fixed assets |
|||
Tangible assets |
870,378 |
706,331 |
|
Current assets |
|||
Stocks |
141,146 |
102,779 |
|
Debtors |
2,848,037 |
2,820,215 |
|
Cash and short-term deposits |
650,651 |
1,305,881 |
|
3,639,834 |
4,228,875 |
||
Creditors: Amounts falling due within one year |
(1,638,801) |
(2,388,852) |
|
Net current assets |
2,001,033 |
1,840,023 |
|
Total assets less current liabilities |
2,871,411 |
2,546,354 |
|
Creditors: Amounts falling due after more than one year |
(445,835) |
(589,216) |
|
Net assets attributable to members |
2,425,576 |
1,957,138 |
|
Represented by: |
|||
Loans and other debts due to members |
|||
Other amounts |
1,075,576 |
657,138 |
|
Members’ other interests |
|||
Members' capital classified as equity |
1,350,000 |
1,300,000 |
|
2,425,576 |
1,957,138 |
||
Total members' interests |
|||
Loans and other debts due to members |
1,075,576 |
657,138 |
|
Equity |
1,350,000 |
1,300,000 |
|
2,425,576 |
1,957,138 |
Gill Akaster LLP
Balance Sheet
31 March 2024
For the year 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 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.
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 Gill Akaster LLP (registered number OC344691) were approved by the
......................................... |
Gill Akaster LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
Accounting policies |
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.
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 Gill Akaster 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.
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.
Disclosure of long or short period
During the year Gill Akaster LLP shortened the yearend from 30 June 2024 to 31 March 2024, to be in line with the tax year.
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 or due, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
LLP SORP (2021) recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Members' profits and interest earned on members' balances are automatically allocated and are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for division among members.
Gill Akaster LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
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.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Leasehold property (per the term of the lease) |
5.3% straight line |
Computer equipment |
33.3% straight line |
Fixtures and fittings |
15.0% reducing balance |
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Accrued income represents the selling value of incomplete, un-billed work under contracts for legal services. Any income which is contingent and where the outcome of the case has been decided prior to the year-end will be recognised as accrued income. Any income which is contingent and where the outcome of the case has been decided between the year-end date and the date of signature of the Members' Report will be recognised as work in progress.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Post-retirement payments to former members
Amounts owing to former partners are disclosed on the balance sheet and will be repaid over a term no longer than five years per the partnership agreement. Interest is accrued over this period and is offset against the remaining balance at six months intervals.
Gill Akaster LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Gill Akaster LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
Intangible fixed assets |
Goodwill |
Software |
Total |
|
Cost |
|||
At 1 July 2023 |
183,271 |
26,013 |
209,284 |
At 31 March 2024 |
183,271 |
26,013 |
209,284 |
Amortisation |
|||
At 1 July 2023 |
183,271 |
26,013 |
209,284 |
At 31 March 2024 |
183,271 |
26,013 |
209,284 |
Net book value |
|||
At 31 March 2024 |
- |
- |
- |
At 30 June 2023 |
- |
- |
- |
Tangible fixed assets |
Leasehold property |
Computer equipment |
Fixtures and fittings |
Total |
|
Cost |
||||
At 1 July 2023 |
1,214,621 |
445,587 |
309,488 |
1,969,696 |
Additions |
5,363 |
238,877 |
3,201 |
247,441 |
Disposals |
- |
(405,410) |
(166,996) |
(572,406) |
At 31 March 2024 |
1,219,984 |
279,054 |
145,693 |
1,644,731 |
Depreciation |
||||
At 1 July 2023 |
591,011 |
428,184 |
244,170 |
1,263,365 |
Charge for the year |
47,967 |
8,656 |
5,540 |
62,163 |
Eliminated on disposals |
- |
(405,410) |
(145,765) |
(551,175) |
At 31 March 2024 |
638,978 |
31,430 |
103,945 |
774,353 |
Net book value |
||||
At 31 March 2024 |
581,006 |
247,624 |
41,748 |
870,378 |
At 30 June 2023 |
623,610 |
17,403 |
65,318 |
706,331 |
Gill Akaster LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
Debtors: Amounts falling due within one year |
31 March 2024 |
30 June 2023 |
|
Trade debtors |
822,265 |
1,081,344 |
Prepayments and accrued income |
2,025,772 |
1,738,871 |
2,848,037 |
2,820,215 |
Creditors: Amounts falling due within one year |
31 March 2024 |
30 June 2023 |
|
Bank loans and finance liabilities |
370,340 |
182,436 |
Trade creditors |
27,425 |
26,798 |
Taxation and social security |
993,752 |
1,830,812 |
Amounts due to former Partners |
8,818 |
66,175 |
Accruals and deferred income |
238,466 |
282,631 |
1,638,801 |
2,388,852 |
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.
Gill Akaster LLP
Notes to the Financial Statements
Period from 1 July 2023 to 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 |
|
Hire purchase agreements |
66,437 |
41,620 |
Security on hire purcahses has been given against the above in the form of a debenture held against the assets of the Limited Liability Partnership. Security on hire purchase agreements has been provided against the assets to which the agreements relate.
Creditors: Amounts falling due after more than one year |
31 March 2024 |
30 June 2023 |
|
Bank loans and finance liabilities |
188,401 |
18,719 |
Taxation and social security |
257,434 |
570,497 |
445,835 |
589,216 |
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 |
|
Hire purchase agreements |
188,401 |
14,284 |
Security on hire purchases has been given against the above in the form of a debenture held against the assets of the Limited Liability Partnership. Security on hire purchase agreements has been provided against the assets to which the agreements relate.
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 £630,658 (2023 - £739,273). These financial commitments are in relation to operating leases held by the limited liability partnership.
Security is given against the asset to which the lease relates.