Gill Akaster LLP OC344691 false 2023-07-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 OC344691 2023-07-01 2024-03-31 OC344691 2024-03-31 OC344691 bus:SmallEntities 2023-07-01 2024-03-31 OC344691 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-03-31 OC344691 bus:FilletedAccounts 2023-07-01 2024-03-31 OC344691 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 OC344691 bus:PartnerLLP16 2023-07-01 2024-03-31 OC344691 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-03-31 OC344691 core:Goodwill 2023-07-01 2024-03-31 OC344691 core:ComputerEquipment 2023-07-01 2024-03-31 OC344691 core:FurnitureFittings 2023-07-01 2024-03-31 OC344691 core:LandBuildings 2023-07-01 2024-03-31 OC344691 1 2023-07-01 2024-03-31 OC344691 countries:AllCountries 2023-07-01 2024-03-31 OC344691 2022-07-01 2023-06-30 xbrli:pure

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

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Gill Akaster LLP

Balance Sheet

31 March 2024

Note

31 March 2024
 £

30 June 2023
 £

Fixed assets

 

Tangible assets

4

870,378

706,331

Current assets

 

Stocks

141,146

102,779

Debtors

5

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

6

(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

7

(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 members and authorised for issue on 9 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
D Wallis
Designated member

 

Gill Akaster LLP

Notes to the Financial Statements

Period from 1 July 2023 to 31 March 2024

1

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 78 (2023 - 76).

 

Gill Akaster LLP

Notes to the Financial Statements

Period from 1 July 2023 to 31 March 2024

3

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

-

-

-

4

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

5

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

6

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.

7

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.

8

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.