Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01falseLegal services44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC441066 2023-04-01 2024-03-31 OC441066 2022-04-01 2023-03-31 OC441066 2024-03-31 OC441066 2023-03-31 OC441066 c:OfficeEquipment 2023-04-01 2024-03-31 OC441066 c:OfficeEquipment 2024-03-31 OC441066 c:OfficeEquipment 2023-03-31 OC441066 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC441066 c:CurrentFinancialInstruments 2024-03-31 OC441066 c:CurrentFinancialInstruments 2023-03-31 OC441066 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC441066 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC441066 d:FRS102 2023-04-01 2024-03-31 OC441066 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC441066 d:FullAccounts 2023-04-01 2024-03-31 OC441066 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC441066 2 2023-04-01 2024-03-31 OC441066 d:PartnerLLP1 2023-04-01 2024-03-31 OC441066 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC441066 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC441066 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC441066 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC441066 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC441066 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC441066 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC441066










Tacit Legal LLP








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Tacit Legal LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Tacit Legal LLP for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Tacit Legal LLP for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 06 May 2022Our work has been undertaken solely to prepare for your approval the financial statements of Tacit Legal LLP and state those matters that we have agreed to state to the Tacit Legal LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tacit Legal LLP and its members for our work or for this report. 

It is your duty to ensure that Tacit Legal LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tacit Legal LLP. You consider that Tacit Legal LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Tacit Legal LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
13 September 2024
Page 1

 
Tacit Legal LLP
Registered number: OC441066

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
3,881
3,409

  
3,881
3,409

Current assets
  

Work in progress
  
6,289
15,926

Debtors: amounts falling due within one year
 4 
100,311
145,544

Cash at bank and in hand
  
139,567
109,429

  
246,167
270,899

Creditors: Amounts falling due within one year
 5 
(98,435)
(69,967)

Net current assets
  
 
 
147,732
 
 
200,932

Total assets less current liabilities
  
151,613
204,341

  

Net assets
  
151,613
204,341


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
36,000
92,000

  
36,000
92,000

Members' other interests
  

Members' capital classified as equity
  
(161,790)
(57,790)

Other reserves classified as equity
  
277,403
170,131

  
 
115,613
 
112,341

  
151,613
204,341


Total members' interests
  

Loans and other debts due to members
  
36,000
92,000

Members' other interests
  
115,613
112,341

  
151,613
204,341


Page 2

 
Tacit Legal LLP
Registered number: OC441066

Balance sheet (continued)
As at 31 March 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied 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 Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

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




................................................
C J Bridges
Designated member
Date: 13 September 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

Tacit Legal LLP is a limited liability partnership incorporated in England and Wales with the registration number OC441066. The address of the registered office is Delta House, 16 Bridge Road, Haywards Heath, RH16 1UA. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The following principal accounting policies have been applied:

 
2.2

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 and value added tax. 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.

Page 4

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

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:

Office equipment
-
33%

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.

Page 5

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Work in progress

Work in progress comprises unbilled amounts for client work, measured at fair value less provisions for foreseeable losses. 
Where work in progress relates to a contingent fee, this is not recognised within the financial statements except where it meets the criteria set out within  2.2.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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 Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

  
2.12

Transfer of members' interests

During the year £104,000 (2023 - £56,846) was transferred from members' capital interests to debts due to members.

Page 6

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

3.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
4,289


Additions
2,339



At 31 March 2024

6,628



Depreciation


At 1 April 2023
880


Charge for the year on owned assets
1,867



At 31 March 2024

2,747



Net book value



At 31 March 2024
3,881



At 31 March 2023
3,409


4.


Debtors

2024
2023
£
£


Trade debtors
92,506
142,469

Prepayments and accrued income
7,805
3,075

100,311
145,544


Page 7

 
Tacit Legal LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
85
3,541

Other taxation and social security
60,425
57,953

Other creditors
7,566
2,473

Accruals and deferred income
30,359
6,000

98,435
69,967



6.


Pension commitments

The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £3,650 (2023 - £Nil). Contributions totalling £533 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 8