REGISTERED NUMBER: |
Maples Solicitors LLP |
Unaudited Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
REGISTERED NUMBER: |
Maples Solicitors LLP |
Unaudited Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
Maples Solicitors LLP (Registered number: OC324126) |
Contents of the Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
Page |
General information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 8 |
Maples Solicitors LLP |
General Information |
for the Period 1 January 2023 to 31 March 2024 |
Designated members: |
Registered office: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Maples Solicitors LLP |
The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the members are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs 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 Maples Solicitors LLP for the period ended 31 March 2024 which comprise the Income statement, Statement of financial position, Reconciliation of members' interests 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Maples Solicitors LLP, as a body, in accordance with the terms of our engagement letter dated 11 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Maples Solicitors LLP and state those matters that we have agreed to state to the members of Maples Solicitors LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maples Solicitors LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Maples Solicitors 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 Maples Solicitors LLP. You consider that Maples Solicitors LLP is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Maples Solicitors 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. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Maples Solicitors LLP (Registered number: OC324126) |
Statement of Financial Position |
31 March 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 986,250 | 1,087,658 |
Loans and other debts due to members |
9 |
726,886 |
857,125 |
Members' other interests |
Capital accounts | 259,364 | 230,533 |
986,250 | 1,087,658 |
Total members' interests |
Loans and other debts due to members | 9 | 726,886 | 857,125 |
Members' other interests | 259,364 | 230,533 |
986,250 | 1,087,658 |
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. |
Maples Solicitors LLP (Registered number: OC324126) |
Statement of Financial Position - 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 |
Maples Solicitors LLP (Registered number: OC324126) |
Notes to the Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
1. | Statutory information |
Maples 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 the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. |
Work in progress is calculated to comply with FRS102. Revenue is therefore recognised when the firm has obtained the right to consideration in exchange for performance. At the same time this consideration is recognised as a debtor. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Maples Solicitors LLP (Registered number: OC324126) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
3. | Accounting policies - continued |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold property | - Not depreciated |
Office equipment | - 15% reducing balance |
Computer equipment | - 33.33% straight line |
Depreciation is not provided on freehold property where, in the opinion of the members, the residual value of that property is such that any depreciation charge would be immaterial. |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Maples Solicitors LLP (Registered number: OC324126) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
3. | Accounting policies - continued |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position. |
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. |
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'. |
4. | Employee information |
The average number of employees during the period was |
Maples Solicitors LLP (Registered number: OC324126) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
5. | Tangible fixed assets |
Freehold | Office | Computer |
property | equipment | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 January 2023 |
Charge for period |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 December 2022 |
6. | Debtors |
2024 | 2022 |
£ | £ |
Trade debtors |
Work in progress at sales |
value | 315,988 | 312,577 |
Other debtors | 250 | 1,850 |
Prepayments |
7. | Creditors: amounts falling due within one year |
2024 | 2022 |
£ | £ |
Trade creditors and accruals |
Social security |
VAT | 53,682 | 49,912 |
8. | Operating leases |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2022 |
£ | £ |
Within one year |
9. | Loans and other debts due to members |
Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. |