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REGISTERED NUMBER: OC324126 (England and Wales)














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: A L Toal
D J Naghen





Registered office: 23 New Road
Spalding
Lincolnshire
PE11 1DH





Registered number: OC324126 (England and Wales)





Accountants: Moore Thompson
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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


17 September 2024

Maples Solicitors LLP (Registered number: OC324126)

Statement of Financial Position
31 March 2024

2024 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 226,720 227,608

Current assets
Debtors 6 587,730 576,335
Cash at bank and in hand 252,863 358,829
840,593 935,164
Creditors
Amounts falling due within one year 7 81,063 75,114
Net current assets 759,530 860,050
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2024.

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


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

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 7 August 2024 and were signed by:




A L Toal - Designated member




D J Naghen - Designated member


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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

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 21 (2022 - 22 ) .

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 190,000 255,888 43,820 489,708
Additions - 4,900 3,915 8,815
At 31 March 2024 190,000 260,788 47,735 498,523
Depreciation
At 1 January 2023 - 220,045 42,055 262,100
Charge for period - 7,003 2,700 9,703
At 31 March 2024 - 227,048 44,755 271,803
Net book value
At 31 March 2024 190,000 33,740 2,980 226,720
At 31 December 2022 190,000 35,843 1,765 227,608

6. Debtors
2024 2022
£    £   
Trade debtors 224,595 195,841
Work in progress at sales
value 315,988 312,577
Other debtors 250 1,850
Prepayments 46,897 66,067
587,730 576,335

7. Creditors: amounts falling due within one year
2024 2022
£    £   
Trade creditors and accruals 22,250 19,226
Social security 5,131 5,976
VAT 53,682 49,912
81,063 75,114

8. Operating leases

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2022
£    £   
Within one year 1,768 12,874

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.