Raymond Saul & Co. LLP OC378910 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Solicitors Digita Accounts Production Advanced 6.30.9574.0 true true OC378910 2023-01-01 2023-12-31 OC378910 2023-12-31 OC378910 core:OtherReservesSubtotal 2023-12-31 OC378910 core:CurrentFinancialInstruments 2023-12-31 OC378910 core:WithinOneYear 2023-12-31 OC378910 core:FurnitureFittings 2023-12-31 OC378910 core:OfficeEquipment 2023-12-31 OC378910 bus:SmallEntities 2023-01-01 2023-12-31 OC378910 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC378910 bus:FilletedAccounts 2023-01-01 2023-12-31 OC378910 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC378910 bus:RegisteredOffice 2023-01-01 2023-12-31 OC378910 bus:PartnerLLP1 2023-01-01 2023-12-31 OC378910 bus:PartnerLLP2 2023-01-01 2023-12-31 OC378910 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC378910 core:FurnitureFittings 2023-01-01 2023-12-31 OC378910 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 OC378910 core:OfficeEquipment 2023-01-01 2023-12-31 OC378910 countries:AllCountries 2023-01-01 2023-12-31 OC378910 2022-12-31 OC378910 core:FurnitureFittings 2022-12-31 OC378910 core:OfficeEquipment 2022-12-31 OC378910 2022-01-01 2022-12-31 OC378910 2022-12-31 OC378910 core:OtherReservesSubtotal 2022-12-31 OC378910 core:CurrentFinancialInstruments 2022-12-31 OC378910 core:WithinOneYear 2022-12-31 OC378910 core:FurnitureFittings 2022-12-31 OC378910 core:OfficeEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: OC378910

Raymond Saul & Co. LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Raymond Saul & Co. LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5 to 11

 

Raymond Saul & Co. LLP

Limited liability partnership information

Designated members

R Saul

F Fakoya
 

Registered office

Third Floor
Mermaid House
2 Puddle Dock
London
EC4V 3DB

Accountants

Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

 

Raymond Saul & Co. LLP

(Registration number: OC378910)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

369

442

Current assets

 

Stocks

4

10,000

10,000

Debtors

5

389,267

367,609

 

399,267

377,609

Creditors: Amounts falling due within one year

6

(395,649)

(375,467)

Net current assets

 

3,618

2,142

Net assets attributable to members

 

3,987

2,584

Represented by:

 

Members’ other interests

 

Other reserves

 

3,987

2,584

   

3,987

2,584

Total members' interests

 

Equity

 

3,987

2,584

   

3,987

2,584

For the year ended 31 December 2023 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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

Raymond Saul & Co. LLP

(Registration number: OC378910)
Balance Sheet as at 31 December 2023

The financial statements of Raymond Saul & Co. LLP (registered number OC378910) were approved by the Board and authorised for issue on 19 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
F Fakoya
Designated member

 

Raymond Saul & Co. LLP

Statement of Changes in Members’ Interests
At 31 December 2023

 

Equity

   

Other reserves
£

Total equity
£

Total
2023
 £

Members' interest at 1 January 2023

2,584

2,584

2,584

Profit for the financial year available for discretionary division among members

216,543

216,543

216,543

Drawings (including tax payments)

(215,140)

(215,140)

(215,140)

At 31 December 2023

3,987

3,987

3,987

 

Equity

   

Other reserves
£

Total equity
£

Total
2022
 £

Members' interest at 1 January 2022

2,714

2,714

2,714

Profit for the financial year available for discretionary division among members

139,870

139,870

139,870

Drawings (including tax payments)

(140,000)

(140,000)

(140,000)

At 31 December 2022

2,584

2,584

2,584

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

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.

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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 Raymond Saul & Co. 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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the limited liability partnership. Rounding of amounts shown in the financial statements is to the nearest Pound.

Going concern

After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to
continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

In the application of the limited liability partnership's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

Revenue recognition

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 at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales tax or duty.

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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee’s benefit from the use of the leased asset.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Members' remuneration and division of profits

The SORP 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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) 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 discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Tangible fixed assets

Individual fixed assets costing £1.00 or more are initially recorded at cost.

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:

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Computer equipment

33.3% straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Information in relation to members

2023
 £

2022
£

Paid under employment contract

55,000

55,350

55,000

55,350

3

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 January 2023

6,181

11,210

17,391

Additions

-

113

113

At 31 December 2023

6,181

11,323

17,504

Depreciation

At 1 January 2023

5,739

11,210

16,949

Charge for the year

148

38

186

At 31 December 2023

5,887

11,248

17,135

Net book value

At 31 December 2023

294

75

369

At 31 December 2022

442

-

442

 

Raymond Saul & Co. LLP

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Stocks

2023
£

2022
£

Work in progress

10,000

10,000

5

Debtors

2023
£

2022
£

Trade debtors

166,801

123,181

Other debtors

108,624

108,624

Prepayments and accrued income

113,842

135,804

Total current trade and other debtors

389,267

367,609

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

99,795

98,329

Trade creditors

19,819

37,158

Taxation and social security

210,711

139,319

Other loans and creditors

57,324

92,661

Accruals and deferred income

8,000

8,000

395,649

375,467

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

At 31 December 2023 the limited liability partnership had minimum future lease payments under non-cancellable operating leases of £35,600 (2022 - £60,000).

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

8

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 6 (2022 - 7).