Windeatts Solicitors LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 31 December 2023
Registration number: OC382943
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
694,292 |
765,058 |
|
694,292 |
765,058 |
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Total members' interests |
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Loans and other debts due to members |
694,292 |
765,058 |
|
694,292 |
765,058 |
Balance Sheet
31 December 2023
For the year ending 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 and delivered 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, and the option not to file a profit and loss account has been taken.
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 Windeatts Solicitors LLP (registered number OC382943) were approved by the
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Notes to the Financial Statements
Year Ended 31 December 2023
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 the United Kingdom 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.
The financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS102) incorporating Section 1A issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability partnership (issued July 2014).
Revenue recognition
Turnover represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which at the balance sheet date, have not been invoiced to clients, have been recognised in turnover in accordance with applicable Accounting Standards and UK GAAP.
Turnover recognised is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
Members' remuneration and division of profits
Profits are automatically allocated to members. They are therefore shown as "Members' remuneration charged as an expense" in the Profit and Loss account in the relevant year. To the extent that they remain unpaid at the year end, they are included within "Loans and other debts due to Members" in the Balance Sheet.
Unallocated profits and losses are included within Other Reserves.
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.
other taxes policy
Notes to the Financial Statements
Year Ended 31 December 2023
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 buildings |
10% straight line |
Furnitures, Fittings and Equipment |
10% reducing balance |
Computer equipment |
25% reducing balance |
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.
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.
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cashflows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:
Bank loans and overdraft
Finance loans
Short term debtors and creditors
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible fixed assets |
Leasehold property |
Plant and machinery |
Fixtures and fittings |
Total |
|
Cost |
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At 1 January 2023 |
97,778 |
82,782 |
257,491 |
438,051 |
Additions |
4,000 |
- |
2,924 |
6,924 |
At 31 December 2023 |
101,778 |
82,782 |
260,415 |
444,975 |
Depreciation |
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At 1 January 2023 |
97,778 |
69,366 |
229,484 |
396,628 |
Charge for the year |
400 |
1,342 |
7,733 |
9,475 |
At 31 December 2023 |
98,178 |
70,708 |
237,217 |
406,103 |
Net book value |
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At 31 December 2023 |
3,600 |
12,074 |
23,198 |
38,872 |
At 31 December 2022 |
- |
13,416 |
28,007 |
41,423 |
Debtors |
2023 |
2022 |
|
Trade debtors |
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|
Other debtors |
|
- |
Prepayments and accrued income |
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|
Total current trade and other debtors |
533,611 |
502,426 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
|
Bank loans and overdrafts |
45,455 |
45,455 |
Trade creditors |
108,289 |
23,083 |
Taxation and social security |
95,637 |
89,895 |
Other creditors |
39,554 |
40,343 |
288,935 |
198,776 |
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.
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
Notes to the Financial Statements
Year Ended 31 December 2023
2023 |
2022 |
|
Bank loan |
45,455 |
45,455 |
The loan is a CBILS loan with the security registered as an unlimited debenture from the LLP.
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors: Amounts falling due after more than one year |
2023 |
2022 |
|
Bank loans and overdrafts |
|
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
2023 |
2022 |
|
Bank loan |
18,181 |
63,636 |
The loan is a CBILS loan with the security registered as an unlimited debenture from the LLP.
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 £28,848 (2022 - £6,060).