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Murrell Associates LLP

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: OC422388

 

Murrell Associates LLP

Contents

Financial Statements

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Murrell Associates LLP

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

1,959

3,917

Tangible assets

4

20,893

12,859

Investments

5

242,215

242,215

 

265,067

258,991

Current assets

 

Debtors

6

498,198

442,395

Cash and short-term deposits

 

390,389

361,628

 

888,587

804,023

Creditors: Amounts falling due within one year

7

(531,256)

(532,136)

Net current assets

 

357,331

271,887

Total assets less current liabilities

 

622,398

530,878

Creditors: Amounts falling due after more than one year

8

(42,500)

(72,500)

Net assets attributable to members

 

579,898

458,378

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

242,000

242,000

Other amounts

9

337,898

216,378

 

579,898

458,378

   

579,898

458,378

Total members' interests

 

Loans and other debts due to members

 

579,898

458,378

   

579,898

458,378

For the year ending 30 June 2024 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.

 

Murrell Associates LLP

Balance Sheet

30 June 2024

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 Murrell Associates LLP (registered number OC422388) were approved by the members and authorised for issue on 20 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
J H Maples
Designated member

.........................................
D R Williams
Designated member

 

Murrell Associates LLP

Notes to the Financial Statements

Year Ended 30 June 2024

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 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.

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 Murrell Associates 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover in respect of client service contracts 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 as accrued income.

Turnover is based on an assessment of the fair value of the 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.

 

Murrell Associates LLP

Notes to the Financial Statements

Year Ended 30 June 2024

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.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Computer software

33.33% straight line

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

Office equipment

25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

Murrell Associates LLP

Notes to the Financial Statements

Year Ended 30 June 2024

Financial instruments

Classification

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities,when the company's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:

Basic financial assets comprise short term trade and other debtors and cash and bank balances.

Basic financial liabilities comprise short term trade and other creditors and bank loans.

Except for bank loans, 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 adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

 

Murrell Associates LLP

Notes to the Financial Statements

Year Ended 30 June 2024

3

Intangible fixed assets

Computer software
£

Total
£

Cost

At 1 July 2023

5,875

5,875

At 30 June 2024

5,875

5,875

Amortisation

At 1 July 2023

1,958

1,958

Charge for the year

1,958

1,958

At 30 June 2024

3,916

3,916

Net book value

At 30 June 2024

1,959

1,959

At 30 June 2023

3,917

3,917

4

Tangible fixed assets

Office equipment
£

Total
£

Cost

At 1 July 2023

20,126

20,126

Additions

14,998

14,998

At 30 June 2024

35,124

35,124

Depreciation

At 1 July 2023

7,267

7,267

Charge for the year

6,964

6,964

At 30 June 2024

14,231

14,231

Net book value

At 30 June 2024

20,893

20,893

At 30 June 2023

12,859

12,859

 

Murrell Associates LLP

Notes to the Financial Statements

Year Ended 30 June 2024

5

Investments held as fixed assets

2024
£

2023
£

Other investments

242,215

242,215

Other investments

Unlisted investments
£

Total
£

Cost

At 1 July 2023

242,215

242,215

At 30 June 2024

242,215

242,215

Net book value

At 30 June 2024

242,215

242,215

At 30 June 2023

242,215

242,215

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

MA Commercial Services Limited

England & Wales

Ordinary

100%

Management consultancy activities and other business support services

 

Murrell Associates LLP

Notes to the Financial Statements

Year Ended 30 June 2024

6

Debtors

2024
£

2023
£

Trade debtors

286,637

300,832

Prepayments and accrued income

211,561

141,563

498,198

442,395

7

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

30,000

30,000

Trade creditors

5,362

5,441

Taxation and social security

122,739

104,359

Other creditors

234,534

285,859

Accruals and deferred income

138,621

106,477

531,256

532,136

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.

8

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

42,500

72,500

9

Analysis of other amounts

2024
 £

2023
 £

Money owed to members by the LLP in respect of profits

337,898

216,378

10

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.