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REGISTERED NUMBER: OC427445 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

SJP Solicitors LLP

SJP Solicitors LLP (Registered number: OC427445)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SJP Solicitors LLP

General Information
for the Year Ended 31 March 2024







Designated members: Ms R V Meyer
Mrs P K Edmunds





Registered office: 37 Greevegate
Hunstanton
Norfolk
PE36 6AB





Registered number: OC427445 (England and Wales)





Accountants: Stephenson Smart (East Anglia) Limited
Chartered Accountants
22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

SJP Solicitors LLP (Registered number: OC427445)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £ £
Fixed assets
Tangible assets 4 13,329 15,560

Current assets
Stocks 66,000 66,000
Debtors 5 24,574 26,257
Cash at bank and in hand 107,646 85,751
198,220 178,008
Creditors
Amounts falling due within one year 6 (96,782 ) (60,000 )
Net current assets 101,438 118,008
Total assets less current liabilities 114,767 133,568

Creditors
Amounts falling due after more than one
year

7

(13,333

)

(23,333

)
Net assets attributable to members 101,434 110,235

Loans and other debts due to members 8 101,434 110,235

Total members' interests
Loans and other debts due to members 8 101,434 110,235

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 year 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.

SJP Solicitors LLP (Registered number: OC427445)

Balance Sheet - 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 23 September 2024 and were signed by:





Mrs P K Edmunds - Designated member

SJP Solicitors LLP (Registered number: OC427445)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. 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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% p.a. reducing balance
Computer equipment - 25% p.a. reducing balance

Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Financial instruments
The company classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required.

Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised.

Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

De-recognition of client money
Client money and amounts due to clients are excluded from these accounts. Client money held at 31 March 2024 amounted to £5,537,479 (2023: £7,255,075).

SJP Solicitors LLP (Registered number: OC427445)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Employee information

The average number of employees during the year was 13 (2023 - 13 ) .

4. Tangible fixed assets
Fixtures
and Computer
Library fittings equipment Totals
£ £ £ £
Cost
At 1 April 2023 1,487 17,705 38,506 57,698
Additions - 274 650 924
Disposals - (394 ) (137 ) (531 )
At 31 March 2024 1,487 17,585 39,019 58,091
Depreciation
At 1 April 2023 - 12,021 30,117 42,138
Charge for year - 904 2,162 3,066
Eliminated on disposal - (313 ) (129 ) (442 )
At 31 March 2024 - 12,612 32,150 44,762
Net book value
At 31 March 2024 1,487 4,973 6,869 13,329
At 31 March 2023 1,487 5,684 8,389 15,560

5. Debtors: amounts falling due within one year
31.3.24 31.3.23
£ £
Trade debtors 10,985 13,058
Other debtors 13,589 13,199
24,574 26,257

6. Creditors: amounts falling due within one year
31.3.24 31.3.23
£ £
Bank loans and overdrafts 10,000 10,000
Taxation and social security 22,384 21,362
Other creditors 64,398 28,638
96,782 60,000

SJP Solicitors LLP (Registered number: OC427445)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. Creditors: amounts falling due after more than one year
31.3.24 31.3.23
£ £
Bank loans 13,333 23,333

8. Loans and other debts due to members

2024 2023
£    £   
Amounts owed to members in respect of profits 101,434 110,235