Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue2023-04-01provision of referrals for legal firms who can best handle individual client requirements.00truefalse OC364532 2023-04-01 2024-03-31 OC364532 2022-04-01 2023-03-31 OC364532 2024-03-31 OC364532 2023-03-31 OC364532 c:CurrentFinancialInstruments 2024-03-31 OC364532 c:CurrentFinancialInstruments 2023-03-31 OC364532 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC364532 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC364532 d:FRS102 2023-04-01 2024-03-31 OC364532 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC364532 d:FullAccounts 2023-04-01 2024-03-31 OC364532 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC364532 4 2023-04-01 2024-03-31 OC364532 d:PartnerLLP1 2023-04-01 2024-03-31 OC364532 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC364532 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC364532 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC364532














 
 
 
 
 
DISCREET LAW LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
DISCREET LAW LLP
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DISCREET LAW LLP
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied 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 Discreet Law LLP for the year ended 31 March 2024 which comprise  the Statement of Financial Position 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 at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 4 March 2022Our work has been undertaken solely to prepare for your approval the financial statements of Discreet Law LLP and state those matters that we have agreed to state to the Discreet Law LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Discreet Law LLP and its members for our work or for this report. 

It is your duty to ensure that Discreet Law 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 loss of Discreet Law LLP. You consider that Discreet Law LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Discreet Law 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.

  



Sopher + Co LLP
 
Chartered Accountants
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
23 September 2024
Page 1

 
DISCREET LAW LLP
REGISTERED NUMBER:OC364532

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
26,614
93,828

Cash at bank and in hand
  
33,031
42,222

  
59,645
136,050

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(7,290)
(87,505)

  

Net assets
  
52,355
48,545


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 6 
49,577
161,961

Other reserves classified as equity
  
2,778
(113,416)

  
52,355
48,545


Total members' interests
  

Loans and other debts financed by members
 6 
49,577
161,961

Members' other interests
  
2,778
(113,416)

  
52,355
48,545


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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Page 2

 
DISCREET LAW LLP
REGISTERED NUMBER:OC364532
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 September 2024.




R Gherson
Designated member

The notes on pages 4 to 6 form part of these financial statements.

Discreet Law LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 3

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Discreet Law LLP is a limited liability partnership incorporated in England and Wales. With its business and registered office address at 17a - 19 Harcourt Street, London, W1F 4HF.
The principal activity of the LLP was to provide legal services regulated by the Solicitors Regulation Aurthority (SRA) until 15 Decemebr 2023 when it ceased to be regulated by SRA. Since then, the firm only provided non-SRA regulated legal services in the year.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The LLP's activities are funded by a loan from the members, and the members are satisfied that such finance as may be required to enable the LLP to meet all of its liabilities as they fall due will continue to be made available for at least 12 months from the date of approval of these financial statements

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time. lf at the Statement of Financial Position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs, ln such cases, costs incurred up to the Statement of Financial Position date are carried forward as work in progress.

Page 4

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.7

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 


3.


Employees

The LLP  has no employees in current and preceding year.

Page 5

 
DISCREET LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
3,500
41,518

Other debtors
23,114
52,310

26,614
93,828



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,000
58,974

Other creditors
570
570

Accruals and deferred income
5,720
27,961

7,290
87,505



6.


Loans and other debts due to members


2024
2023
£
£



Amounts due to members
49,577
161,961

Loans and other debts financed by members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
49,577
161,961

Loans and other debts financed by members rank equally with unsecured creditors in the event of a winding up.

 
Page 6