REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
SJP Solicitors LLP |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
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 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 were approved by the members of the LLP and authorised for issue on |
SJP Solicitors LLP (Registered number: OC427445) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statement of compliance |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | Tangible fixed assets |
Fixtures |
and | Computer |
Library | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
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 |
8. | Loans and other debts due to members |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 101,434 | 110,235 |