Limited Liability Partnership registration number OC399498 (England and Wales)
Home Legal Services Liverpool LLP
Annual report and unaudited financial statements
For the year ended 31 December 2023
Home Legal Services Liverpool LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Home Legal Services Liverpool LLP
Balance sheet
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129,521
205,690
Investment property
4
515,000
379,076
644,521
584,766
Current assets
Debtors
5
59,435
129,678
Cash at bank and in hand
67,174
147,087
126,609
276,765
Creditors: amounts falling due within one year
6
(455,605)
(461,953)
Net current liabilities
(328,996)
(185,188)
Total assets less current liabilities
315,525
399,578
Creditors: amounts falling due after more than one year
7
(166,143)
(187,371)
Net assets attributable to members
149,382
212,207
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
13,458
212,207
Members' other interests
8
Other reserves classified as equity
135,924
-
149,382
212,207
Home Legal Services Liverpool LLP
Balance sheet (continued)
As at 31 December 2023
- 2 -

For the financial year ended 31 December 2023 the limited liability partnership 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 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 18 September 2024 and are signed on their behalf by:
18 September 2024
Mr P M Lea
Designated member
Limited Liability Partnership registration number OC399498 (England and Wales)
Home Legal Services Liverpool LLP
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Home Legal Services Liverpool LLP is a limited liability partnership incorporated in England and Wales. The registered office is 18 The Crescent, West Kirby, Wirral, CH48 4HN.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

Home Legal Services Liverpool LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
over 3 years
Motor vehicles
over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Financial instruments
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Home Legal Services Liverpool LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
12
10
Home Legal Services Liverpool LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
276,769
Disposals
(67,725)
At 31 December 2023
209,044
Depreciation and impairment
At 1 January 2023
71,079
Depreciation charged in the year
32,163
Eliminated in respect of disposals
(23,719)
At 31 December 2023
79,523
Carrying amount
At 31 December 2023
129,521
At 31 December 2022
205,690
4
Investment property
2023
£
Fair value
At 1 January 2023
379,076
Net gains or losses through fair value adjustments
135,924
At 31 December 2023
515,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the members.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,827
126,927
Other debtors
608
2,751
59,435
129,678
Home Legal Services Liverpool LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,315
11,110
Trade creditors
12,645
21,700
Taxation and social security
48,346
65,516
Other creditors
388,299
363,627
455,605
461,953
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
146,913
148,076
Other creditors
19,230
39,295
166,143
187,371

Bank loans falling due within one year and after more than one year include £153,228 (2022 £159,186) secured on the assets of the company.

 

Other creditors includes obligations under finance leases of £14,713 (2022 £18,224) falling due within one year and £19,230 (2022 £39,295) falling due after more than one year that are secured on the asset financed.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
114,796
120,753
Home Legal Services Liverpool LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 8 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 January 2023
-
212,207
212,207
212,207
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
369,043
369,043
369,043
Profit for the financial year available for discretionary division among members
135,924
-
-
135,924
Members' interests after profit and remuneration for the year
135,924
581,250
581,250
717,174
Introduced by members
-
26,335
26,335
26,335
Drawings on account and distributions of profit
-
(594,127)
(594,127)
(594,127)
Members' interests at 31 December 2023
135,924
13,458
13,458
149,382
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities under common control
304,690
304,690
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