Miles & Partners LLP OC346108 false 2024-01-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of legal services Digita Accounts Production Advanced 6.30.9574.0 true OC346108 2024-01-01 2024-03-31 OC346108 2024-03-31 OC346108 core:FurnitureFittings 2024-03-31 OC346108 core:OfficeEquipment 2024-03-31 OC346108 bus:SmallEntities 2024-01-01 2024-03-31 OC346108 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-03-31 OC346108 bus:FilletedAccounts 2024-01-01 2024-03-31 OC346108 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-03-31 OC346108 bus:PartnerLLP6 2024-01-01 2024-03-31 OC346108 bus:PartnerLLP7 2024-01-01 2024-03-31 OC346108 bus:LimitedLiabilityPartnershipLLP 2024-01-01 2024-03-31 OC346108 core:FurnitureFittings 2024-01-01 2024-03-31 OC346108 core:OfficeEquipment 2024-01-01 2024-03-31 OC346108 countries:AllCountries 2024-01-01 2024-03-31 OC346108 2023-12-31 OC346108 core:FurnitureFittings 2023-12-31 OC346108 core:OfficeEquipment 2023-12-31 OC346108 2023-01-01 2023-12-31 OC346108 2023-12-31 OC346108 core:FurnitureFittings 2023-12-31 OC346108 core:OfficeEquipment 2023-12-31 xbrli:pure iso4217:GBP

Miles & Partners LLP

Annual Report and Unaudited Financial Statements
period from 1 January 2024 to 31 March 2024

Registration number: OC346108

 

Miles & Partners LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Notes to the Financial Statements

3

 

Miles & Partners LLP

Balance Sheet

31 March 2024

Note

31 March 2024
 £

31 December 2023
 £

Fixed assets

 

Tangible assets

3

86,468

87,541

Current assets

 

Work in progress and accrued income

6

2,640,954

2,591,390

Debtors

5

181,692

225,210

Cash and short-term deposits

 

569,529

865,150

 

3,392,175

3,681,750

Creditors: Amounts falling due within one year

4

(787,595)

(785,100)

Net current assets

 

2,604,580

2,896,650

Total assets less current liabilities

 

2,691,048

2,984,191

Provisions

 

Other provisions

 

(128,113)

(128,113)

Net assets attributable to members

 

2,562,935

2,856,078

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

2,562,935

2,856,078

   

2,562,935

2,856,078

Total members' interests

 

Loans and other debts due to members

 

2,562,935

2,856,078

   

2,562,935

2,856,078

 

Miles & Partners LLP

Balance Sheet

31 March 2024

For the year ending 31 March 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.

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 Miles & Partners LLP (registered number OC346108) were approved by the members and authorised for issue on 26 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mrs K Hammond
Designated member

.........................................
Mr P Williams
Designated member

 

Miles & Partners LLP

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & 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 their fair value.

Revenue recognition

Services provided to clients during the year which at the balance sheet date, have not been invoiced to clients, have been recognised in turnover in accordance with applicable Accounting Standards.

Turnover recognised in this manner is based on an assessment of the fair value of the engagement. Revenue is not recognised on those engagements where the right to receive payments is contingent on factors outside the control of the Limited Liability Partnership. Unbilled revenue is included within debtors

Members' remuneration and division of profits

A member's share of the profit for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'Other Reserves'.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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:

 

Miles & Partners LLP

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 2024

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Fixtures and fittings

15% reducing balance

Trade debtors

Trade debtors are amounts due from services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Members' interests

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

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification

The LLP holds the following financial instruments:

- Short term trade and other debtors and creditors
- Cash and bank balances

All financial instruments are classified as basic.

 

Miles & Partners LLP

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 2024

Recognition and Measurement

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

Financial instruments are recognised when the LLP 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.

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 period was 60 (2023 - 57).

3

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 January 2024

155,551

109,507

265,058

Additions

-

2,296

2,296

At 31 March 2024

155,551

111,803

267,354

Depreciation

At 1 January 2024

113,257

64,260

177,517

Charge for the year

1,586

1,783

3,369

At 31 March 2024

114,843

66,043

180,886

Net book value

At 31 March 2024

40,708

45,760

86,468

At 31 December 2023

42,294

45,247

87,541

 

Miles & Partners LLP

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 2024

4

Creditors: Amounts falling due within one year

31 March 2024
 £

31 December 2023
 £

Taxation and social security

335,684

362,013

Other creditors

338,988

319,958

Accruals and deferred income

57,947

48,333

Payments on account

54,976

54,796

787,595

785,100

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.

5

Debtors

2024
£

2023
£

Trade debtors

116,781

157,609

Other debtors

3,237

3,237

Prepayments and accrued income

61,674

64,364

Total current trade and other debtors

181,692

225,210

6

Work in progress and accrued income

31 March 2024
 £

31 December 2023
 £

Work in progress

2,640,954

2,591,390

2,640,954

2,591,390