Limited Liability Partnership Registration No. OC334002 (England and Wales)
WILLIAMS THOMPSON SOLICITORS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
WILLIAMS THOMPSON SOLICITORS LLP
CONTENTS
Page
LLP information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WILLIAMS THOMPSON SOLICITORS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Mr S Bowden
Mrs E Hamilton Cole
Mrs S A Kadziola
Mr D A Orr
Limited liability partnership number
OC334002
Registered office
Avon House
4 Bridge Street
Christchurch
Dorset
BH23 1DX
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
WILLIAMS THOMPSON SOLICITORS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,985
14,878
Current assets
Debtors
4
422,136
353,592
Cash at bank and in hand
90,828
76,060
512,964
429,652
Creditors: amounts falling due within one year
5
(85,118)
(147,922)
Net current assets
427,846
281,730
Total assets less current liabilities and net assets attributable to members
439,831
296,608
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
439,831
296,608
Total members' interests
Loans and other debts due to members
439,831
296,608

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

For the financial Period ended 31 March 2024 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.

WILLIAMS THOMPSON SOLICITORS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the members and authorised for issue on 1 October 2024 and are signed on their behalf by:
01 October 2024
Mr S Bowden
Mrs E Hamilton Cole
Designated member
Designated Member
Mrs S A Kadziola
Mr D A Orr
Designated Member
Designated Member
Limited Liability Partnership Registration No. OC334002
WILLIAMS THOMPSON SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Williams Thompson Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Avon House, 4 Bridge Street, Christchurch, Dorset, BH23 1DX.

 

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 January 2017, 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 pound.

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

1.2
Reporting period

The LLP extended its accounting period to 31 March 2024 in order to prepare annual financial statements to 31 March each year. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.3
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.

If, at the Balance sheet 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. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

WILLIAMS THOMPSON SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
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.

1.5
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:

Leasehold improvements
Straight line over the life of the lease
Law Library
N/A
Fixtures and fittings
15% on reducing balance
Computers
25% on cost

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.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Retirement benefits and post retirement payments to members

The LLP operates a defined contribution scheme. Contributions payable to the LLP's pension scheme are charged to profit and loss in the period to which they relate.

WILLIAMS THOMPSON SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Leases

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.

2
Employees

The average number of persons (excluding members) employed by the partnership during the Period was 15 (2023 - 17).

3
Tangible fixed assets
Leasehold improve-ments
Law Library
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 February 2023
11,865
1,248
164,693
176,456
354,262
Additions
-
-
-
1,220
1,220
At 31 March 2024
11,865
1,248
164,693
177,676
355,482
Depreciation and impairment
At 1 February 2023
11,865
-
155,045
172,474
339,384
Depreciation charged in the Period
-
-
1,688
2,425
4,113
At 31 March 2024
11,865
-
156,733
174,899
343,497
Carrying amount
At 31 March 2024
-
1,248
7,960
2,777
11,985
At 31 January 2023
-
1,248
9,648
3,982
14,878
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
115,658
88,734
Other debtors
306,478
264,858
422,136
353,592
WILLIAMS THOMPSON SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
79,941
Taxation and social security
48,823
56,647
Other creditors
36,295
11,334
85,118
147,922

The bank loan is secured under the partnership's assets.

6
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. No protection is afforded to creditors which is legally enforceable and cannot be revoked at will.

7
Operating lease commitments
Lessee
2024
2023
£
£
Within one year
13,194
16,446
Between two and five years
1,494
15,032
14,688
31,478
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