Ralph & Co Solicitors LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 5 April 2024
Registration number: OC360467
Ralph & Co Solicitors LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Ralph & Co Solicitors LLP
Balance Sheet
5 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
150,000 |
150,000 |
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Other amounts |
(14,797) |
51,176 |
|
135,203 |
201,176 |
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135,203 |
201,176 |
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Total members' interests |
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Amounts due from members |
(23,083) |
- |
|
Loans and other debts due to members |
135,203 |
201,176 |
|
112,120 |
201,176 |
For the year ending 5 April 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.
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.
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
Ralph & Co Solicitors LLP
Balance Sheet
5 April 2024
The financial statements of Ralph & Co Solicitors LLP (registered number OC360467) were approved by the
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Ralph & Co Solicitors LLP
Notes to the Financial Statements
Year Ended 5 April 2024
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
The financial statements have been prepared under the historical cost convention in accordance with FRS 102 incorporating Section 1A – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ‘Accounting for Limited Liability Partnerships’ issued in Decmeber 2021.
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 fair value.
The functional currency of Ralph & Co Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included in debtors.
Ralph & Co Solicitors LLP
Notes to the Financial Statements
Year Ended 5 April 2024
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
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:
Asset class |
Depreciation method and rate |
Land and buildings |
Straight line over the lease term |
Fixtures and fittings |
25% reducing balance |
Financial instruments
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company 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.
The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors and bank loans.
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.
Ralph & Co Solicitors LLP
Notes to the Financial Statements
Year Ended 5 April 2024
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Leasehold land and buildings |
Fixtures and fittings |
Total |
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Cost |
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At 6 April 2023 |
21,301 |
55,364 |
76,665 |
Additions |
- |
250 |
250 |
At 5 April 2024 |
21,301 |
55,614 |
76,915 |
Depreciation |
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At 6 April 2023 |
21,301 |
42,314 |
63,615 |
Charge for the year |
- |
3,294 |
3,294 |
At 5 April 2024 |
21,301 |
45,608 |
66,909 |
Net book value |
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At 5 April 2024 |
- |
10,006 |
10,006 |
At 5 April 2023 |
- |
13,050 |
13,050 |
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
|
|
228,163 |
243,270 |
Ralph & Co Solicitors LLP
Notes to the Financial Statements
Year Ended 5 April 2024
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Bank loans and overdrafts |
38,013 |
33,064 |
Taxation and social security |
30,573 |
34,199 |
Other creditors |
31,003 |
3,375 |
Accruals and deferred income |
69,245 |
33,202 |
168,834 |
103,840 |
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.
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Control |
The limited liability partnership is controlled by K Clixby. The member K Clixby is the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £13,185 (2023 - £14,045).