Registration number:
Enyo Law LLP
Annual Report and Audited
Financial Statements
for the
period from 1 May 2023 to 31 March 2024
Enyo Law LLP
Contents
Limited liability partnership information |
|
Members' Report |
|
Statement of Members' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Members’ Interests |
|
Cash Flow Statement |
|
Notes to the Financial Statements |
Enyo Law LLP
Limited liability partnership information
Designated members |
|
Members |
O Rule |
Registered office |
|
Bankers |
|
Auditors |
Hazlewoods LLP |
Enyo Law LLP
Members' Report for the period from 1 May 2023 to 31 March 2024
The members present their report and the financial statements for the period from 1 May 2023 to 31 March 2024.
Firm structure
The LLP is a limited liability partnership registered in England and Wales. A list of designated members’ names is available for inspection at the LLP’s registered office.
Principal activity
The principal activity of the LLP is the provision of legal services.
Review of the business and future developments
The results for the period, which are set out in the profit and loss account, show a profit for the 11 months to 31 March 2024, before members' remuneration and profit shares, of £15,887,094 (year ended 30 April 2023 - £9,634,326).
At the period end, the LLP had tangible fixed assets of £583,177 (year ended 30 April 2023 - £749,801), trade debtors of £12,771,899 (year ended 30 April 2023 - £8,120,019), and amounts recoverable on contracts of £55,382 (year ended 30 April 2023 - £672,524). Creditors and accruals stood at £8,295,215 (year ended 30 April 2023 - £7,409,693).
As made clear in last year's accounts and repeated below, one of the principal risks for Enyo's high value disputes practice is a number of substantial cases finishing around the same time. With this context, the members consider these to be a good set of results. Moreover, fluctuations in Enyo's revenue, which are a result of the ordinary life cycles of litigation, are an expected part of the business.
Given the straight forward nature of the LLP, the LLP members are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the practice.
Principal risks and uncertainties
The management of the LLP and the execution of the LLP’s strategy are subject to a number of risks. The key business risks and uncertainties affecting the LLP are considered to be changes in the legal industry, a number of substantial cases finishing around the same time, as well as the economic outlook.
Enyo Law LLP
Members' Report for the period from 1 May 2023 to 31 March 2024
Members
The members who held office during the period were as follows:
J Leader - Designated member
B Telyatnikov - Designated member
T Elliss - Designated member (resigned 31 March 2024)
N Jones - Designated member
R Levett - Designated member
J Brook - Designated member
A Maxwell - Designated member
E Allen - Designated member
G Maling - Designated member
A McGregor - Designated member (appointed 17 October 2023)
K Rodgers (designated member from 1 April 2024) - Member
F Walkinshaw - Member
K Marquet-Horwood - Member (appointed 1 May 2023)
D Levy (designated member from 1 April 2024) - Member
L Orr - Member
E Rubinina (designated member from 1 April 2024) - Member
F Thorling - Member (appointed 1 May 2023)
J Pagan (designated member from 1 April 2024) - Member
M Marshall - Member
O Rule - Member (appointed 27 November 2023)
Members' drawings and the subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years, members are invited to subscribe for further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Disclosure of information to the auditors
Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Members on 10 October 2024 and signed on its behalf by:
...........................
G Maling
Designated member
Enyo Law LLP
Statement of Members' Responsibilities for the period from 1 May 2023 to 31 March 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that year. In preparing these financial statements, the members are required to:
• |
select suitable accounting policies and then apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the the members.
Enyo Law LLP
Independent Auditor's Report to the Members of Enyo Law LLP for the period from 1 May 2023 to 31 March 2024
Opinion
We have audited the financial statements of Enyo Law LLP (the ‘LLP’) for the period from 1 May 2023 to 31 March 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Opinion on the financial statements
In our opinion the financial statements:
• |
give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its profit for the period then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to LLPs. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other information
The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Enyo Law LLP
Independent Auditor's Report to the Members of Enyo Law LLP for the period from 1 May 2023 to 31 March 2024
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept by the LLP, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the LLP financial statements are not in agreement with the accounting records and returns; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities [set out on page 4], the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
1. We obtained an understanding of the legal and regulatory requirements applicable to the LLP's financial
statements or that had a fundamental effect on the operations of the LLP. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws;
2. We understood how the LLP is complying with those legal and regulatory frameworks by making inquiries of management, and those responsible for legal and compliance procedures.
3. We assessed the susceptibility of the LLP’s financial statements to material misstatement including how fraud might occur. Audit procedures performed by the engagement team included:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addresses the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates; and
- identifying and testing journal entries, in particular, any journal entries posted with unusual characteristics.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Enyo Law LLP
Independent Auditor's Report to the Members of Enyo Law LLP for the period from 1 May 2023 to 31 March 2024
Use of our report
This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Windsor House
Cheltenham
GL50 3AT
Enyo Law LLP
Profit and Loss Account for the Period from 1 May 2023 to 31 March 2024
Note |
1 May 2023 to 31 |
Year ended 30 |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Profit for the period before members' remuneration and profit shares |
|
|
|
Members' remuneration charged as an expense |
(15,887,094) |
(9,634,326) |
|
Profit/(loss) for the period available for discretionary division among members |
- |
- |
Turnover and operating profit derive wholly from continuing operations.
The LLP has no recognised gains or losses for the period other than the results above.
Enyo Law LLP
(Registration number: OC356313)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
30 April 2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
|||
Other provisions |
( |
- |
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Other amounts |
15,578,897 |
7,944,673 |
|
15,578,897 |
7,944,673 |
||
Total members' interests |
|||
Loans and other debts due to members |
15,578,897 |
7,944,673 |
|
15,578,897 |
7,944,673 |
The financial statements of Enyo Law LLP (registered number OC356313) were approved by the
.........................................
G Maling
Designated member
Enyo Law LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Loans and other debts due to/(from) members |
|
£ |
|
Members' interest at 1 May 2023 |
7,944,673 |
Members' remuneration charged as an expense |
15,887,094 |
Members’ capital introduced (net of capital repaid) |
75,000 |
Drawings (including tax payments) |
(6,638,678) |
Transfer of capital to former members’ balances |
(1,689,192) |
At 31 March 2024 |
15,578,897 |
|
Loans and other debts due to/(from) members |
|
£ |
|
Members' interest at 1 May 2022 |
3,183,854 |
Members' remuneration charged as an expense |
9,634,326 |
Members’ capital introduced |
187,500 |
Drawings (including tax payments) |
(5,061,007) |
At 30 April 2023 |
7,944,673 |
Enyo Law LLP
Cash Flow Statement for the Period from 1 May 2023 to 31 March 2024
Note |
31 March 2024 |
30 April 2023 |
|
Net cash inflow from operating activities |
12,467,051 |
2,637,443 |
|
Cash flows from investing activities |
|||
Purchase of tangible fixed assets |
(23,481) |
(16,108) |
|
Interest received |
425,827 |
204,457 |
|
Net cash flows from investing activities |
402,346 |
188,349 |
|
Cash flows from financing activities |
|||
Payments to or on behalf of members |
(8,327,870) |
(5,061,007) |
|
Capital contributions by members |
75,000 |
187,500 |
|
Net cash flows from financing activities |
(8,252,870) |
(4,873,507) |
|
Net increase/(decrease) in cash and cash equivalents |
4,616,527 |
(2,047,715) |
|
Cash and cash equivalents at 1 May 2023 |
5,025,821 |
7,073,536 |
|
Cash and cash equivalents at 31 March 2024 |
9,642,348 |
5,025,821 |
31 March 2024 |
30 April 2023 |
|
Reconciliation to cash at bank and in hand: |
||
Cash at bank |
|
|
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Accounting policies |
Statement of compliance
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.
General information and basis of accounting
The LLP is incorporated in the United Kingdom 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 LLP's operations and its principal activities are given in the members’ report.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).
The functional currency of the LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound. Foreign operations are included in accordance with the policies set out below.
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.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Key sources of estimation uncertainty
Bad debt provision – due to the nature of the business, there are high levels of trade receivables at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out at the year end where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £770,729 (2023 - £209,299).
Amounts recoverable on contracts – the process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimates. A year end report of time on all assignments is circulated to fee earners to identify likely irrecoverable amounts. The carrying amount is £55,382 (2023 - £672,524).
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Revenue recognition
Income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fee income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Fee income in respect of contingent fee assignments is recognised in the period in which the contingent event occurs and collectability of the fee is assured.
Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit sharing arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Foreign currency
Taxation
The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither partnership taxation or related deferred taxation are 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.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Leasehold improvements |
Over lease term |
Computer equipment |
25% of cost per annum |
Fixtures and fittings |
25% of cost per annum |
Trade debtors
Trade debtors are amounts due from clients for 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 LLP 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 in hand 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.
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer the settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event. Provisions are recognised where it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Members' interests
Members' interest is repayable within one year on retirement of the member and is therefore classified as a liability. Because members may retire with 6 months notice and are paid within one year of retirement, members' capital is shown as being due within one year.
Pensions and other post retirement obligations
The LLP 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
All financial assets and liabilities are initially measured at transaction price (including transaction costs). If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Turnover |
An analysis of the LLP's turnover for the period by geographical market is as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 |
|
UK |
14,720,765 |
9,453,385 |
Rest of world |
13,069,970 |
11,823,145 |
27,790,735 |
21,276,530 |
The analysis of the LLP's revenue for the period is as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 |
|
Rendering of services |
27,790,735 |
21,276,530 |
Operating profit |
Operating profit is stated after charging /(crediting):
1 May 2023 to 31 March 2024 |
Year ended 30 |
|
Operating leases - plant and machinery |
3,554 |
8,888 |
Foreign currency (gains)/losses |
5,110 |
73,128 |
Depreciation of owned assets |
190,105 |
205,250 |
Auditor's remuneration |
27,225 |
25,445 |
Other interest receivable and similar income |
1 May 2023 to 31 March 2024 |
Year ended 30 |
|
Other interest receivable and similar income |
425,827 |
204,457 |
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Particulars of employees |
The average number of persons employed by the LLP (including members) during the period, analysed by category was as follows:
2024 |
2023 |
|
Fee earning staff |
|
|
Administrative and support staff |
|
|
|
|
|
|
The aggregate payroll costs were as follows:
1 May 2023 to 31 March 2024 |
Year ended 30 April 2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension schemes |
|
|
8,047,455 |
7,818,644 |
|
|
Members' remuneration |
1 May 2023 to 31 March 2024 |
Year ended 30 |
|
Average number of members during the period |
18 |
18 |
The profit attributable to the member with the largest entitlement was £3,767,807 (2023 - £2,796,083).
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Tangible fixed assets |
Leasehold improvements |
Computer equipment |
Fixtures and fittings |
Total |
|
Cost |
||||
At 1 May 2023 |
667,558 |
165,764 |
403,081 |
1,236,403 |
Additions |
- |
17,171 |
6,310 |
23,481 |
Disposals |
- |
(59,607) |
- |
(59,607) |
At 31 March 2024 |
667,558 |
123,328 |
409,391 |
1,200,277 |
Depreciation |
||||
At 1 May 2023 |
149,733 |
114,247 |
222,622 |
486,602 |
Charge for the year |
61,088 |
37,191 |
91,826 |
190,105 |
Eliminated on disposals |
- |
(59,607) |
- |
(59,607) |
At 31 March 2024 |
210,821 |
91,831 |
314,448 |
617,100 |
Net book value |
||||
At 31 March 2024 |
456,737 |
31,497 |
94,943 |
583,177 |
At 30 April 2023 |
517,825 |
51,517 |
180,459 |
749,801 |
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Amounts recoverable on contracts |
55,382 |
672,524 |
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
|
|
Amounts due to former members |
|
|
Other taxes and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £575,404 (2023 - £399,469).
Provisions |
Other provisions |
Total |
|
Additional provisions |
|
|
At 31 March 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The LLP operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the LLP to the scheme and amounted to £174,912 (2023 - £180,804).
Analysis of other amounts |
31 March 2024 |
30 April 2023 |
|
Money owed to members by the LLP in respect of profits |
15,578,897 |
7,944,673 |
Original capital introduced into the LLP at the date of the LLP conversion and all other amounts due to members rank pari passu with other unsecured creditors in the event of a winding up.
Cash flow statement |
31 March 2024 |
30 April 2023 |
|
Operating profit |
15,461,267 |
9,429,869 |
Depreciation, amortisation and impairment charges |
190,105 |
205,250 |
Decrease/(increase) in amounts recoverable on long term contracts |
617,142 |
(248,831) |
Increase in debtors |
(4,859,127) |
(3,614,923) |
Increase/(decrease) in creditors |
890,516 |
(3,133,922) |
Increase in provisions |
167,148 |
- |
Cash generated by operations |
12,467,051 |
2,637,443 |
Net cash inflow from operating activities |
12,467,051 |
2,637,443 |
Enyo Law LLP
Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024
Analysis of changes in net debt |
At 1 May 2023 |
Cash flows |
At 31 March 2024 |
|
Cash at bank |
5,025,821 |
4,616,527 |
9,642,348 |
Loans and other debts due to members |
|||
Members’ capital |
(687,500) |
- |
(687,500) |
Other amounts due to members |
(7,257,173) |
(7,634,226) |
(14,891,399) |
Net debt |
( |
( |
( |
|