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Registration number: OC356313

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

1

Members' Report

2 to 3

Statement of Members' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Members’ Interests

10

Cash Flow Statement

11

Notes to the Financial Statements

12 to 19

 

Enyo Law LLP

Limited liability partnership information

Designated members

J Leader

B Telyatnikov

N Jones

R Levett

J Brook

A Maxwell

E Allen

G Maling

A McGregor
 

Members

K Rodgers (designated member from 1 April 2024)

F Walkinshaw

K Marquet-Horwood

D Levy (designated member from 1 April 2024)

L Orr

E Rubinina (designated member from 1 April 2024)

F Thorling

J Pagan (designated member from 1 April 2024)

M Marshall

O Rule
 

Registered office

1 Tudor Street
London
EC4Y 0AH

Bankers

Barclays Bank Plc
1 Churchill Place
London
E14 5HP

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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.

......................................
Ian Johnson (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor HouseBayshill Road
Cheltenham
GL50 3AT

15 October 2024

 

Enyo Law LLP

Profit and Loss Account for the Period from 1 May 2023 to 31 March 2024

Note

1 May 2023 to 31
March 2024
£

Year ended 30
April 2023
£

Turnover

2

27,790,735

21,276,530

Administrative expenses

 

(12,329,468)

(11,846,661)

Operating profit

3

15,461,267

9,429,869

Other interest receivable and similar income

4

425,827

204,457

Profit for the period before members' remuneration and profit shares

 

15,887,094

9,634,326

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

7

583,177

749,801

Current assets

 

Debtors

8

13,820,729

9,578,744

Cash and short-term deposits

 

9,642,348

5,025,821

 

23,463,077

14,604,565

Creditors: Amounts falling due within one year

9

(8,300,209)

(7,409,693)

Net current assets

 

15,162,868

7,194,872

Total assets less current liabilities

 

15,746,045

7,944,673

Provisions for liabilities

 

Other provisions

11

(167,148)

-

Net assets attributable to members

 

15,578,897

7,944,673

Represented by:

 

Loans and other debts due to members

 

Other amounts

13

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 members and authorised for issue on 10 October 2024. They were signed on behalf of the LLP by:

.........................................
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

14

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

9,642,348

5,025,821

 

Enyo Law LLP

Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024

1

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

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

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

2

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
April 2023
£

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
April 2023
 £

Rendering of services

27,790,735

21,276,530

3

Operating profit

Operating profit is stated after charging /(crediting):

1 May 2023 to 31 March 2024
 £

Year ended 30
April 2023
 £

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

4

Other interest receivable and similar income

1 May 2023 to 31 March 2024
 £

Year ended 30
April 2023
 £

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

5

Particulars of employees

The average number of persons employed by the LLP (including members) during the period, analysed by category was as follows:

2024
No.

2023
No.

Fee earning staff

54

54

Administrative and support staff

13

11

67

65

The aggregate payroll costs were as follows:

1 May 2023 to 31 March 2024
 £

Year ended 30 April 2023
 £

Wages and salaries

7,039,461

6,709,306

Social security costs

833,082

928,534

Other pension schemes

174,912

180,804

8,047,455

7,818,644

6

Members' remuneration

1 May 2023 to 31 March 2024

Year ended 30
April 2023

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

7

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

8

Debtors

2024
£

2023
£

Trade debtors

12,771,899

8,120,019

Amounts recoverable on contracts

55,382

672,524

Other debtors

31,176

219,885

Prepayments and accrued income

962,272

566,316

13,820,729

9,578,744

9

Creditors: Amounts falling due within one year

2024
£

2023
£

Trade creditors

3,684,893

3,124,058

Amounts due to former members

1,689,192

2,477,778

Other taxes and social security

1,322,921

529,580

Other creditors

314,096

333,106

Accruals and deferred income

1,289,107

945,171

8,300,209

7,409,693

 

Enyo Law LLP

Notes to the Financial Statements
for the period from 1 May 2023 to 31 March 2024

10

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

740,903

616,996

Later than one year and not later than five years

520,144

1,028,881

1,261,047

1,645,877

The amount of non-cancellable operating lease payments recognised as an expense during the period was £575,404 (2023 - £399,469).

11

Provisions

Other provisions
£

Total
£

Additional provisions

167,148

167,148

At 31 March 2024

167,148

167,148

12

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).

13

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.

14

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

15

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

(2,918,852)

(3,017,699)

(5,936,551)