Registered number
OC373967
JKC Lawyers LLP
Unaudited Filleted Accounts
30 April 2024
JKC Lawyers LLP
Registered number: OC373967
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,880 18,840
Current assets
Stocks and work in progress 38,570 -
Debtors 4 33,704 116,229
Cash at bank and in hand 254,948 476,811
327,222 593,040
Creditors: amounts falling due within one year 5 (298,316) (531,905)
Net current assets 28,906 61,135
Total assets less current liabilities 43,786 79,975
Creditors: amounts falling due after more than one year 6 (11,125) (20,541)
Net assets attributable to members 32,661 59,434
Represented by:
Loans and other debts due to members 7 32,661 59,434
32,661 59,434
Total members' interests
Loans and other debts due to members 7 32,661 59,434
32,661 59,434
For the year ended 30 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 3 October 2024 and signed on their behalf by:
S Thakur M Shah
Designated member Partner
JKC Lawyers LLP
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rendering of legal and professional services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 14 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 24,359 18,873 28,020 71,252
At 30 April 2024 24,359 18,873 28,020 71,252
Depreciation
At 1 May 2023 24,359 18,873 9,180 52,412
Charge for the year - - 3,960 3,960
At 30 April 2024 24,359 18,873 13,140 56,372
Net book value
At 30 April 2024 - - 14,880 14,880
At 30 April 2023 - - 18,840 18,840
4 Debtors 2024 2023
£ £
Trade debtors 33,704 113,094
Other debtors - 3,135
33,704 116,229
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,708 10,000
Trade creditors 179,848 -
Other taxes and social security costs 58,767 83,902
Other creditors 49,993 438,003
298,316 531,905
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,125 20,541
7 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 32,661 59,434
Amounts falling due within one year 32,661 59,434
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
JKC Lawyers LLP is a limited liability partnership incorporated in England. Its registered office is:
12 Station Road
Watford
Hertfordshire
WD17 1EG
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