Limited Liability Partnership registration number OC382776 (England and Wales)
MACMILLANS SOLICITORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MACMILLANS SOLICITORS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MACMILLANS SOLICITORS LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,094
26,133
Current assets
Stocks
250
250
Debtors
4
194,566
224,761
Cash at bank and in hand
92,493
92,506
287,309
317,517
Creditors: amounts falling due within one year
5
(117,646)
(285,728)
Net current assets
169,663
31,789
Total assets less current liabilities
191,757
57,922
Creditors: amounts falling due after more than one year
6
(167,706)
-
Net assets attributable to members
24,051
57,922
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
24,051
57,922

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.

The financial statements were approved by the members and authorised for issue on 24 September 2024 and are signed on their behalf by:
24 September 2024
Mrs L C Gillespie
Mrs A K Martin
Designated member
Designated Member
Limited Liability Partnership registration number OC382776 (England and Wales)
MACMILLANS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Macmillans Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Manor House, Bridgend, Wadebridge, Cornwall, PL27 6BS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The reporting period has been extended to cover a 15 month period to 31st March 2024 to comply with the basis period reform legislation.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the amounts recoverable for legal services provided to clients, excluding value added tax. All turnover derives from activities in the UK.

Revenue from contracts for the provision of legal services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably, A provision is made against unbilled amounts on these engagements where the right to receive payments is contingent on factors outside the control of the limited liability partnership.

1.4
Members' participating interests

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.

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.

MACMILLANS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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:

Short leasehold
No depreciation
Fixtures and fittings
15% per annum on the reducing balance method
Library
No depreciation

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
Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

 

1.8
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in general administrative expenses.

1.9
Taxation

The taxation payable on the partnership's profits is solely the personal liability of the individual members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements. Sums set aside in respect of the members' tax obligations are included in the balance sheet within loans and other debts due to the members, or set against amounts due from members as appropriate.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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:

2024
2022
Number
Number
Total
13
16
MACMILLANS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Short leasehold
Fixtures and fittings
Library
Total
£
£
£
£
Cost
At 1 January 2023 and 31 March 2024
3,578
46,582
1,000
51,160
Depreciation and impairment
At 1 January 2023
-
25,027
-
25,027
Depreciation charged in the period
-
4,039
-
4,039
At 31 March 2024
-
29,066
-
29,066
Carrying amount
At 31 March 2024
3,578
17,516
1,000
22,094
At 31 December 2022
3,578
21,555
1,000
26,133
4
Debtors: amounts falling due within one year
2024
2022
£
£
Trade debtors
37,701
46,407
Other debtors
156,865
178,354
194,566
224,761
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loan
7,066
138,071
Trade creditors
40,794
32,333
Taxation and social security
35,188
46,002
Other creditors
34,598
69,322
117,646
285,728
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loan
167,706
-

The bank loan is secured by a charge over the property from which the LLP operates, which is owed by Macmillans (Wadebridge) Limited The two designated members of the LLP, Mrs L Gillespie and Mrs A Davison are directors of the company.

MACMILLANS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Creditors which fall due after five years are as follows:
2024
2022
£
£
Payable by instalments
133,514
-
7
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.

8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2022
£
£
Within one year
10,187
10,187
Between two and five years
2,547
15,281
12,734
25,468
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