REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st March 2024 |
for |
Parkinson Wright LLP |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st March 2024 |
for |
Parkinson Wright LLP |
Parkinson Wright LLP (Registered number: OC325172) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Parkinson Wright LLP |
General Information |
for the Year Ended 31st March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Parkinson Wright LLP (Registered number: OC325172) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
695,108 |
564,068 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
615,108 |
494,068 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 80,000 | 70,000 |
695,108 | 564,068 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 615,108 | 494,068 |
Members' other interests | 80,000 | 70,000 |
695,108 | 564,068 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Parkinson Wright LLP (Registered number: OC325172) |
Balance Sheet - continued |
31st March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Parkinson Wright LLP (Registered number: OC325172) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
Parkinson Wright LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life |
Computers | - 25% on a straight line basis |
Leasehold Property | - 5% on a straight line basis |
Office Equipment | - 20% on a straight line basis |
Office Furniture | - 10% on a straight line basis |
WORK IN PROGRESS |
Work in progress is valued at the lower of cost and net realisable value. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Computer |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Parkinson Wright LLP (Registered number: OC325172) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to participating interests | 331,190 | 304,313 |
Social security and other taxes |
Accrued expenses |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members' (other than members' capital classified as debt) ranks equally with other creditors. |
8. | RELATED PARTY DISCLOSURES |
The designated members are also directors and shareholders of Parkinson Wright Limited. Parkinson Wright Limited provides legal staff to Parkinson Wright LLP for which it charges a management charge in addition to the costs of the legal staff provided. |
During the year the total charged by Parkinson Wright Limited was £3,024,040 (2023: £2,705,965). At the year end the amount owing to the company by Parkinson Wright LLP was £331,190 (2023: £304,313). |
9. | ULTIMATE CONTROLLING PARTY |
THe LLP is controlled by the designated members, |