Company registration number 00004302 (England and Wales)
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
David Tournafond
James Mannouch
Mickaela Schorah
Jeremy Myers
Gaynor Williams
Emma Palmer
Lindsey Knowles
Syed MA Ullah
Jennifer Powell
Amelia Hayden
Jonathan Berkson
Sarah Mansfield
John Owens
Nina Sahu
Rachel Stalker
Haley Farrell
John-Paul Dennis
Lorna Mitchell
Lauren Cannon
Paul Kilty
Nadya Makarova
Anthony Neild
(Appointed 30 November 2023)
Nichola Halpin
(Appointed 30 November 2023)
Julie Chamberlain
(Appointed 13 February 2024)
Nicola Walker
(Appointed 30 November 2023)
Pamela Chesterman
(Appointed 30 November 2023)
President
Gaynor Williams
Vice President
James Mannouch
Hon Secretaries
Sarah Mansfield
Syed MA Ullah
Company number
00004302
Registered office
Tempest
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
Auditor
Mitchell Charlesworth (Audit) Limited
Suite 5.1
Tempest
12 Tithebarn Street
Liverpool
L2 2DT
Bankers
Natwest
2-8 Church Street
Liverpool
L1 3BG
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Investment managers
Rathbone Investment Management
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
952
2,123
Investments
5
257,226
244,819
258,178
246,942
Current assets
Debtors
6
33,195
28,400
Cash at bank and in hand
84,079
99,852
117,274
128,252
Creditors: amounts falling due within one year
7
(92,959)
(109,563)
Net current assets
24,315
18,689
Total assets less current liabilities
282,493
265,631
Creditors: amounts falling due after more than one year
8
(10,840)
(20,777)
Net assets
271,653
244,854
Reserves
Profit and loss reserves
271,653
244,854
Members' Funds
271,653
244,854
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime with the provision of FRS 102 Section 1A Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Emma Palmer
Director
Company Registration No. 00004302
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Profit and loss reserves
£
Balance at 1 June 2022
312,524
Year ended 31 May 2023:
Loss and total comprehensive income for the year
(67,670)
Balance at 31 May 2023
244,854
Year ended 31 May 2024:
Profit and total comprehensive income for the year
26,796
Balance at 31 May 2024
271,653
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Liverpool Law Society is a private company limited by guarantee incorporated in England and Wales. The registered office is Tempest, Suite 5.1, 12 Tithebarn Street, Liverpool L2 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for subscriptions and services net of VAT.
Event income is recognised once the event is held.
Subscriptions represent amounts receivable from members. The income is recognised over the period of membership.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office equipment
20% per annum straight line
Furniture and fittings
20% per annum reducing balance
Computer equipment
33 1/3% per annum straight line
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net profit/(loss) for the year. Transaction costs are expensed as incurred.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year in accordance with FRS 17.
1.11
Investment income comprises dividends declared during the accounting period, interest received on listed and unlisted investments and bank interest receivable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no key estimates included in these accounts.
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 5 (2023 - 5).
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
3,512
Depreciation and impairment
At 1 June 2023
1,389
Depreciation charged in the year
1,171
At 31 May 2024
2,560
Carrying amount
At 31 May 2024
952
At 31 May 2023
2,123
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Listed Investments
257,226
244,819
Movements in fixed asset investments
Listed Investments
£
Cost or valuation
At 1 June 2023
244,819
Additions
293,371
Valuation changes
710
Movement on capital & income accounts
(6,141)
Disposals
(275,533)
At 31 May 2024
257,226
Carrying amount
At 31 May 2024
257,226
At 31 May 2023
244,819
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,890
22,209
Other debtors
16,305
6,191
33,195
28,400
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,649
10,648
Trade creditors
5,941
6,189
Taxation and social security
6,614
6,849
Other creditors
69,755
85,877
92,959
109,563
LIVERPOOL LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,840
20,777
9
Deferred income
Deferred income is included in the financial statements as follows:
2024
2023
£
£
Total deferred income at 1 June 2023
45,034
34,249
Movement in the year
14,366
10,785
Total deferred income at 31 May 2024
59,400
45,034
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Louise Casey ACA
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
11
Operating lease commitments
Lessee
At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases.
12
Related party transactions
Liverpool Law Society is the sole trustee of The Pritt Fund, Educational Foundation and Conkerton Memorial Fund. Administration charges of £600 (2023: £600) were charged each to The Pritt Fund and Educational Foundation.
In the prior year lecture expenses of £1,361 were charged to Conkerton Memorial Fund, there were none charged for the year ended 31 May 2024.
13
Company limited by guarantee
The company is limited by guarantee and has no share capital. Each member undertakes to contribute a maximum of £10 to the assets of the company, in the event of winding up.
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