Crombie Wilkinson Solicitors LLP OC353865 false 2023-05-01 2024-03-31 2024-03-31 The principal activity of the company is provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 Software OC353865 2023-05-01 2024-03-31 OC353865 2024-03-31 OC353865 core:CurrentFinancialInstruments 2024-03-31 OC353865 core:Non-currentFinancialInstruments 2024-03-31 OC353865 core:Goodwill 2024-03-31 OC353865 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 OC353865 core:FurnitureFittings 2024-03-31 OC353865 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC353865 core:PlantMachinery 2024-03-31 OC353865 bus:SmallEntities 2023-05-01 2024-03-31 OC353865 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC353865 bus:FullAccounts 2023-05-01 2024-03-31 OC353865 bus:RegisteredOffice 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP1 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP10 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP12 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP13 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP15 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP16 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP17 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP18 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP2 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP5 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP6 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP7 2023-05-01 2024-03-31 OC353865 bus:PartnerLLP8 2023-05-01 2024-03-31 OC353865 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC353865 bus:Agent1 2023-05-01 2024-03-31 OC353865 core:Goodwill 2023-05-01 2024-03-31 OC353865 core:ComputerEquipment 2023-05-01 2024-03-31 OC353865 core:ConstructionInProgressAssetsUnderConstruction 2023-05-01 2024-03-31 OC353865 core:FurnitureFittings 2023-05-01 2024-03-31 OC353865 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC353865 core:LeaseholdImprovements 2023-05-01 2024-03-31 OC353865 core:OfficeEquipment 2023-05-01 2024-03-31 OC353865 core:OtherPropertyPlantEquipment 2023-05-01 2024-03-31 OC353865 core:PlantMachinery 2023-05-01 2024-03-31 OC353865 countries:AllCountries 2023-05-01 2024-03-31 OC353865 2023-04-30 OC353865 core:Goodwill 2023-04-30 OC353865 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 OC353865 core:FurnitureFittings 2023-04-30 OC353865 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 OC353865 core:PlantMachinery 2023-04-30 OC353865 2022-05-01 2023-04-30 OC353865 2023-04-30 OC353865 core:CurrentFinancialInstruments 2023-04-30 OC353865 core:Non-currentFinancialInstruments 2023-04-30 OC353865 core:Goodwill 2023-04-30 OC353865 core:ConstructionInProgressAssetsUnderConstruction 2023-04-30 OC353865 core:FurnitureFittings 2023-04-30 OC353865 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 OC353865 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure

Registration number: OC353865

Crombie Wilkinson Solicitors LLP

Annual Report and Unaudited Financial Statements

for the period from 1 May 2023 to 31 March 2024

 

Crombie Wilkinson Solicitors LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Crombie Wilkinson Solicitors LLP

Limited liability partnership information

Designated members

I J Barnard

A L Holliday (appointed as a designated member on 1 April 2024)

N A Largan

D C Myles (resigned 31 October 2023)

D G Morter

S E Richardson
 

Members

G Cross

E Robinson (resigned 31 October 2023)

B J Poulter

M A Coultas

M Robinson

M R Watson (resigned 31 October 2023)

D J Norgate
 

Registered office

Clifford House
19 Clifford Street
York
YO1 9RJ

Bankers

Lloyds Bank plc
2 Pavement
York
Yorkshire
YO1 9UP

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Crombie Wilkinson Solicitors LLP

(Registration number: OC353865)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Fixed assets

 

Tangible assets

5

149,792

209,509

Current assets

 

Debtors

6

2,688,997

2,318,531

Cash and short-term deposits

 

281,259

207,018

 

2,970,256

2,525,549

Creditors: Amounts falling due within one year

7

(1,858,453)

(1,542,672)

Net current assets

 

1,111,803

982,877

Total assets less current liabilities

 

1,261,595

1,192,386

Creditors: Amounts falling due after more than one year

8

(103,315)

(39,210)

Net assets attributable to members

 

1,158,280

1,153,176

Represented by:

 

Loans and other debts due to members

 

Other amounts

9

1,158,280

1,153,176

   

1,158,280

1,153,176

Total members' interests

 

Loans and other debts due to members

 

1,158,280

1,153,176

   

1,158,280

1,153,176

For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Crombie Wilkinson Solicitors LLP (registered number OC353865) were approved by the members and authorised for issue on 21 October 2024. They were signed on behalf of the LLP by:

.........................................
D G Morter
Designated member

 

Crombie Wilkinson Solicitors LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
Clifford House
19 Clifford Street
York
YO1 9RJ

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The limited liability partnership 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 limited liability partnership’s operations and its principal activities are given in the members’ report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) 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 Crombie Wilkinson Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

 

Crombie Wilkinson Solicitors LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

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 historic 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 debtors at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £78,671 (2023 - £35,454).

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 estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £945,145 (2023 - £923,662).

Revenue recognition

Fee 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. 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.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client 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 share arrangements.

A member's share of the profit or loss for the year is accounted for as allocation of profits.

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 LLP taxation nor related deferred taxation is 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the aquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

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.

 

Crombie Wilkinson Solicitors LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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 property

10 years straight line

Leasehold improvements

10 years straight line and over the term of the lease

Computer equipment

4 years straight line

Office furniture and fittings

15% straight line

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and are subject to an insignificant risk of change in value.

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 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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Pensions and other post retirement obligations

The LLP operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing 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.

 

Crombie Wilkinson Solicitors LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the period was 0 (2023 - 0).

4

Intangible fixed assets

Goodwill
£

Cost

At 1 May 2023

98,500

At 31 March 2024

98,500

Amortisation

At 1 May 2023

98,500

At 31 March 2024

98,500

Net book value

At 31 March 2024

-

At 30 April 2023

-

 

Crombie Wilkinson Solicitors LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

5

Tangible fixed assets

Leasehold property
£

Leasehold improvements
£

Computer equipment
£

Office furniture and fittings
£

Total
£

Cost

At 1 May 2023

62,761

78,263

350,986

106,341

598,351

Additions

-

-

7,223

1,250

8,473

At 31 March 2024

62,761

78,263

358,209

107,591

606,824

Depreciation

At 1 May 2023

50,585

46,928

220,211

71,118

388,842

Charge for the year

1,860

6,333

46,652

13,345

68,190

At 31 March 2024

52,445

53,261

266,863

84,463

457,032

Net book value

At 31 March 2024

10,316

25,002

91,346

23,128

149,792

At 30 April 2023

12,176

31,335

130,775

35,223

209,509

 

Crombie Wilkinson Solicitors LLP

Notes to the Financial Statements for the Period Ended 31 March 2024

6

Debtors

31 March 2024
 £

30 April 2023
 £

Trade debtors

654,293

528,475

Amounts recoverable on contracts

945,144

923,662

Other debtors

702,987

548,728

Prepayments

386,573

317,666

Total current trade and other debtors

2,688,997

2,318,531

7

Creditors: Amounts falling due within one year

31 March 2024
 £

30 April 2023
 £

Bank loans and overdrafts

262,245

272,313

Trade creditors

1,189,127

1,052,381

Amounts due to former members

235,299

39,867

Accruals

130,190

123,358

Taxation and social security

41,592

54,753

1,858,453

1,542,672

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loans and overdrafts

262,245

282,182

Trade creditor

1,006,333

897,814

1,268,578

1,179,996

8

Creditors: Amounts falling due after more than one year

31 March 2024
 £

30 April 2023
 £

Bank loans and overdrafts

103,315

39,210

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loans and overdrafts

103,315

39,210

9

Analysis of other amounts

31 March 2024
 £

30 April 2023
 £

Money advanced to the LLP by the members by way of loan

432,422

569,346

Money owed to members by the LLP in respect of profits

725,858

583,830

1,158,280

1,153,176

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £201,898 (2023 - £302,847).