@ Cornwall Law LLP
Annual Report and
Unaudited
Financial Statements
period from 1 December 2022 to 5 April 2024
Registration number: OC368361
@ Cornwall Law LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
@ Cornwall Law LLP
Balance Sheet
5 April 2024
Note |
5 April 2024 |
30 November 2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
80,000 |
80,000 |
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Other amounts |
450,160 |
444,592 |
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530,160 |
524,592 |
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530,160 |
524,592 |
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Total members' interests |
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Loans and other debts due to members |
530,160 |
524,592 |
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530,160 |
524,592 |
For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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.
@ Cornwall Law LLP
Balance Sheet
5 April 2024
The financial statements of @ Cornwall Law LLP (registered number OC368361) were approved by the
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@ Cornwall Law LLP
Notes to the Financial Statements
Period from 1 December 2022 to 5 April 2024
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 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in 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 in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued 2022).
Disclosure of long or short period
The current period is long period from 1 December 2022 to 5 April 2024. The comparative figures are for the 12 months to 30 November 2022.
Going concern
The members have considered a period of 12 months from approval of these accounts, including appropriate forecasts and are satisfied that the going concern basis continues to be appropriate.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
@ Cornwall Law LLP
Notes to the Financial Statements
Period from 1 December 2022 to 5 April 2024
Members' remuneration and division of profits
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for division among members.
The remainder of the profit shares for division among members are allocated in accordance with the members agreement at predetermined and agreed percentages and are also treated as members' remuneration charged as an expense to the profit and loss account.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership 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.
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 |
Office equipment |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
@ Cornwall Law LLP
Notes to the Financial Statements
Period from 1 December 2022 to 5 April 2024
Financial instruments
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities,when the company's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors and bank loans.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
@ Cornwall Law LLP
Notes to the Financial Statements
Period from 1 December 2022 to 5 April 2024
Tangible fixed assets |
Office equipment |
Total |
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Cost |
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At 1 December 2022 |
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Additions |
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Disposals |
( |
( |
At 5 April 2024 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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Eliminated on disposals |
( |
( |
At 5 April 2024 |
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Net book value |
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At 5 April 2024 |
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At 30 November 2022 |
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Debtors |
5 April 2024 |
30 November 2022 |
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Trade debtors |
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Other debtors |
- |
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Prepayments and accrued income |
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248,873 |
246,937 |
Creditors: Amounts falling due within one year |
5 April 2024 |
30 November 2022 |
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Trade creditors |
11,002 |
15,131 |
Taxation and social security |
50,839 |
26,219 |
61,841 |
41,350 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
@ Cornwall Law LLP
Notes to the Financial Statements
Period from 1 December 2022 to 5 April 2024
Analysis of other amounts |
5 April 2024 |
30 November 2022 |
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Money owed to members by the LLP in respect of profits |
450,160 |
444,592 |
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 £14,328.