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Registration number: OC326240

Nash & Co Solicitors LLP

Annual Report and Unaudited Financial Statements

for the period from 1 May 2023 to 31 March 2024

image-name
 

Nash & Co Solicitors LLP

Contents

Limited liability partnership information

1

Statement of Members' Responsibilities

2

Financial Statements

3 to 10

Balance Sheet

3

Notes to the Financial Statements

5

 

Nash & Co Solicitors LLP

Limited liability partnership information

Designated members

A R Blackburn

J M Loney

H C Bull

I D Grimshaw
 

Registered office

Beaumont House
Beaumont Park
Plymouth
Devon
PL4 9BD

Accountants

Westcotts
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

 

Nash & Co Solicitors LLP

Statement of Members' Responsibilities for the period from 1 May 2023 to 31 March 2024

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

 

Nash & Co Solicitors LLP

(Registration number: OC326240)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

111,161

133,080

Current assets

 

Debtors

4

2,218,930

1,933,069

Cash and short-term deposits

 

1,219,593

965,050

 

3,438,523

2,898,119

Creditors: Amounts falling due within one year

5

(839,390)

(837,800)

Net current assets

 

2,599,133

2,060,319

Net assets attributable to members

 

2,710,294

2,193,399

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

2,710,294

2,193,399

   

2,710,294

2,193,399

Total members' interests

 

Loans and other debts due to members

 

2,710,294

2,193,399

   

2,710,294

2,193,399

For the year ending 31 March 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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

Nash & Co Solicitors LLP

(Registration number: OC326240)
Balance Sheet as at 31 March 2024

The financial statements of Nash & Co Solicitors LLP (registered number OC326240) were approved by the Board and authorised for issue on 2 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
J M Loney
Designated member

 

Nash & Co Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

1

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.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales 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.

These financial statements have been prepared using the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

The functional currency of Nash & Co 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.

Disclosure of long or short period

During the year the members voted to change the accounting period from 30 April 2024 to 31 March 2024 in order to assist with the transition in line with the basis period reform.

Revenue recognition

Revenue - described as turnover - is the value of work (net of vat) performed during the year in respect of Solicitors services.

Services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover. Turnover recognised in this manner 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 in debtors.

 

Nash & Co Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Members' remuneration and division of profits

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are from the LLP's perspective, either a financial liability or equity in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 building improvements

Straight line over the period of the lease. Present lease expires 2030.

Computer equipment

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

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.

 

 

Nash & Co Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Impairment of financial assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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

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.

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.

Other financial liabilities

 

Nash & Co Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Retirement benefits and post retirement payments to members

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

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 67 (2023 - 73).

 

Nash & Co Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

3

Tangible fixed assets

Leasehold build improvements
£

Computer equipment
 £

Fixtures and fittings
 £

Total
£

Cost

At 1 May 2023

322,801

434,242

131,643

888,686

Additions

-

12,786

1,082

13,868

At 31 March 2024

322,801

447,028

132,725

902,554

Depreciation

At 1 May 2023

280,635

368,138

106,833

755,606

Charge for the year

7,607

19,854

8,326

35,787

At 31 March 2024

288,242

387,992

115,159

791,393

Net book value

At 31 March 2024

34,559

59,036

17,566

111,161

At 30 April 2023

42,166

66,104

24,810

133,080

4

Debtors

2024
£

2023
£

Trade debtors

1,984,329

1,729,295

Other debtors

2,122

-

Prepayments and accrued income

232,479

203,774

2,218,930

1,933,069

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

-

118,085

Trade creditors

333,082

180,029

Other creditors

16,046

15,624

Accruals and deferred income

209,010

203,777

Taxation and social security

281,252

320,285

839,390

837,800

 

Nash & Co Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

6

Obligations under leases and hire purchase contracts

Operating leases

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
 £

2023
 £

Not later than one year

121,686

100,000

Later than one year and not later than five years

486,744

400,000

Later than five years

152,108

216,666

760,538

716,666

8. 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.

9. Members’ other interests

There are no restrictions on the ability of the members' to reduce the amount of members' other interest.