Registration number:
Thompson & Jackson LLP
for the Year Ended 31 March 2024
Thompson & Jackson LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Thompson & Jackson LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Thompson & Jackson LLP
(Registration number: OC404066)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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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 |
1,675,108 |
1,520,710 |
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1,675,108 |
1,520,710 |
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Total members' interests |
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Loans and other debts due to members |
1,675,108 |
1,520,710 |
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1,675,108 |
1,520,710 |
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.
Thompson & Jackson LLP
(Registration number: OC404066)
Balance Sheet as at 31 March 2024
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.
The financial statements of Thompson & Jackson LLP (registered number OC404066) were approved by the
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Thompson & Jackson LLP
Notes to the Financial Statements for the Year Ended 31 March 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 compliance with Section 1A 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' issued in January 2017 (SORP 2017), except that it has departed from the requirement to amortise goodwill in order to give a true and fair view.
General information and basis of accounting
The limited liability partnership is incorporated in 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.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Thompson & Jackson 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.
undiscounted
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Thompson & Jackson LLP
Notes to the Financial Statements for the Year Ended 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.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
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'.
Goodwill
Goodwill has not been amortised. This treatment may be a departure from the requirements of FRS102 concerning amortisation of intangible fixed assets, however,the Members believe that due to the nature of the business, the history of the partnership prior to incorporation and the nature of the assets upon which this goodwill has arisen, any amortisation charge would be immaterial. The accounting policy adopted is therefore necessary for the accounts to show a fair presentation of the financial position and performance of the Limited Liability Partnership. As the goodwill was not amortised,an impairment review was performed at the year end. No indications of impairment were identified.
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Thompson & Jackson LLP
Notes to the Financial Statements for the Year 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 |
Website development costs |
5 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:
Fixtures and fittings |
20% straight line |
Computer equipment |
20% straight line |
Leasehold improvements |
5 years straight line |
No depreciation is provided on the library as it is continuously updated and charged through the profit and loss account.
Impairment of 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.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Accrued income represents the selling value of incomplete, un-billed work under contracts for legal services.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Thompson & Jackson LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year, including the members with contract of employment, amounted to
Intangible fixed assets |
Website |
Goodwill |
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Cost |
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At 1 April 2023 |
- |
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Additions |
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At 31 March 2024 |
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Amortisation |
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Charge for the year |
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At 31 March 2024 |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
- |
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Thompson & Jackson LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Leasehold |
Computer |
Library |
Fixtures and |
Total |
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Cost |
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At 1 April 2023 |
- |
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Additions |
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- |
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Disposals |
- |
( |
- |
- |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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- |
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Charge for the year |
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- |
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Eliminated on disposals |
- |
( |
- |
- |
( |
At 31 March 2024 |
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- |
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Net book value |
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At 31 March 2024 |
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At 31 March 2023 |
- |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
457,911 |
448,814 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Taxation and social security |
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Thompson & Jackson LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
- |
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Obligations under leases |
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 |
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Not later than one year |
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Later than one year and not later than five years |
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8 Members' other interests
There are no restrictions on the ability of the members' to reduce the amount of members' other interest.