Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-01truefalsefalseNo description of principal activity4134trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC382130 2023-05-01 2024-03-31 OC382130 2022-05-01 2023-04-30 OC382130 2024-03-31 OC382130 2023-04-30 OC382130 c:Buildings c:LongLeaseholdAssets 2023-05-01 2024-03-31 OC382130 c:Buildings c:LongLeaseholdAssets 2024-03-31 OC382130 c:Buildings c:LongLeaseholdAssets 2023-04-30 OC382130 c:OfficeEquipment 2023-05-01 2024-03-31 OC382130 c:OfficeEquipment 2024-03-31 OC382130 c:OfficeEquipment 2023-04-30 OC382130 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC382130 c:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC382130 c:CurrentFinancialInstruments 2024-03-31 OC382130 c:CurrentFinancialInstruments 2023-04-30 OC382130 c:Non-currentFinancialInstruments 2024-03-31 OC382130 c:Non-currentFinancialInstruments 2023-04-30 OC382130 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC382130 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC382130 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC382130 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 OC382130 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC382130 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 OC382130 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC382130 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-04-30 OC382130 d:FRS102 2023-05-01 2024-03-31 OC382130 d:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC382130 d:FullAccounts 2023-05-01 2024-03-31 OC382130 d:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC382130 c:WithinOneYear 2024-03-31 OC382130 c:WithinOneYear 2023-04-30 OC382130 c:BetweenOneFiveYears 2024-03-31 OC382130 c:BetweenOneFiveYears 2023-04-30 OC382130 c:MoreThanFiveYears 2024-03-31 OC382130 c:MoreThanFiveYears 2023-04-30 OC382130 2 2023-05-01 2024-03-31 OC382130 d:PartnerLLP9 2023-05-01 2024-03-31 OC382130 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC382130 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-30 OC382130 e:PoundSterling 2023-05-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC382130










Goodman Ray Solicitors LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 March 2024

 
Goodman Ray Solicitors LLP
 
  
Chartered Accountants' Report to the Members on the preparation of the Unaudited Statutory Financial Statements of Goodman Ray Solicitors LLP for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Goodman Ray Solicitors LLP for the period ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 11 October 2023Our work has been undertaken solely to prepare for your approval the financial statements of Goodman Ray Solicitors LLP and state those matters that we have agreed to state to the Goodman Ray Solicitors LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goodman Ray Solicitors LLP and its members for our work or for this report. 

It is your duty to ensure that Goodman Ray Solicitors LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Goodman Ray Solicitors LLP. You consider that Goodman Ray Solicitors LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Goodman Ray Solicitors LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
2nd Floor
168 Shoreditch High Street
London
E1 6RA
24 October 2024
Page 1

 
Goodman Ray Solicitors LLP
Registered number: OC382130

Balance Sheet
As at 31 March 2024

31 March
30 April
2024
2023
Note
£
£

Fixed assets
  

Tangible Fixed Assets
 5 
56,172
73,545

  
56,172
73,545

Current assets
  

Work in progress
  
1,348,863
1,397,680

Debtors: amounts falling due within one year
 6 
995,832
1,264,979

Cash at bank and in hand
  
82,963
118,500

  
2,427,658
2,781,159

Creditors: Amounts Falling Due Within One Year
 7 
(1,131,678)
(1,339,218)

Net current assets
  
 
 
1,295,980
 
 
1,441,941

Total assets less current liabilities
  
1,352,152
1,515,486

Creditors: amounts falling due after more than one year
 8 
(23,215)
(32,361)

  
1,328,937
1,483,125

  

Net assets
  
1,328,937
1,483,125


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
875,000
875,000

Other amounts
 10 
453,937
608,125

  
1,328,937
1,483,125

  

  
1,328,937
1,483,125


Total members' interests
  

Loans and other debts due to members
 10 
1,328,937
1,483,125

  
1,328,937
1,483,125

Page 2

 
Goodman Ray Solicitors LLP
Registered number: OC382130

Balance Sheet (continued)
As at 31 March 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
T Featherstone
Designated member
Date: 24 October 2024

The notes on pages 5 to 12 form part of these financial statements.

Goodman Ray Solicitors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 3

 
Goodman Ray Solicitors LLP
 

Reconciliation of Members' Interests
For the Period Ended 31 March 2024





DEBT
Loans and other debts due to members less any amounts due from members in debtors
Members' capital (classified as debt)
Other amounts
Total

£
£
£

Members' interests after profit for the period
875,000
819,257
1,694,257

Other division of profits
-
1,037,303
1,037,303

Drawings on account and distribution of profit
-
(1,248,435)
(1,248,435)

Amounts due to members
 
875,000
608,125
1,483,125

Balance at 30 April 2023
 
875,000
608,125
1,483,125

Members' interests after profit for the period
875,000
608,125
1,483,125

Other division of profits
-
796,364
796,364

Drawings on account and distribution of profit
-
(950,552)
(950,552)

Amounts due to members
 
875,000
453,937
1,328,937

Balance at 31 March 2024 
875,000
453,937
1,328,937

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 
Goodman Ray Solicitors LLP
 

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

1.


General information

Goodman Ray Solicitors LLP is a limited liability partnership, incorporated in England and Wales, registered number OC382130. The registered office and place of principal activity is Francis Barber House, 9 Gough Square, London, EC4A 3DG.
The principal activity of the LLP continued to be the provision of legal services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

Page 5

 
Goodman Ray Solicitors LLP
 

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

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
3 years
Office equipment
-
3-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Work in progress

Work in progress is stated at the estimated selling price less costs to complete and sell. Work in progress include labour and attributable overheads.

At each balance sheet date, work in progress is assessed for recoverability and impairment. If work in progress is impaired, the carrying amount is reduced to its recoverable value. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.
Page 6

 
Goodman Ray Solicitors LLP
 

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

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
 

Page 7

 
Goodman Ray Solicitors LLP
 

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

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

  
2.10

Members' participation rights

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. A members' 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 Profit and Loss Account iri the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities in the Balance Sheet.
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 Profit and Loss Account and are equity appropriations in the Balance Sheet.
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 Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within
'Members' remuneration charged as an expense'

Page 8

 
Goodman Ray Solicitors LLP
 

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

2.Accounting policies (continued)

  
2.11

Members' capital

Contributions and withdrawals of capital are made by members in accordance with the terms of the members' agreement.
Capital is repayable to any outgoing member in twelve equal quarterly instalments commencing on the first business day falling three months after the outgoing members leaving date, unless the LLP determines at its absolute discretion to make payments earlier. 

 
2.12

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.15

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Work in progress
Within stock are amounts which represent unbilled work in progress. The LLP recognises work completed during the year which has not been billed and assesses the balance for impairment at the year end. 
Bad debts
Trade debtors are assessed with respect to the recoverable value and are written off to the Statement of Comprehensive Income where the Members are not confident that amounts owed to the LLP will be recovered. 

Page 9

 
Goodman Ray Solicitors LLP
 

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

4.


Employees

The average monthly number of employees, including directors, during the period was 41 (2023 - 34).


5.


Tangible fixed assets







Long-term leasehold property
Office equipment
Total

£
£
£



Cost 


At 1 May 2023
118,607
118,942
237,549


Additions
-
4,783
4,783


Disposals
-
(808)
(808)



At 31 March 2024

118,607
122,917
241,524



Depreciation


At 1 May 2023
118,607
45,397
164,004


Charge for the period on owned assets
-
22,088
22,088


Disposals
-
(740)
(740)



At 31 March 2024

118,607
66,745
185,352



Net book value



At 31 March 2024
-
56,172
56,172



At 30 April 2023
-
73,545
73,545


6.


Debtors

31 March
30 April
2024
2023
£
£


Trade debtors
540,802
778,198

Other debtors
6,015
8,923

Prepayments and accrued income
449,015
477,858

995,832
1,264,979


Page 10

 
Goodman Ray Solicitors LLP
 

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

7.


Creditors: Amounts falling due within one year

31 March
30 April
2024
2023
£
£

Bank overdrafts
21,608
130,682

Bank loans
10,000
10,000

Other loans
3,183
38,200

Trade creditors
393,732
583,453

Other taxation and social security
253,598
217,746

Other creditors
7,235
7,174

Accruals and deferred income
442,322
351,963

1,131,678
1,339,218



8.


Creditors: Amounts falling due after more than one year

31 March
30 April
2024
2023
£
£

Bank loans
13,333
22,499

Other creditors
9,882
9,862

23,215
32,361



9.


Loans


Analysis of the maturity of loans is given below:


31 March
30 April
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
3,183
38,200


13,183
48,200

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
3,333
12,499


26,516
70,699


Page 11

 
Goodman Ray Solicitors LLP
 

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

10.


Loans and other debts due to members


31 March
30 April
2024
2023
£
£



Members' capital treated as debt
(875,000)
(875,000)

Other amounts due to members
(453,937)
(608,125)

(1,328,937)
(1,483,125)

Loans and other debts due to members may be further analysed as follows:

31 March
30 April
2024
2023
£
£



Falling due within one year
(741,415)
(608,125)

Falling due after more than one year
(875,000)
(875,000)

(1,616,415)
(1,483,125)

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


11.


Pension commitments

The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £28,376 (2023: £28,475). Contributions totalling £7,235 (2023: £7,174) were payable to the fund at the balance sheet date and are included in creditors. 


12.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 April
2024
2023
£
£


Not later than 1 year
311,175
311,175

Later than 1 year and not later than 5 years
1,206,519
1,216,763

Later than 5 years
550,000
825,000

2,067,694
2,352,938


Page 12