Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the LLP during the year is that of a legal practice.910truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC434172 2023-04-01 2024-03-31 OC434172 2022-04-01 2023-03-31 OC434172 2024-03-31 OC434172 2023-03-31 OC434172 c:FurnitureFittings 2023-04-01 2024-03-31 OC434172 c:FurnitureFittings 2024-03-31 OC434172 c:FurnitureFittings 2023-03-31 OC434172 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC434172 c:NegativeGoodwill 2024-03-31 OC434172 c:NegativeGoodwill 2023-03-31 OC434172 c:CurrentFinancialInstruments 2024-03-31 OC434172 c:CurrentFinancialInstruments 2023-03-31 OC434172 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC434172 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC434172 d:FRS102 2023-04-01 2024-03-31 OC434172 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC434172 d:FullAccounts 2023-04-01 2024-03-31 OC434172 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC434172 c:NegativeGoodwill c:OwnedIntangibleAssets 2023-04-01 2024-03-31 OC434172 d:PartnerLLP1 2023-04-01 2024-03-31 OC434172 d:PartnerLLP2 2023-04-01 2024-03-31 OC434172 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC434172 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC434172 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: OC434172







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP






































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PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 



INFORMATION




Designated Members

A N Lopez
S A R Shah (appointed 1 April 2023)

LLP registered number

OC434172

Registered office

88-91 Clarence StreetKingston upon ThamesSurreyKT1 1QY

Accountants

Menzies LLPAshcombe House5 The CrescentLeatherheadSurreyKT22 8DY


 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
REGISTERED NUMBER:OC434172



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
(3,301)
(3,714)

Tangible assets
 5 
14,036
11,538

  
10,735
7,824

Current assets
  

Debtors: amounts falling due within one year
 6 
153,993
155,556

Cash at bank and in hand
  
36,345
67,554

  
190,338
223,110

Creditors: Amounts Falling Due Within One Year
 7 
(102,075)
(69,531)

Net current assets
  
 
 
88,263
 
 
153,579

Total assets less current liabilities
  
98,998
161,403

  

Net assets attributable to members
  
98,998
161,403

Page 1

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
REGISTERED NUMBER:OC434172


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
98,998
161,403

  
98,998
161,403

  

  
98,998
161,403


Total members' interests
  

Loans and other debts due to members
 8 
98,998
161,403

  
98,998
161,403


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 income statement 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: 




A N Lopez
Designated member

Date: 22 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Palmers Solicitors, Kingston upon Thames 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 2

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Palmers Solicitors Kingston Upon Thames LLP is a limited liability partnership incorporated in England and Wales.
The registered office is 89-91 Clarence Street, Kingston Upon Thames, Surrey, United Kingdom, KT1 1QY.

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 following principal accounting policies have been applied:

 
2.2

Revenue

The turnover shown in the Income Statement represents amounts receivable for solicitors services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
Revenue is either recognised on work completed, or in the case of ongoing service contracts, revenue represents the value of work done in the year including estimates of amounts not invoiced.

 
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'.

 
2.4

Intangible fixed assets

Negative goodwill

Negative goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, negative goodwill is measured at cost less accumulated amortisation. Negative goodwill amortisation is recognised in the profit and loss account on the excess, up to fair value, of non-monetary assets in the periods in which the benefit is expected to occur.

Page 3

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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:

Furniture and equipment
-
4 to 10 years straight line

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.

 
2.6

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.7

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. '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'.


3.


Employees

The average monthly number of employees, during the period was 9 (2023 - 10)

Page 5

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Negative goodwill

£





At 1 April 2023
(124,545)



At 31 March 2024

(124,545)





At 1 April 2023
(120,831)


Charge for the year on owned assets
(413)



At 31 March 2024

(121,244)



Net book value



At 31 March 2024
(3,301)



At 31 March 2023
(3,714)



Page 6

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Furniture and equipment

£



Cost or valuation


At 1 April 2023
12,589


Additions
4,956



At 31 March 2024

17,545



Depreciation


At 1 April 2023
1,050


Charge for the year on owned assets
2,459



At 31 March 2024

3,509



Net book value



At 31 March 2024
14,036



At 31 March 2023
11,539


6.


Debtors

2024
2023
£
£


Trade debtors
50,317
47,689

Prepayments and accrued income
22,724
23,531

Amounts recoverable on long term contracts
80,953
84,334

153,994
155,554



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
36,965
23,194

Other creditors
1,338
953

Accruals and deferred income
63,772
45,384

102,075
69,531


Page 7

 


PALMERS SOLICITORS, KINGSTON UPON THAMES LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Loans and other debts due to members


2024
2023
£
£



Amounts due to members in respect of profits
98,998
161,403

98,998
161,403

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


Page 8