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Registration number: OC373190

Goughs Lawyers LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2024

 

Goughs Lawyers LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Goughs Lawyers LLP

Limited liability partnership information

Designated members

E Taylor

M Drew

D M Moir

G Sumsion
 

Members

T Boyce

A Given

P Bolton (appointed 06 April 2024)
 

Registered office

5 Bath Road
Melksham
Wiltshire
SN12 6LN

Bankers

Handelsbanken
7 Henry Street
Bath
BA1 1JR

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Goughs Lawyers LLP

(Registration number: OC373190)
Balance Sheet as at 5 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

232,207

307,644

Current assets

 

Debtors

5

2,355,920

2,771,975

Cash and short-term deposits

 

820,975

393,776

 

3,176,895

3,165,751

Creditors: Amounts falling due within one year

6

(1,943,746)

(1,688,545)

Net current assets

 

1,233,149

1,477,206

Total assets less current liabilities

 

1,465,356

1,784,850

Creditors: Amounts falling due after more than one year

7

-

(87,500)

Net assets attributable to members

 

1,465,356

1,697,350

Represented by:

 

Loans and other debts due to members

 

Other amounts

1,465,356

1,697,350

   

1,465,356

1,697,350

Total members' interests

 

Loans and other debts due to members

 

1,465,356

1,697,350

   

1,465,356

1,697,350

For the year ending 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to LLPs 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 Goughs Lawyers LLP (registered number OC373190) were approved by the members and authorised for issue on 24 October 2024. They were signed on behalf of the LLP by:

.........................................
M Drew
Designated member

 

Goughs Lawyers LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

1

General information

The place of registration of the LLP is England & Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
5 Bath Road
Melksham
Wiltshire
SN12 6LN

2

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Bad debt provision - due to the nature of the business, there are high levels of trade receivables at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £3,447 (2023 - £5,982).

Amounts recoverable on contracts - the process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and use this as the basis for the amounts recoverable on contracts and work in progress estimates. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £1,283,580 (2023 - £1,306,748).

 

Goughs Lawyers LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

Revenue recognition

Fee income represents the fair value of services provided during the year on client assigments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Disbursements

Disbursements are not included in income or expenses but are netted against each other.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures and fittings

20% of cost per annum

Computer equipment

25% of cost per annum

Motor vehicles

33.3% of cost per annum

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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.

Trade creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Goughs Lawyers LLP

Notes to the Financial Statements for the Year Ended 5 April 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.

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 0 (2023 - 0).

 

Goughs Lawyers LLP

Notes to the Financial Statements for the Year Ended 5 April 2024

4

Tangible fixed assets

Computer equipment
£

Fixtures and fittings
£

Motor vehicles
£

Total
£

Cost

At 6 April 2023

358,470

716,915

11,374

1,086,759

Additions

26,597

13,059

-

39,656

Disposals

(749)

-

-

(749)

At 5 April 2024

384,318

729,974

11,374

1,125,666

Depreciation

At 6 April 2023

230,118

537,623

11,374

779,115

Charge for the year

54,715

60,378

-

115,093

Eliminated on disposals

(749)

-

-

(749)

At 5 April 2024

284,084

598,001

11,374

893,459

Net book value

At 5 April 2024

100,234

131,973

-

232,207

At 5 April 2023

128,352

179,292

-

307,644

5

Debtors

2024
 £

2023
 £

Trade debtors

887,411

978,227

Amounts recoverable on contracts

1,283,580

1,306,748

Other debtors

35,211

31,225

Prepayments and accrued income

149,718

455,775

2,355,920

2,771,975

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Amounts owed to Goughs Solicitors Limited

1,553,998

1,275,161

Other creditors

23,397

40,682

Accruals and deferred income

143,219

131,339

Other loans

87,500

189,781

Taxation and social security

135,632

51,582

1,943,746

1,688,545

7

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Other loans

-

87,500