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Registration number: OC383089

Coodes LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Coodes LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Coodes LLP

Limited liability partnership information

Designated members

E G Alma

C J Hunter

P A Lamble
 

Members

C P Andrews

P J Johns

R M Pollock

Coodes Services Limited

S L Cornish

K L Davey

S J Parmenter

M C Rowson

A Lutey

J M Morgan

R C Pearce
 

Registered office

Elizabeth House
Castle Street
Truro
Cornwall
TR1 3AP

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Coodes LLP

(Registration number: OC383089)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

148,899

163,675

Investments

5

420,000

420,000

 

568,899

583,675

Current assets

 

Debtors

6

2,761,510

1,954,074

Cash and short-term deposits

 

1,308,650

708,780

 

4,070,160

2,662,854

Creditors: Amounts falling due within one year

7

(1,441,073)

(1,005,689)

Net current assets

 

2,629,087

1,657,165

Total assets less current liabilities

 

3,197,986

2,240,840

Creditors: Amounts falling due after more than one year

8

(97,256)

(196,935)

Provisions for liabilities

9

(38,500)

(20,000)

Net assets attributable to members

 

3,062,230

2,023,905

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

3,062,230

2,023,905

   

3,062,230

2,023,905

Total members' interests

 

Loans and other debts due to members

 

3,062,230

2,023,905

   

3,062,230

2,023,905

For the year ending 30 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 Coodes LLP (registered number OC383089) were approved by the members and authorised for issue on 16 September 2024. They were signed on behalf of the LLP by:

.........................................
P A Lamble
Designated member

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of the registered office is:
Elizabeth House
Castle Street
Truro
Cornwall
TR1 3AP

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

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.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

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 debtors 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 £115,402 (2023 - £27,742).

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 this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £2,182,520 (2023 - £1,295,859).

Provision for client claims - the provision is based on a review of potential claims and an assessment of any potential settlements that are considered likely as a result of these. The carrying amount is £38,500 (2023 - £20,000).

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. 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

Computer equipment

Straight line over 4 years

Leasehold improvements

Straight line over 10 years

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from clients 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.

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP 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.

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

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).

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible fixed assets

Leasehold improvements
£

Computer equipment
£

Total
£

Cost

At 1 May 2023

20,889

562,771

583,660

Additions

7,555

147,754

155,309

Disposals

-

(162,798)

(162,798)

At 30 April 2024

28,444

547,727

576,171

Depreciation

At 1 May 2023

7,013

412,972

419,985

Charge for the year

2,530

45,456

47,986

Eliminated on disposals

-

(40,699)

(40,699)

At 30 April 2024

9,543

417,729

427,272

Net book value

At 30 April 2024

18,901

129,998

148,899

At 30 April 2023

13,876

149,799

163,675

5

Investments held as fixed assets

2024
£

2023
£

Other investments

420,000

420,000

Other investments

Unlisted investments
£

Cost

At 1 May 2023

420,000

At 30 April 2024

420,000

Net book value

At 30 April 2024

420,000

At 30 April 2023

420,000

The investment held by the LLP represents the capital account of Coodes Property Partnership, a partnership in which the designated members of the LLP are also partners.

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
 £

2023
 £

Trade debtors

481,592

564,655

Amounts recoverable on contracts

2,182,520

1,295,859

Other debtors

2,918

1,918

Prepayments and accrued income

94,480

91,642

2,761,510

1,954,074

7

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans

112,512

107,709

Trade creditors

696,544

382,222

Amounts due to former members

-

36,890

Other loans

120,529

41,482

Other creditors

10,897

3,297

Accruals and deferred income

25,585

27,435

Taxation and social security

475,006

406,654

1,441,073

1,005,689

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loans

228,100

107,709

The bank loans are secured by a fixed and floating charge over the assets of the LLP.

8

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans and overdrafts

97,256

196,935

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loans

97,256

196,935

The bank loans are secured by a fixed and floating charge over the assets of the LLP.

 

Coodes LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Provisions

Client claims provision
£

At 1 May 2023

20,000

Increase in existing provisions

18,500

At 30 April 2024

38,500

10

Related party transactions

Coodes Services Limited is a corporate partner of the LLP, and also provides services to the LLP. All of the directors of the company are also members of the LLP.

During the year, Coodes Services Limited invoiced the LLP £7,407,677 (2023 - £5,980,641) for services provided and received interest on capital of £28,000 (2023 - £28,000). At 30 April 2024, the balance owed to Coodes Services Limited by the LLP was £696,544 (2023 - £382,222).

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £529,890 (2023 - £700,408).