Awdry Law LLP OC434696 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 Software OC434696 2023-04-01 2024-03-31 OC434696 2024-03-31 OC434696 core:CurrentFinancialInstruments 2024-03-31 OC434696 core:Non-currentFinancialInstruments 2024-03-31 OC434696 core:FurnitureFittings 2024-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 OC434696 core:MotorVehicles 2024-03-31 OC434696 core:PlantMachinery 2024-03-31 OC434696 bus:SmallEntities 2023-04-01 2024-03-31 OC434696 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC434696 bus:FullAccounts 2023-04-01 2024-03-31 OC434696 bus:RegisteredOffice 2023-04-01 2024-03-31 OC434696 bus:PartnerLLP1 2023-04-01 2024-03-31 OC434696 bus:PartnerLLP2 2023-04-01 2024-03-31 OC434696 bus:PartnerLLP3 2023-04-01 2024-03-31 OC434696 bus:PartnerLLP4 2023-04-01 2024-03-31 OC434696 bus:PartnerLLP5 2023-04-01 2024-03-31 OC434696 bus:PartnerLLP6 2023-04-01 2024-03-31 OC434696 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC434696 bus:Agent1 2023-04-01 2024-03-31 OC434696 core:FurnitureFittings 2023-04-01 2024-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 OC434696 core:MotorVehicles 2023-04-01 2024-03-31 OC434696 core:PlantMachinery 2023-04-01 2024-03-31 OC434696 core:AllSubsidiaries 2023-04-01 2024-03-31 OC434696 countries:AllCountries 2023-04-01 2024-03-31 OC434696 2023-03-31 OC434696 core:FurnitureFittings 2023-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 OC434696 core:MotorVehicles 2023-03-31 OC434696 core:PlantMachinery 2023-03-31 OC434696 2022-04-01 2023-03-31 OC434696 2023-03-31 OC434696 core:CurrentFinancialInstruments 2023-03-31 OC434696 core:Non-currentFinancialInstruments 2023-03-31 OC434696 core:FurnitureFittings 2023-03-31 OC434696 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 OC434696 core:MotorVehicles 2023-03-31 OC434696 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC434696

Awdry Law LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Awdry Law LLP

Contents

Limited liability partnership information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Awdry Law LLP

Limited liability partnership information

Designated members

A L David

A M Everett

T M Hotchkiss

J Bailey
 

Members

R Fereday

P Walshe
 

Registered office

33 St John's Street
Devizes
Wiltshire
SN10 1BW

Bankers

Barclays Bank plc
36-38 Milsom Street
Bath
BA1 1DW

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

Awdry Law LLP

(Registration number: OC434696)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

103,406

113,735

Investments

5

978,191

934,404

 

1,081,597

1,048,139

Current assets

 

Debtors

6

2,197,790

1,583,946

Cash and short-term deposits

 

208,981

329,786

 

2,406,771

1,913,732

Creditors: Amounts falling due within one year

7

(2,009,181)

(1,659,313)

Net current assets

 

397,590

254,419

Total assets less current liabilities

 

1,479,187

1,302,558

Creditors: Amounts falling due after more than one year

8

(116,179)

(117,813)

Provisions for liabilities

9

(145,000)

(160,000)

Net assets attributable to members

 

1,218,008

1,024,745

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

390,000

390,000

Other amounts

10

828,008

634,745

 

1,218,008

1,024,745

   

1,218,008

1,024,745

Total members' interests

 

Loans and other debts due to members

 

1,218,008

1,024,745

   

1,218,008

1,024,745

For the year ending 31 March 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.

 

Awdry Law LLP

(Registration number: OC434696)
Balance Sheet as at 31 March 2024

The financial statements of Awdry Law LLP (registered number OC434696) were approved by the members and authorised for issue on 6 November 2024. They were signed on behalf of the LLP by:

.........................................
A L David
Designated member

.........................................
A M Everett
Designated member

.........................................
T M Hotchkiss
Designated member

.........................................
J Bailey
Designated member

 

Awdry Law LLP

Notes to the Financial Statements for the Period Ended 31 March 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:
33 St John's Street
Devizes
Wiltshire
SN10 1BW

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 periods 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.

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 period 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 £87,674 (2023 - £84,845).

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 period end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £1,195,176 (2023 - £985,001).

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 £45,000 (2023 - £60,000).

Dilapidations provision - a provision for dilapidations on the offices is being built up each year based on the amount expected to be payable on termination of the relevant leases. The carrying amount is £100,000 (2023 - £100,000).

 

Awdry Law LLP

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

Revenue recognition

Fee income represents the fair value of services provided during the period 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, expect 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 period 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

 

Awdry Law LLP

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

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.

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.

 

Awdry Law LLP

Notes to the Financial Statements for the Period Ended 31 March 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 period was 0 (2023 - 0). Individuals are employed by ABD Legal Services Limited, a related company.

 

Awdry Law LLP

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

4

Tangible fixed assets

Leasehold improvements
£

Computer equipment
£

Fixtures and fittings
£

Motor vehicles
£

Total
£

Cost

At 1 April 2023

158,744

186,172

126,048

9,995

480,959

Additions

5,220

42,046

7,283

-

54,549

Disposals

-

(118,379)

(5,230)

-

(123,609)

At 31 March 2024

163,964

109,839

128,101

9,995

411,899

Depreciation

At 1 April 2023

110,460

163,034

83,735

9,995

367,224

Charge for the period

10,341

25,677

26,382

-

62,400

Eliminated on disposals

-

(118,379)

(2,752)

-

(121,131)

At 31 March 2024

120,801

70,332

107,365

9,995

308,493

Net book value

At 31 March 2024

43,163

39,507

20,736

-

103,406

At 31 March 2023

48,284

23,138

42,313

-

113,735

 

Awdry Law LLP

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

5

Investments held as fixed assets

2024
 £

2023
 £

Shares in ABD Legal Services Limited

978,191

934,404

Shares in ABD Legal Services Limited
£

Cost

At 1 April 2023

934,404

Revaluation

43,787

At 31 March 2024

978,191

Net book value

At 31 March 2024

978,191

At 31 March 2023

934,404

 

Awdry Law LLP

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

6

Debtors

2024
 £

2023
 £

Amounts recoverable on contracts

1,195,176

985,001

Trade debtors

264,843

195,062

Other debtors

12,111

38,618

Prepayments and accrued income

725,660

365,265

2,197,790

1,583,946

7

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loan and overdraft

216,383

161,684

Trade creditors

1,369,497

1,144,731

Other creditors

312,102

296,945

Accruals

25,457

29,080

Taxation and social security

85,742

26,873

2,009,181

1,659,313

8

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loan

9,063

117,813

Other loans

107,116

-

116,179

117,813

 

Awdry Law LLP

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

9

Provisions

Dilapidations provision
£

Client claims provision
£

At 1 April 2023 and 31 March 2024

100,000

45,000

10

Analysis of other amounts

2024
£

2023
£

Money owed to members by the LLP in respect of profits

828,008

634,745

11

Related party transactions

Summary of transactions with subsidiaries

ABD Legal Services Limited
The LLP holds 100% of the share of ABD Legal Services Limited, which provides staff and other services to the LLP.
The LLP has taken advantage of the exemption from the requirement under FRS 102 section 33.1, to disclose transactions with ABD Legal Services Limited.

 

12

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 £176,714 (2023 - £312,950).