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Registration number: OC433560

Anthony Gold Solicitors LLP

Annual Report and Financial Statements

for the period from 1 May 2023 to 31 March 2024

 

Anthony Gold Solicitors LLP

Contents

Limited liability partnership information

1

Managing Partner's review

2

Members' Report

3 to 4

Statement of Members' Responsibilities

5

Independent Auditor's Report

6 to 9

Financial Statements

10 to 26

Income Statement

10

Statement of Comprehensive Income

11

Statement Of Financial Position

12

Statement of Changes in Members’ Interests

14

Cash Flow Statement

16

Notes to the Financial Statements

17

 

Anthony Gold Solicitors LLP

Limited liability partnership information

Registered office

The Cottons Centre
5th Floor, South West
Hays Lane
London Bridge City
SE1 2QG

Principal place of business

The Cottons Centre
5th floor – South West
Hays Lane, London Bridge City
SE1 2QG

Bankers

National Westminster Bank Plac
London Bridge
PO Box 35
10 Southwark Street
London
SE1 1TT

Auditors

DSK Partners LLP
Chartered Accountants and Statutory Auditors
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Anthony Gold Solicitors LLP

Managing Partner's review for the period from 1 May 2023 to 31 March 2024

I am pleased to make my annual report as Managing Partner of Anthony Gold Solicitors LLP. This report and these accounts are for an 11 month period (1st May 2023 to 31st March 2024) by reason of change of our financial year end from 30th April to 31st March.

This has been another successful year for the firm. Our turnover for the 11 months was £16,055,256. Comparing an annualised figure of £17,514,824 with the previous full financial year, it was up by £471,629 (3%) on last year’s record results. Net profit was £5,786,224. Comparing an annualised figure of £6,312,244 with the previous year, net profit was £267,101 (4%) lower but coming in significantly higher than the net profit of £4,586,929 in 2022. This was mainly due to continued investment in our staff, systems and infrastructure with a focus on the long term that is a key part of the firm’s business plan. The firm’s net assets increased by £1,758,813 (19%). This significant strengthening of the firm’s balance sheet was mainly driven by an increase in net current assets and the introduction of new capital by the incoming designated members.

Several strategic and operational projects were delivered during the year. This was the first financial period following the implementation of a long-term succession plan. The vast majority of the members are now designated members of the LLP. We also moved into new smaller London Bridge premises, which are specially designed to allow easy continued hybrid working. This is popular with our staff and provides a high-quality working and meeting environment. The introduction of agile working practices and a significant reduction in office space occupied per person contributed towards us reducing our carbon footprint. We invested in our IT systems, replacing our old Practice Management System with a new one which provides better real time reporting and an improved ability to link with other specialised software applications.

We have continued to provide excellent professional legal support to our clients. We have used client
feedback to improve service levels across all departments and received some excellent testimonials
via the Trustpilot platform where we have a strong overall ranking of 4.8 out of 5.0. We have also
maintained our Lexcel and CQS accreditations and our legal directory rankings.

I would like to thank everyone in the firm for their contributions to this successful year. We remain optimistic for the future growth of the firm.


-----------------------------------------
D Marshall
Managing Partner

 

 

Anthony Gold Solicitors LLP

Members' Report for the period from 1 May 2023 to 31 March 2024

The members present their report and the financial statements for the period from 1 May 2023 to 31 March 2024.

Firm structure

The LLP is a limited liability partnership registered in England and Wales. A list of designated members’ names is available for inspection at the LLP’s registered office.

Principal activity

The principal activity of the limited liability partnership is the provision of professional services as a firm of solicitors.

Designated members

The following are designated members of the LLP who held office during and after the period:

D Marshall
K Beatson
D Wedgwood
A Brookes
S Whitaker
J Spinks
I Mitchell
T Waitt
A Knipe
J Kennedy
S Bibi
J Mackenzie
G Peaker
A Weir
D Emmerson
S Hughes
I Peters
E Holden
F Lyon
A Balgobin
A Hopkins
A Dyl
G Feeney
D Lindsay
E Tante
E Solomon
S David
S Hussain (Appointed on 26 June 2023 and became designated member on 1 April 2024)
J Piers (Appointed on 1 March 2023 and became designated member on 1 April 2024 )
A Sibbald (Appointed on 1 October 2023 and became designated member on 1 April 2024 )

 

Anthony Gold Solicitors LLP

Members' Report for the period from 1 May 2023 to 31 March 2024

Members

The following are members of the LLP during and after the period:

A Malsher
C Tibber
P Gilmour (Appointed on 1 October 2023)
P Cartin (Appointed on 1 April 2024)
S Cummins (Appointed on 1 April 2024)
T Dickinson (Appointed on 1 April 2024)
R Stewart (Appointed on 1 April 2024)
 

Members' drawings and the subscription and repayment of members' capital

 

Members' drawing policy
During the period, members receive monthly drawings on account of current period profits. The drawings are calculated to take account of the estimated profit for the period as well as the cash requirements of the business. Profits are allocated between the members in accordance with the profit sharing agreement set during the financial period. Drawings are offset against the members profit share for the period. It has been agreed between the members that all profits are deemed to be
automatically allocated to the members during the period.

Capital
The capital requirements of the LLP are determined from time to time by the executive board. Each member is required to subscribe a proportion of this capital. The amount of capital subscribed by each member is usually linked to the share of profits allocated to that member. On leaving the LLP, a member's capital is repaid in accordance with arrangements made with the member at the leaving date.

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 14 November 2024 and signed on its behalf by:

.........................................
D Marshall
Designated member

.........................................
S Hussain
Member

 

Anthony Gold Solicitors LLP

Statement of Members' Responsibilities for the period from 1 May 2023 to 31 March 2024

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

 

Anthony Gold Solicitors LLP

Independent Auditor's Report to the Members of Anthony Gold Solicitors LLP

Opinion

We have audited the financial statements of Anthony Gold Solicitors LLP (the ‘limited liability partnership’) for the period from 1 May 2023 to 31 March 2024, which comprise the Income Statement, Statement of Comprehensive Income, Statement Of Financial Position, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2024 and of its profit for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Anthony Gold Solicitors LLP

Independent Auditor's Report to the Members of Anthony Gold Solicitors LLP

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or

the limited liability partnership financial statements are not in agreement with the accounting records and returns; or

 

we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities [set out on page 5], the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulations is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

Anthony Gold Solicitors LLP

Independent Auditor's Report to the Members of Anthony Gold Solicitors LLP

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the limited liability partnership’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

Conclude on the appropriateness of the members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the limited liability partnership's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the limited liability partnership to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and event in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the limited liability partnership to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the limited liability partnership audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Anthony Gold Solicitors LLP

Independent Auditor's Report to the Members of Anthony Gold Solicitors LLP

Use of our report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Dhirajlal Shah (Senior Statutory Auditor)
For and on behalf of DSK Partners LLP, Statutory Auditors
D S House
306 High StreetCroydon
Surrey
CR0 1NG

14 November 2024

 

Anthony Gold Solicitors LLP

Income Statement for the Period from 1 May 2023 to 31 March 2024

Note

31 March
2024
£

30 April
2023
£

Turnover

2

16,055,256

17,043,195

Cost of sales

 

443,620

387,815

Gross profit

 

16,498,876

17,431,010

Administrative expenses

 

(11,378,970)

(10,969,505)

Operating profit

3

5,119,906

6,461,505

Other interest receivable and similar income

4

666,318

117,840

Profit for the period before members' remuneration and profit shares

 

5,786,224

6,579,345

Members' remuneration charged as an expense

 

(5,786,224)

(6,579,345)

Profit/(loss) for the period available for discretionary division among members

 

-

-

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the period other than the results above.

 

Anthony Gold Solicitors LLP

Statement of Comprehensive Income for the Period from 1 May 2023 to 31 March 2024

Note

1 May 2023 to 31 March 2024
 £

Year ended 30 April 2023
 £

Profit/(loss) for the period available for discretionary division among members

 

-

-

Other comprehensive income

 

-

-

Total comprehensive income for the period available for discretionary division among members

 

-

-

 

Anthony Gold Solicitors LLP

(Registration number: OC433560)
Statement Of Financial Position as at 31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Fixed assets

 

Intangible assets

6

6,490

13,533

Tangible assets

7

951,251

916,468

Other non-current financial assets

8

-

20,000

 

957,741

950,001

Current assets

 

Work in progress

9

6,504,172

6,060,552

Debtors

10

10,406,170

9,120,721

Cash and short-term deposits

 

-

750,540

 

16,910,342

15,931,813

Creditors: Amounts falling due within one year

11

(5,529,806)

(5,888,386)

Net current assets

 

11,380,536

10,043,427

Total assets less current liabilities

 

12,338,277

10,993,428

Creditors: Amounts falling due after more than one year

12

(1,473,675)

(1,887,639)

Net assets attributable to members

 

10,864,602

9,105,789

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

7,167,229

5,855,884

Members' current account

3,620,364

3,249,905

Interest Payable to former members

 

77,009

-

 

10,864,602

9,105,789

   

10,864,602

9,105,789

Total members' interests

 

Loans and other debts due to members

 

10,864,602

9,105,789

   

10,864,602

9,105,789

The financial statements of Anthony Gold Solicitors LLP (registered number OC433560) were approved by the Board and authorised for issue on 14 November 2024. They were signed on behalf of the limited liability partnership by:

 

Anthony Gold Solicitors LLP

(Registration number: OC433560)
Statement Of Financial Position as at 31 March 2024

.........................................
D Marshall
Designated member

.........................................
S Hussain
Member

 

Anthony Gold Solicitors LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

Loans and other debts due to/(from) members

 

Other reserves
£

Payments made to former members
£

Members' capital classified as a liability
£

Members' other amounts
£

Total
2024
 £

Members' interest at 1 May 2023

-

-

5,855,884

3,249,905

9,105,789

Profit for the financial period before members' remuneration and profit shares

5,709,215

77,009

-

-

5,786,224

Members' remuneration charged as an expense

(5,709,215)

-

-

5,709,215

-

Members' interests after total comprehensive income

-

77,009

5,855,884

8,959,120

14,892,013

Members’ capital introduced

-

-

1,461,172

-

1,461,172

Transfer to members' capital

-

-

166,000

(166,000)

-

Drawings

-

-

(315,827)

(5,172,756)

(5,488,583)

At 31 March 2024

-

77,009

7,167,229

3,620,364

10,864,602

 

Anthony Gold Solicitors LLP

Statement of Changes in Members’ Interests
At 31 March 2024

 

Equity

Loans and other debts due to/(from) members

 

Other reserves
£

Members' capital classified as a liability
£

Members' other amounts
£

Total
2023
 £

Members' interest at 1 May 2022

-

7,304,536

2,283,969

9,588,505

Profit for the financial period before members' remuneration and profit shares

6,579,345

-

-

6,579,345

Members' remuneration charged as an expense

(6,579,345)

-

6,579,345

-

Members' interests after total comprehensive income

-

7,304,536

8,863,314

16,167,850

Members’ capital introduced

-

125,000

-

125,000

Transfer to members' capital

-

33,000

(33,000)

-

Transfer to members' special capital

-

387,815

(387,815)

-

Drawings

-

(1,722,867)

(5,192,594)

(6,915,461)

Members' other drawings

-

(271,600)

-

(271,600)

At 30 April 2023

-

5,855,884

3,249,905

9,105,789

 

Anthony Gold Solicitors LLP

Cash Flow Statement for the Period from 1 May 2023 to 31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Net cash inflow from operating activities

13

2,078,906

7,427,683

Cash flows from investing activities

 

Purchase of tangible fixed assets

 

(197,989)

(598,294)

Interest received

 

666,318

117,840

Net cash flows from investing activities

 

468,329

(480,454)

Cash flows from financing activities

 

Loans and borrowings

 

(697,817)

1,174,274

Capital contributions by members

 

1,461,172

125,000

Members' drawings

 

(5,488,583)

(7,187,062)

Net cash flows from financing activities

 

(4,725,228)

(5,887,788)

Net (decrease)/increase in cash and cash equivalents

 

(2,177,993)

1,059,441

Cash and cash equivalents at 1 May

 

750,540

(308,901)

Cash and cash equivalents at 31 March

 

(1,427,453)

750,540


 

31 March 2024
 £

30 April 2023
 £

Reconciliation to cash at bank and in hand:

Cash in hand

-

1,134

Cash at bank

(1,427,453)

749,406

(1,427,453)

750,540

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

1

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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

The functional currency of Anthony Gold Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Going concern

The members have considered the going concern status of the business and concluded that it is appropriate to prepare these financial statements under the going concern assumption. This is based on management's expectation that the LLP will have continued access to bank funding under similar terms, and bearing in mind the ability of the LLP to vary the timing of payments to members in order to balance cash flow peaks and troughs.

Revenue recognition

Revenue comprises the fair value of consideration receivable in respect of services provided during the period, inclusive of recoverable expenses incurred but excluding value added tax.

Legal and Other Professional services revenues

Where fees are contractually able to be rendered by reference to time charged at agreed rates or fixed agreed fee, the revenue is recognised over time to the extent that it is considered recoverable.
Where revenue is subject to contingent fee arrangement the firm estimates the amount of variable consideration to which it will be entitled and constrains the revenue recognised to the amount for which it is considered highly probable that there will be no significant reversal. Due to the nature of the work being performed, this means that the contingent revenues are not recognised until such time as the outcome of the matter being considered is highly recoverable and the fee is assured.

Revenue which has been recognised but not invoiced by the balance sheet date is included in trade debtors.

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Members' remuneration and division of profits

The entire profit for the period is automatically allocated to members during the period and as such the nature of the relationship is contractual and therefore all profits are treated as “members’ remuneration charged as an expense”.

Members’ remuneration charged as expense also includes other contractual elements such as profit entitlements of fixed share partners and interest on members’ capital.

Taxation

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

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

Leasehold improvements

over lease terms

Fixtures and fittings

10% reducing balance

Computer equipments

10% - 25% straight line

Office equipments

10% - 25% straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 limited liability partnership 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 subsequently measured at amortised cost using the effective interest method.

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Income Statement on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the partnership, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the Statement of Financial Activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Members' interests

Amounts due to members after more than one year comprise provisions for interest as included in the Members' agreement.

Pensions and other post retirement obligations

The LLP operates a defined contribution pension scheme and the pension charged in the profit and loss account represents the amount payable by the LLP to the funds in respect of the year.

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the LLP has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

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 finance 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.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

2

Turnover

The analysis of the LLP's revenue for the period is as follows:

31 March
2024
£

30 April
2023
£

Rendering of services

16,055,256

17,043,195

3

Operating profit

Operating profit is stated after charging /(crediting):

1 May 2023 to 31 March 2024
 £

Year ended 30 April 2023
 £

Operating leases

1,013,614

1,050,634

Loss on sale of tangible fixed assets

20,000

-

Depreciation of owned assets

124,620

108,993

Depreciation of leasehold property

38,586

23,470

Amortisation

7,043

8,688

Auditors remuneration

17,000

15,000

Audit-related assurance services

30,000

28,000

Auditors' remuneration - non audit work

11,000

7,500

4

Other interest receivable and similar income

31 March
2024
£

30 April
2023
£

Other interest receivable and similar income

666,318

117,840

 

666,318

117,840

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

5

Particulars of employees

The average number of persons employed by the limited liability partnership during the period, analysed by category was as follows:

1 May 2023 to 31 March 2024
 No.

Year ended 30 April 2023
 No.

Fee Earners

69

67

Support staff

64

57

133

124

The aggregate payroll costs were as follows:

1 May 2023 to 31 March 2024
 £

Year ended 30 April 2023
 £

Wages and salaries

5,318,116

4,958,614

Social security costs

566,641

546,597

Defined contribution pension

89,844

95,776

5,974,601

5,600,987

6

Intangible fixed assets

Goodwill
 £

Total
£

Cost

At 1 May 2023

34,529

34,529

At 31 March 2024

34,529

34,529

Amortisation

At 1 May 2023

20,996

20,996

Charge for the year

7,043

7,043

At 31 March 2024

28,039

28,039

Net book value

At 31 March 2024

6,490

6,490

At 30 April 2023

13,533

13,533

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

7

Tangible fixed assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 May 2023

433,878

343,650

452,246

1,229,774

Additions

-

6,608

191,381

197,989

At 31 March 2024

433,878

350,258

643,627

1,427,763

Depreciation

At 1 May 2023

47,440

58,716

207,150

313,306

Charge for the year

38,586

25,319

99,301

163,206

At 31 March 2024

86,026

84,035

306,451

476,512

Net book value

At 31 March 2024

347,852

266,223

337,176

951,251

At 30 April 2023

386,438

284,934

245,096

916,468

8

Other tangible assets

Library Books at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

20,000

20,000

Disposals

(20,000)

(20,000)

At 31 March 2024

-

-

Impairment

Carrying amount

At 31 March 2024

-

-

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

9

Work in progress

31 March
2024
£

30 April
2023
£

Work in progress

6,504,172

6,060,552

10

Debtors

31 March
2024
£

30 April
2023
£

Trade debtors

9,072,814

8,070,084

Other debtors

168,994

170,229

Prepayments and accrued income

1,164,362

880,408

10,406,170

9,120,721

11

Creditors: Amounts falling due within one year

31 March
2024
£

30 April
2023
£

Bank loans and overdrafts

1,654,910

248,000

Other loans

1,581,131

1,844,441

Trade creditors

629,594

1,077,920

Other taxes and social security

526,660

947,583

Other creditors

119,121

1,441,145

Accruals and deferred income

1,018,390

329,297

5,529,806

5,888,386

12

Creditors: Amounts falling due after more than one year

31 March 2024
 £

30 April 2023
 £

Bank loans

373,652

654,091

Other creditors

1,100,023

1,233,548

1,473,675

1,887,639

Creditors amounts include bank loans due after more than 5 years of £Nil (2023 - £Nil). The bank loans and overdraft are secured by a debenture over the assets of the LLP. The bank loans are repayable by instalments and bear an average interest charge of 2.8%. Other creditors of £1,100,023 (2023-£1,233,548) relate to the capital account due to the retired partners.

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

13

Net cash inflow from operating activities

31 March
2024
£

30 April
2023
£

Operating profit

5,119,906

6,461,505

Depreciation, amortisation and impairment charges

170,249

141,151

Loss on disposal of fixed assets

20,000

-

Increase in work in progress

(443,620)

(387,815)

Increase in debtors

(1,285,449)

(959,720)

(Decrease)/increase in creditors

(1,502,180)

2,172,562

Cash generated by operations

2,078,906

7,427,683

Net cash inflow from operating activities

2,078,906

7,427,683

14

Commitments

The LLP had no capital commitments at 31 March 2024.

15

Contingent liabilities

The LLP had no contingent liabilities at 31 March 2024.

16

Related party transactions

In the opinion of the members there are no other transactions with related parties that require disclosure in these financial statements.

17

Control

The ultimate controlling party is the designated members.

 

Anthony Gold Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

18

Lease commitments

Operating leases

The total of future minimum lease payments commitments is as follows:

2024
 £

2023
 £

Not later than one year

580,910

580,910

Later than one year and not later than five years

2,307,244

2,307,244

Later than five years

2,303,145

2,884,055

5,191,299

5,772,209


Critical accounting estimates and assumptions

The firm makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will seldom equal the related actual result.

How the firm values work carried out in each financial period is set out above in the revenue recognition policies. These policies require estimates to be made in respect of accrued income which is based on the assessments and judgements on the recovery of the related time costs incurred.