REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Paul Robinson Solicitors LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Paul Robinson Solicitors LLP |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Paul Robinson Solicitors LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 1 |
19 Aviation Way |
Southend Airport |
Southend on Sea |
Essex |
SS2 6UN |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
998,264 |
1,025,016 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
248,264 |
282,516 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 750,000 | 742,500 |
998,264 | 1,025,016 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 248,264 | 282,516 |
Members' other interests | 750,000 | 742,500 |
Amounts due from members | 5 | (118,060 | ) | (70,462 | ) |
880,204 | 954,554 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Paul Robinson Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents the value of professional services provided to clients under contractual obligations, excluding value added tax. Uncompleted contracts at the balance sheet date are brought into account with reference to the value of work performed and are described in the accounts as 'Accrued Income'. |
Revenue in respect of conditional or contingent contracts is only recognised when entitlement to income arises. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Improvements to leasehold property - Over period of lease |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Motor vehicles - 25% on reducing balance |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
Members are personally liable for taxation on their share of profits of the LLP. Consequently no reserve for taxation is made in the financial statements in respect of Members' tax liabilities, and the profits are shown within Members' interests or 'Loans and Other Debts due to Members' without any deduction for tax. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts due from members | 118,060 | 70,462 |
Other debtors |
Accrued income |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Other loans | 1,170,941 | 1,094,316 |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Value added tax | 422,031 | 396,858 |
Other creditors |
Pension control | 31,766 | 31,807 |
Accrued expenses |
Paul Robinson Solicitors LLP (Registered number: OC300127) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 40,641 | 54,940 |
The Barclays bank loans and overdraft are secured by an updated debenture registered on 22nd July 2022 in favour of Barclays Bank PLC. In addition S P Robinson, M S Deans and F Colwell have provided personal guarantees limited to £400,000 to Barclays Bank Plc. In addition C Wall and A McClintock have provided personal guarantees of £50,000 each. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed to members in respect of profits | 248,264 | 282,516 |
Falling due within one year | 248,264 | 282,516 |
The capital (whether classified as a liability or equity) of the LLP may be reduced by agreement of the members either by repayment or by the conversion of equity capital into liability capital or other debt. In the absence of agreement to the contrary, unsecured debt due to members will rank equally with debts due to other unsecured creditors in a winding up. |
10. | OTHER FINANCIAL COMMITMENTS |
At 31st March 2024, the LLP had total commitments under non cancellable operating leases over the remaining life of those leases of £21,522 (2023:£75,556). |
11. | RELATED PARTY DISCLOSURES |
Office premises and storage |
The LLP occupies properties owned by Members and their families. During the year the LLP paid rent of |
£260,299 (2023: £267,644) to Members and their families. |
12. | ULTIMATE CONTROLLING PARTY |
During the year Mr S P Robinson was the ultimate controlling party of the LLP. |