Registered number
OC372780
Markand & Co. Solicitors LLP
Filleted Accounts
31 March 2024
Markand & Co. Solicitors LLP
Registered number: OC372780
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 43,500 46,500
Tangible assets 4 1,490,100 1,398,506
1,533,600 1,445,006
Current assets
Debtors 5 71,865 54,458
Cash at bank and in hand 6,461,453 7,283,959
6,533,318 7,338,417
Creditors: amounts falling due within one year 6 (6,578,177) (7,271,438)
Net current (liabilities)/assets (44,859) 66,979
Total assets less current liabilities 1,488,741 1,511,985
Creditors: amounts falling due after more than one year 7 (731,393) (744,306)
Net assets attributable to members 757,348 767,679
Represented by:
Loans and other debts due to members 8 699,473 709,804
Members' other interests
Members' capital classified as equity 57,875 57,875
757,348 767,679
Total members' interests
Loans and other debts due to members 8 699,473 709,804
Members' other interests 57,875 57,875
757,348 767,679
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 13 November 2024 and signed on their behalf by:
Gurdarshan Singh Bhaker
Designated member
Markand & Co. Solicitors LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% per annum reducing balance
Fixtures, fittings, tools and equipment 20% per annum reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 23 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 60,000
At 31 March 2024 60,000
Amortisation
At 1 April 2023 13,500
Provided during the year 3,000
At 31 March 2024 16,500
Net book value
At 31 March 2024 43,500
At 31 March 2023 46,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 1,353,119 70,699 1,423,818
Additions 89,819 13,566 103,385
At 31 March 2024 1,442,938 84,265 1,527,203
Depreciation
At 1 April 2023 - 25,312 25,312
Charge for the year - 11,791 11,791
At 31 March 2024 - 37,103 37,103
Net book value
At 31 March 2024 1,442,938 47,162 1,490,100
At 31 March 2023 1,353,119 45,387 1,398,506
5 Debtors 2024 2023
£ £
Trade debtors 71,865 54,458
6 Creditors: amounts falling due within one year 2024 2023
£ £
Clients' Ledger balances 6,233,646 6,973,752
Other taxes and social security costs 335,828 290,185
Other creditors 8,703 7,501
6,578,177 7,271,438
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 731,393 744,306
8 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 699,473 709,804
Amounts falling due within one year 699,473 709,804
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other information
Markand & Co. Solicitors LLP is a limited liability partnership incorporated in England. Its registered office is:
6 - 8 Woodford Road
Forest Gate
London
E7 0HA
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