Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseThe principal object of the LLP is to provide legal services.5960truetruefalse OC426561 2023-04-01 2024-03-31 OC426561 2022-04-01 2023-03-31 OC426561 2024-03-31 OC426561 2023-03-31 OC426561 c:MotorVehicles 2023-04-01 2024-03-31 OC426561 c:MotorVehicles 2024-03-31 OC426561 c:MotorVehicles 2023-03-31 OC426561 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC426561 c:FurnitureFittings 2023-04-01 2024-03-31 OC426561 c:FurnitureFittings 2024-03-31 OC426561 c:FurnitureFittings 2023-03-31 OC426561 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC426561 c:ComputerEquipment 2023-04-01 2024-03-31 OC426561 c:ComputerEquipment 2024-03-31 OC426561 c:ComputerEquipment 2023-03-31 OC426561 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC426561 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC426561 c:CurrentFinancialInstruments 2024-03-31 OC426561 c:CurrentFinancialInstruments 2023-03-31 OC426561 c:Non-currentFinancialInstruments 2024-03-31 OC426561 c:Non-currentFinancialInstruments 2023-03-31 OC426561 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC426561 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC426561 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC426561 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC426561 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC426561 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC426561 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC426561 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 OC426561 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-03-31 OC426561 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-03-31 OC426561 d:FRS102 2023-04-01 2024-03-31 OC426561 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC426561 d:FullAccounts 2023-04-01 2024-03-31 OC426561 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC426561 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC426561 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 OC426561 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC426561 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 OC426561 2 2023-04-01 2024-03-31 OC426561 d:PartnerLLP5 2023-04-01 2024-03-31 OC426561 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC426561 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC426561 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC426561 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC426561 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC426561









FREEMANS LAW LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FREEMANS LAW LLP
REGISTERED NUMBER: OC426561

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
165,908
177,598

  
165,908
177,598

Current assets
  

Unbilled work in progress
  
1,081,997
945,874

Debtors: amounts falling due within one year
 5 
1,562,742
1,676,781

Cash at bank and in hand
 6 
336,028
345,187

  
2,980,767
2,967,842

Creditors: Amounts Falling Due Within One Year
 7 
(1,090,900)
(703,920)

Net current assets
  
 
 
1,889,867
 
 
2,263,922

Total assets less current liabilities
  
2,055,775
2,441,520

Creditors: amounts falling due after more than one year
 8 
(760,236)
(944,676)

  
1,295,539
1,496,844

  

Net assets
  
1,295,539
1,496,844


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 11 
1,294,839
1,496,244

  
1,294,839
1,496,244

Members' other interests
  

Members' capital classified as equity
  
700
600

  
 
700
 
600

  
1,295,539
1,496,844


Total members' interests
  

Loans and other debts due to members
 11 
1,294,839
1,496,244

Members' other interests
  
700
600

  
1,295,539
1,496,844

Page 1

 
FREEMANS LAW LLP
REGISTERED NUMBER: OC426561
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




O. Osibona
Designated member

Date: 13 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Freemans Law LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
FREEMANS LAW LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital classified as equity
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
1,353,708
1,353,708
-
-
1,353,708

Members' interests after profit for the year
800
1,353,708
1,354,508
1,666,507
1,666,507
3,021,015

Other division of profits
-
(1,353,708)
(1,353,708)
1,353,708
1,353,708
-

Repayment of capital
(200)
-
(200)
-
-
(200)

Drawings on account and distribution of profit
-
-
-
(1,523,971)
(1,523,971)
(1,523,971)

Amounts due to members
1,496,244
1,496,244

Balance at 31 March 2023
600
-
600
1,496,244
1,496,244
1,496,844

Profit for the year available for discretionary division among members
 
-
913,064
913,064
-
-
913,064

Members' interests after profit for the year
600
913,064
913,664
1,496,244
1,496,244
2,409,908

Other division of profits
-
(913,064)
(913,064)
913,064
913,064
-

Amounts introduced by members
100
-
100
-
-
100

Drawings on account and distribution of profit
-
-
-
(1,114,469)
(1,114,469)
(1,114,469)

Amounts due to members
1,294,839
1,294,839

Balance at 31 March 2024 
700
-
700
1,294,839
1,294,839
1,295,539

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Freemans Law LLP is a limited liability partnership incorporated in England and Wales, within the United
Kingdom. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.8

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and the straight line method. .

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.10

 Work in progress

Professional services provided during the year which at the balance sheet date have not been billed,
have been recognised in turnover based upon an assessment of their fair value.
Work in progress is stated at the lower of cost and net realisable value, being the estimated selling
price less costs to complete and sell.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Employees
59
60

Page 6

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
172,908
220,966
99,065
492,939


Additions
30,373
1,293
27,191
58,857



At 31 March 2024

203,281
222,259
126,256
551,796



Depreciation


At 1 April 2023
58,127
202,586
54,628
315,341


Charge for the year on owned assets
31,737
7,924
30,886
70,547



At 31 March 2024

89,864
210,510
85,514
385,888



Net book value



At 31 March 2024
113,417
11,749
40,742
165,908



At 31 March 2023
114,781
18,380
44,437
177,598


5.


Debtors

2024
2023
£
£


Trade debtors
1,254,569
1,380,630

Other debtors
4,033
21,643

Prepayments and accrued income
304,140
274,508

1,562,742
1,676,781


Page 7

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
336,028
345,187

Less: bank overdrafts
(24,960)
(19,175)

311,068
326,012



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
24,960
19,175

Bank loans
42,000
42,000

Other loans
614,273
324,880

Trade creditors
89,269
74,667

Other taxation and social security
195,921
181,287

Obligations under finance lease and hire purchase contracts
42,035
44,301

Other creditors
11,082
-

Accruals and deferred income
71,360
17,610

1,090,900
703,920



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
41,666
83,666

Other loans
632,194
779,134

Net obligations under finance leases and hire purchase contracts
86,374
81,876

760,234
944,676


Page 8

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
42,000
42,000

Other loans
614,273
324,880


656,273
366,880

Amounts falling due 1-2 years

Bank loans
41,666
42,000

Other loans
100,000
100,000


141,666
142,000

Amounts falling due 2-5 years

Bank loans
-
41,666

Other loans
100,000
200,000


100,000
241,666

Amounts falling due after more than 5 years

Other loans
432,194
479,134

432,194
479,134

1,330,133
1,229,680



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
42,035
44,301

Between 1-5 years
86,376
82,464

128,411
126,765

Page 9

 
FREEMANS LAW LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,294,839
1,496,244

1,294,839
1,496,244



Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 10