Limited Liability Partnership Registration No. OC327266 (England and Wales)
ATTWELLS SOLICITORS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
ATTWELLS SOLICITORS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr N A Attwell
Mr W S Oakes
Mrs L A Caporaso
Mrs L J Harrington-Rutterford
LLP registration number
OC327266
Registered office
Sun Buildings
35-37 Princes Street
Ipswich
IP1 1PU
Accountants
LB Group Advisory Limited (Colchester)
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
ATTWELLS SOLICITORS LLP
CONTENTS
Page
Members' report
1 - 2
Accountants' report
3
Income statement
4
Statement of financial position
5 - 6
Notes to the financial statements
7 - 11
ATTWELLS SOLICITORS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2024.

Members' drawings, contributions and repayments

During the year the members receive payments on account of profits, as monthly drawings, for the current period, subject to the cash requirements of the business. The payments on account of profits may be repayable should they exceed the actual profits available. Where profits have been allocated and not drawn, the balance is included in the balance sheet under loans and other debts due to members.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N A Attwell
Mr W S Oakes
Mrs L A Caporaso
Mrs L J Harrington-Rutterford
Statement of members' responsibilities

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

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires 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. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) 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 period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and 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 by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). 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.

ATTWELLS SOLICITORS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Attwells Solicitors LLP Members' Statement

The year ending March 2024 saw modest growth in the Economy and the property market. Wage and other cost pressures including energy meant that cost control was challenge. A relatively high interest rate environment meant interest on client funds continued to grow as a non-operational income line.

In 2024 we invested in the central functions of the Firm and in the Firm’s innovation. Trebling the IT Team in the Firm including commencing a KTP with the University of Essex and Innovate UK to build our own client portal.

Attwells’ revenue grew by 11% this year and headcount grew by 15%. Gross margin improved to 99% as any increase in referral fees and ID costs was far outweighed by the growth in work in progress. Attwells’ strong brand message of measurable excellent client service meant conveyancing B2C growth continued (aided by a commitment to a strong digital marketing spend) and B2B. Attwells continued to focus upon only dealing with higher margin referrers.  Relatively high interest rates on client account and increased activity meant this income stream grew significantly this year.

Generally, operating costs increased in line with operating income but particular increases to note were: 109% increase in recruitment costs as additional staffing vacancies continued to require agency fees; 54% increase in heat and light costs; 33% increase in IT spend and 18% increase in archiving costs. Our reserve against insurance claims and complaints (indemnity claims excess) was 26% up on budget with some payments for complaints. The 2023 figure here was very low as previous year provisions against claims were released.

On premises we continued to let out part of our Colchester premises and the London and Ipswich premises remained unchanged on the basis of the extra capacity we had taken on in Ipswich the previous year.

Profit before taxation has improved by 4% which was predominantly driven by the increase in bank interest as a result of greater activity although operational profit was marginally up too.

Work in progress grew by 59% and debtors by 52% as work levels increased.  Strong cash conversion was achieved with cash in the bank growing by 90% on the previous year.

At department level except for the Suffolk Conveyancing Team which fell 7% all other departments grew. The non-conveyancing teams saw the greatest growth. Litigation grew by 36%. The Auctions Team grew by 30% and the Employment Team by 22% probably reflecting a precarious external landscape and the growth of our reputation in these disciplines. The Essex Conveyancing Team continued to take more market share growing by 17%. All of the Departments were within 10% of their productivity targets with some spare capacity in most teams.

A goal of the business to ensure stability is to keep the conveyancing and non-conveyancing parts of the business in a ratio of 50:50 continued to be achieved with a non-conveyancing to conveyancing fee income ratio of 55:45.

By the end of the financial year we were back on track for our 10 Year Plan of doubling the Firm’s size, we made a commitment to expansion of IT and had continued to introduce staff perks and benefits to make Attwells a first choice employer. Attwells was well set with strong cash reserves to continue to invest and push for another year of 15% growth and a 21% net profit return.

Small companies exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 5 November 2024 and signed on behalf by:
05 November 2024
Mr N A Attwell
Designated Member
ATTWELLS SOLICITORS LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ATTWELLS SOLICITORS LLP FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2024.

This report is made solely to the limited liability partnership's members of Attwells Solicitors LLP, as a body, in accordance with the terms of our engagement letter dated 10 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Attwells Solicitors LLP and state those matters that we have agreed to state to the limited liability partnership's members of Attwells Solicitors LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Attwells Solicitors LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Attwells Solicitors LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Attwells Solicitors LLP. You consider that Attwells Solicitors LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Attwells Solicitors LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

LB Group Advisory Limited (Colchester)
5 November 2024
Accountants
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
ATTWELLS SOLICITORS LLP
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
£
£
Turnover
4,307,904
3,879,227
Cost of sales
(26,709)
(125,258)
Gross profit
4,281,195
3,753,969
Administrative expenses
(3,714,759)
(3,236,927)
Other operating income
16,250
16,266
Operating profit
582,686
533,308
Interest receivable and similar income
325,100
117,605
Interest payable and similar expenses
(20,810)
(13,207)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
886,976
637,706

The income statement has been prepared on the basis that all operations are continuing operations.

ATTWELLS SOLICITORS LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
704,748
728,124
Current assets
Stocks
365,226
229,597
Debtors
5
280,937
184,893
Cash at bank and in hand
400,971
210,508
1,047,134
624,998
Creditors: amounts falling due within one year
6
(797,155)
(602,725)
Net current assets
249,979
22,273
Total assets less current liabilities
954,727
750,397
Creditors: amounts falling due after more than one year
7
(82,491)
(95,606)
Net assets attributable to members
872,236
654,791
ATTWELLS SOLICITORS LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 6 -
Represented by:
Loans and other debts due to members within one year
Other amounts
497,236
283,930
Members' other interests
Members' capital classified as equity
375,000
370,861
872,236
654,791

For the financial year ended 31 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 5 November 2024 and are signed on their behalf by:
05 November 2024
Mr N A Attwell
Mr W S Oakes
Designated member
Designated Member
Mrs L A Caporaso
Mrs L J Harrington-Rutterford
Designated Member
Designated Member
Limited Liability Partnership Registration No. OC327266
ATTWELLS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Limited liability partnership information

Attwells Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Sun Buildings, 35-37 Princes Street, Ipswich, Suffolk, IP1 1PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ATTWELLS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Fixtures and fittings
10% reducing balance
IT equipment
10% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

ATTWELLS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.10

Pensions - defined contributions pension plan

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
62
54
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
IT equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
230,051
131,782
431,607
427,021
1,220,461
Additions
-
1,060
45,781
64,995
111,836
At 31 March 2024
230,051
132,842
477,388
492,016
1,332,297
Depreciation and impairment
At 1 April 2023
137,806
67,507
163,110
123,914
492,337
Depreciation charged in the year
22,211
6,488
28,029
78,484
135,212
At 31 March 2024
160,017
73,995
191,139
202,398
627,549
Carrying amount
At 31 March 2024
70,034
58,847
286,249
289,618
704,748
At 31 March 2023
92,245
64,275
268,497
303,107
728,124
ATTWELLS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,978
38,969
Other debtors
218,959
145,924
280,937
184,893
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
82,712
97,593
Trade creditors
170,292
134,030
Taxation and social security
155,502
138,796
Other creditors
388,649
232,306
797,155
602,725

Hire purchase agreements are secured on the assets concerned.

 

A fixed and floating charge exists between the LLP and Lloyds Bank Plc in relation to all money and liabilities which may become due. This charge was created on 28 March 2018 and is secured on the undertaking and all property and assets present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery owned by the LLP.

 

A fixed and floating charge exists between the LLP and Barclays Bank Plc in relation to all money and liabilities which may become due. This charge was created on 16 June 2020 and is secured on the undertaking and all property and assets present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery owned by the LLP.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
82,491
95,606

Hire purchase agreements are secured on the assets concerned.

 

A fixed and floating charge exists between the LLP and Lloyds Bank Plc in relation to all money and liabilities which may become due. This charge was created on 28 March 2018 and is secured on the undertaking and all property and assets present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery owned by the LLP.

 

A fixed and floating charge exists between the LLP and Barclays Bank Plc in relation to all money and liabilities which may become due. This charge was created on 16 June 2020 and is secured on the undertaking and all property and assets present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery owned by the LLP.

ATTWELLS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
332,500
402,500
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