Howell-Jones LLP OC326254 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 Software OC326254 2023-04-01 2024-03-31 OC326254 2024-03-31 OC326254 core:CurrentFinancialInstruments 2024-03-31 OC326254 core:Non-currentFinancialInstruments 2024-03-31 OC326254 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC326254 core:MotorVehicles 2024-03-31 OC326254 core:PlantMachinery 2024-03-31 OC326254 bus:SmallEntities 2023-04-01 2024-03-31 OC326254 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC326254 bus:FullAccounts 2023-04-01 2024-03-31 OC326254 bus:RegisteredOffice 2023-04-01 2024-03-31 OC326254 bus:PartnerLLP10 2023-04-01 2024-03-31 OC326254 bus:PartnerLLP11 2023-04-01 2024-03-31 OC326254 bus:PartnerLLP12 2023-04-01 2024-03-31 OC326254 bus:PartnerLLP14 2023-04-01 2024-03-31 OC326254 bus:PartnerLLP19 2023-04-01 2024-03-31 OC326254 bus:PartnerLLP9 2023-04-01 2024-03-31 OC326254 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC326254 core:Goodwill 2023-04-01 2024-03-31 OC326254 core:ComputerEquipment 2023-04-01 2024-03-31 OC326254 core:FurnitureFittings 2023-04-01 2024-03-31 OC326254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC326254 core:LeaseholdImprovements 2023-04-01 2024-03-31 OC326254 core:MotorVehicles 2023-04-01 2024-03-31 OC326254 core:OfficeEquipment 2023-04-01 2024-03-31 OC326254 core:PlantMachinery 2023-04-01 2024-03-31 OC326254 countries:AllCountries 2023-04-01 2024-03-31 OC326254 2023-03-31 OC326254 core:Goodwill 2023-03-31 OC326254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC326254 core:MotorVehicles 2023-03-31 OC326254 core:PlantMachinery 2023-03-31 OC326254 2022-04-01 2023-03-31 OC326254 2023-03-31 OC326254 core:CurrentFinancialInstruments 2023-03-31 OC326254 core:Non-currentFinancialInstruments 2023-03-31 OC326254 core:Goodwill 2023-03-31 OC326254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC326254 core:MotorVehicles 2023-03-31 OC326254 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC326254

Prepared for the registrar

Howell-Jones LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Howell-Jones LLP

Contents

Limited liability partnership information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Howell-Jones LLP

Limited liability partnership information

Designated members

G L Buttaci

H L Hotten

J B Petchey

A E Petchey

A Hughes

S A Carter
 

Registered office

75 Surbiton Road
Kingston Upon Thames
Surrey
KT1 2AF

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Howell-Jones LLP

(Registration number: OC326254)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

5

97,653

72,988

Current assets

 

Debtors

6

2,273,145

2,076,634

Cash at bank

 

413,908

472,428

 

2,687,053

2,549,062

Creditors: Amounts falling due within one year

7

(1,132,679)

(1,043,806)

Net current assets

 

1,554,374

1,505,256

Total assets less current liabilities

 

1,652,027

1,578,244

Creditors: Amounts falling due after more than one year

8

(182,001)

(277,216)

Provisions for liabilities

9

(69,999)

(69,999)

Net assets attributable to members

 

1,400,027

1,231,029

Represented by:

 

Loans and other debts due to members

 

Other amounts

10

1,400,027

1,231,029

   

1,400,027

1,231,029

Total members' interests

 

Loans and other debts due to members

 

1,400,027

1,231,029

   

1,400,027

1,231,029

For the year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.

These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.

The financial statements of Howell-Jones LLP (registered number OC326254) were approved by the members and authorised for issue on 27 November 2024. They were signed on behalf of the LLP by:

.........................................
S A Carter
Designated member

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:
75 Surbiton Road
Kingston Upon Thames
Surrey
KT1 2AF

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Bad debt provision - due to the nature of the business, there are high levels of trade debtors at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £444,596 (2023 - £392,437).

Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £1,248,272 (2023 - £1,070,233).

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable on clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Disbursements

Disbursements are not included in income or expenses but are netted against each other.

Members' remuneration and division of profits

The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.

A member's share of the profit or loss is accounted for as an allocation of profits.

Taxation

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

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures and fittings

20% of cost per annum

Leasehold property improvements

over 4-5 years

Office equipment

25% of cost per annum

Computer equipment

25% - 33% of cost per annum

Motor vehicles

20% of cost per annum

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 company 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and Measurement

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 financing 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.

Impairment of financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Particulars of employees

The average number of persons employed by the LLP during the year was 70 (2023 - 64).

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Intangible fixed assets

Goodwill
£

Cost

At 1 April 2023 and 31 March 2024

100,000

Amortisation

At 1 April 2023 and 31 March 2024

100,000

Net book value

At 31 March 2023 and 31 March 2024

-

5

Tangible fixed assets

Leasehold property improvements
£

Fixtures, fittings and equipment
£

Motor vehicles
£

Total
£

Cost

At 1 April 2023

39,561

135,531

-

175,092

Additions

5,882

39,413

8,569

53,864

At 31 March 2024

45,443

174,944

8,569

228,956

Depreciation

At 1 April 2023

35,672

66,432

-

102,104

Charge for the year

4,376

23,966

857

29,199

At 31 March 2024

40,048

90,398

857

131,303

Net book value

At 31 March 2024

5,395

84,546

7,712

97,653

At 31 March 2023

3,889

69,099

-

72,988

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
 £

2023
 £

Trade debtors

596,899

674,670

Amounts recoverable on contracts

1,248,272

1,070,233

Other debtors

129,576

68,708

Prepayments and accrued income

298,398

263,023

2,273,145

2,076,634

7

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Trade creditors

77,386

74,986

Other creditors

148,319

180,125

Taxation and social security

325,176

321,582

Accruals

214,360

99,143

Bank loans

367,438

367,970

1,132,679

1,043,806

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:

2024
 £

2023
 £

Bank loan

50,000

37,504

The nature of the security is a fixed and floating charge over the assets of the LLP.

8

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans

182,001

277,216

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:

2024
£

2023
£

Bank loan

87,556

150,016

The nature of the security is a fixed and floating charge over the assets of the LLP.

 

Howell-Jones LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Provisions

Client claims
£

At 1 April 2023 and 31 March 2024

69,999

10

Analysis of other amounts

2024
 £

2023
 £

Money owed to members by the LLP

1,400,027

1,231,029

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £455,664 (2023 - £595,132).