C Legal LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 30 June 2024
Registration number: OC439669
C Legal LLP
Contents
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
C Legal LLP
Balance Sheet
30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and short-term deposits |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
9,994,658 |
11,606,095 |
|
Members’ other interests |
|||
Members' capital classified as equity |
2,102,751 |
1,638,907 |
|
12,097,409 |
13,245,002 |
||
Total members' interests |
|||
Loans and other debts due to members |
9,994,658 |
11,606,095 |
|
Equity |
|
|
|
12,097,409 |
13,245,002 |
For the year ending 30 June 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships and the option not to file a profit and loss account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships 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 C Legal LLP (registered number OC439669) were approved by the
C Legal LLP
Balance Sheet
30 June 2024
......................................... |
C Legal LLP
Notes to the Financial Statements
Year Ended 30 June 2024
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.
General information and basis of accounting
The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of C Legal LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
C Legal LLP
Notes to the Financial Statements
Year Ended 30 June 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
C Legal LLP
Notes to the Financial Statements
Year Ended 30 June 2024
Investments held as fixed assets |
2024 |
2023 |
|
Other investments |
|
|
Other investments
Unlisted investments |
Total |
|
Cost |
||
Additions |
11,979,203 |
11,979,203 |
At 30 June 2024 |
11,979,203 |
11,979,203 |
Net book value |
||
At 30 June 2024 |
11,979,203 |
11,979,203 |
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
- |
Total current trade and other debtors |
55,965 |
700 |
Creditors: Amounts falling due within one year |
30 June 2024 |
30 June 2023 |
|
Bank loans and overdrafts |
- |
9,062 |
Taxation and social security |
9,584 |
- |
Other creditors |
- |
45 |
9,584 |
9,107 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.