1 June 2023 false No description of principal activity Taxfiler 2024.6 OC354056business:LimitedLiabilityPartnershipLLP2023-06-012024-03-31 OC3540562023-05-31 OC3540562023-06-012024-03-31 OC354056business:AuditExemptWithAccountantsReport2023-06-012024-03-31 OC354056business:FullAccounts2023-06-012024-03-31 OC3540562024-03-31 OC354056business:PartnerLLP12023-06-012024-03-31 OC354056business:PartnerLLP22023-06-012024-03-31 OC354056business:RegisteredOffice2023-06-012024-03-31 OC3540562023-05-31 OC354056core:WithinOneYear2024-03-31 OC354056core:WithinOneYear2023-05-31 OC354056core:AfterOneYear2024-03-31 OC354056core:AfterOneYear2023-05-31 OC354056core:ShareCapital2024-03-31 OC354056core:ShareCapital2023-05-31 OC354056business:SmallEntities2023-06-012024-03-31 OC354056core:FurnitureFittings2023-06-012024-03-31 OC354056core:ComputerEquipment2023-06-012024-03-31 OC354056countries:EnglandWales2023-06-012024-03-31 OC354056core:FurnitureFittings2023-05-31 OC354056core:ComputerEquipment2023-05-31 OC354056core:FurnitureFittings2024-03-31 OC354056core:ComputerEquipment2024-03-31 OC3540562022-06-012023-05-31 iso4217:GBP xbrli:pure
Registered No. OC354056 (England and Wales)
Baileys Law LLP Unaudited accounts for the period from 1 June 2023 to 31 March 2024
Baileys Law LLP LLP Information for the period from 1 June 2023 to 31 March 2024
Designated members
Baileys Law Legal Services Ltd
Ms Nicola Chandler
Registered Number
OC354056 (England and Wales)
Registered Office
19g Normandy Way Bodmin Cornwall PL31 1RB England
Accountants
Callywith Accountants 70 Castle Street Bodmin Cornwall PL31 2DY
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Baileys Law LLP Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
15,061 
13,954 
Current assets
Inventories
18,470 
15,592 
Debtors
72,750 
57,268 
Cash at bank and in hand
95,741 
48,756 
186,961 
121,616 
Creditors: amounts falling due within one year
(109,561)
(92,621)
Net current assets
77,400 
28,995 
Total assets less current liabilities
92,461 
42,949 
Creditors: amounts falling due after more than one year
(11,667)
(20,000)
Net assets attributable to members
80,794 
22,949 
Represented by:
Loans and other debts due to members
73,294 
15,449 
Members' other interests
Members' capital classified as equity
7,500 
7,500 
80,794 
22,949 
Total members' interests
Loans and other debts due to members
73,294 
15,449 
Members' other interests
7,500 
7,500 
80,794 
22,949 
For the period ending 31 March 2024 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small 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.
These 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.
Approved by the members on 27 November 2024.
Ms Nicola Chandler Designated member Limited Liability Partnership Registration No. OC354056
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Baileys Law LLP Notes to the Accounts for the period from 1 June 2023 to 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.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the amounts (excluding value added tax) derived from the prpvision of services to clients during the period.
Tangible fixed assets policy
Fixed assets are carried in the balance sheet at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful live as follows:
Fixtures & fittings
15% straight line
Computer equipment
25% straight line
Stocks
Work in progress is valued based on time incurred on the work undertaken for clients in accordance with recoverable Legal Services Commission rates.
Members' remuneration
Members' shares in the profit or loss for the year are accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
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.
2
Statutory information
Baileys Law LLP is a limited liability partnership, incorporated in England and Wales, registration number OC354056. Its registered office is 19g Normandy Way, Bodmin, Cornwall, PL31 1RB, England.
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Baileys Law LLP Notes to the Accounts for the period from 1 June 2023 to 31 March 2024
3
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2023
21,553 
15,339 
36,892 
Additions
978 
3,349 
4,327 
At 31 March 2024
22,531 
18,688 
41,219 
Depreciation
At 1 June 2023
9,009 
13,929 
22,938 
Charge for the period
2,030 
1,190 
3,220 
At 31 March 2024
11,039 
15,119 
26,158 
Net book value
At 31 March 2024
11,492 
3,569 
15,061 
At 31 May 2023
12,544 
1,410 
13,954 
4
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
Trade creditors
39,896 
15,725 
Taxes and social security costs
53,224 
57,972 
Other creditors
4,866 
5,774 
Accruals
1,575 
3,150 
109,561 
92,621 
5
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
11,667 
20,000 
6
Loans and other debts due to members
2024 
2023 
£ 
£ 
Loans from members
27,845 
15,609 
Amounts due to members in respect of profits
45,449 
(160)
73,294 
15,449 
Amounts falling due within one year
73,294 
15,449 
Loans and other debts due to members rank equally with debts due to other unsecured creditors in a winding up.
7
Average number of employees
During the period the average number of employees was 6 (2023: 4).
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