Limited Liability Partnership registration number OC347380 (England and Wales)
WILSON SOLICITORS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILSON SOLICITORS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WILSON SOLICITORS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
349,959
398,043
Current assets
Debtors
4
3,051,753
2,801,293
Cash at bank and in hand
440,448
920,041
3,492,201
3,721,334
Creditors: amounts falling due within one year
5
(734,657)
(734,558)
Net current assets
2,757,544
2,986,776
Total assets less current liabilities
3,107,503
3,384,819
Creditors: amounts falling due after more than one year
6
(166,749)
(266,749)
Net assets attributable to members
2,940,754
3,118,070
Represented by:
Loans and other debts due to members within one year
7
Members' capital classified as a liability
2,100,000
2,180,000
Other amounts
840,754
938,070
2,940,754
3,118,070

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

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) 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 and delivered 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 29 November 2024 and are signed on their behalf by:
29 November 2024
J Elliott
Designated member
Limited Liability Partnership Registration No. OC347380
WILSON SOLICITORS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Wilson Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is 697 High Road, Tottenham, London, N17 8AD.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

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 January 2017, 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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents fee income receivable net of VAT and inclusive of amounts recoverable but unbilled at the balance sheet date, which are recognised at their sales value as the contract activity progresses, net of provision for contingencies and irrecoverable balances, and presented as "amounts due from contract customers" within debtors.

 

Contract payments received from the Legal Aid Agency, on account of fees and disbursements for qualifying cases, are presented as "payments on account" within creditors to the extent that they exceed the amount of revenue recognised as at the balance sheet date.

1.3
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.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

WILSON SOLICITORS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

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

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

Land and buildings Long Leasehold
2% straight line
Fixtures and fittings
10 - 15% reducing balance
Office and computer equipment
Hardware: 25% straight line
Software: 33% straight line

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 profit and loss account.

1.5
Impairment of fixed assets

At each reporting 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 the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at each reporting end date. Any impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

WILSON SOLICITORS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Retirement benefits and post retirement payments to members

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

1.9
Leases

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.

2
Employees

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

2024
2023
Number
Number
Total
114
110
3
Tangible fixed assets
Land and buildings Long Leasehold
Fixtures and fittings
Office and computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
343,019
283,953
432,182
1,059,154
Additions
-
3,750
23,950
27,700
At 31 March 2024
343,019
287,703
456,132
1,086,854
Depreciation and impairment
At 1 April 2023
75,609
230,095
355,407
661,111
Depreciation charged in the year
6,860
8,517
60,407
75,784
At 31 March 2024
82,469
238,612
415,814
736,895
Carrying amount
At 31 March 2024
260,550
49,091
40,318
349,959
At 31 March 2023
267,410
53,858
76,775
398,043
WILSON SOLICITORS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,914,907
1,653,831
Gross amounts owed by contract customers
1,100,022
1,061,495
Prepayments and accrued income
36,824
85,967
3,051,753
2,801,293
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
100,000
Trade creditors
12,306
21,354
Other taxation and social security
322,365
300,095
Other creditors
27,384
79,414
Accruals and deferred income
272,602
233,695
734,657
734,558
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
166,749
266,749

The bank loan is secured by a floating charge over the assets of the LLP.

7
Loans and other debts due to members
2024
2023
£
£
Loans advanced by members
2,100,000
2,180,000
Amounts due to members in respect of profits
840,754
938,070
2,940,754
3,118,070
Analysis of loans and other debts due to members
Amounts falling due within one year
2,940,754
3,118,070

Loans advanced by members are in respect of members' capital classified as debt.

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

WILSON SOLICITORS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the LLP for property, plant and equipment.

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
£
£
1,340,483
1,421,008
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