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Registration number: OC438464

Midwinters Law LLP

Annual Report and Unaudited Financial Statements

for the period from 1 September 2023 to 31 March 2024

 

Midwinters Law LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Midwinters Law LLP

Limited liability partnership information

Designated members

Mr HJO Harries

Mr GN Gregory
 

Members

Mr M Lynham

Mrs L C Parry

Registered office

1 Crescent Place
Cheltenham
Gloucestershire
GL50 3PJ

Principal place of business

1 Crescent Place
Cheltenham
Gloucestershire
GL50 3PJ

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Midwinters Law LLP

(Registration number: OC438464)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 August 2023
 £

Fixed assets

 

Tangible assets

4

33,936

4,610

Current assets

 

Stocks

504,880

374,782

Debtors

5

272,431

344,825

Cash and short-term deposits

 

44,358

24,479

 

821,669

744,086

Creditors: Amounts falling due within one year

7

(499,569)

(407,235)

Net current assets

 

322,100

336,851

Net assets attributable to members

 

356,036

341,461

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

156,036

141,461

Members’ other interests

 

Members' capital classified as equity

 

200,000

200,000

   

356,036

341,461

Total members' interests

 

Loans and other debts due to members

 

156,036

141,461

Equity

 

200,000

200,000

   

356,036

341,461

For the year ending 31 March 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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

Midwinters Law LLP

(Registration number: OC438464)
Balance Sheet as at 31 March 2024

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 Midwinters Law LLP (registered number OC438464) were approved by the Board and authorised for issue on 29 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr HJO Harries
Designated member

.........................................
Mr GN Gregory
Designated member

 

Midwinters Law LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

1

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 England and Wales 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 Midwinters Law 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.

 

Midwinters Law LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

Taxation

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

Tangible fixed assets

Individual fixed assets costing £0 or more are initially recorded at cost.

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 & fittings

5 years straight line

Leasehold property

15 years straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 limited liability partnership 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 subsequently measured at amortised cost using the effective interest method.

 

Midwinters Law LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

2

Profit for the period before members' remuneration and profit shares

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation

3,138

976

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 14 (2023 - 14).

4

Tangible fixed assets

Long leasehold land and buildings
£

Fixtures and fittings
 £

Total
£

Cost

At 1 September 2023

4,653

1,939

6,592

Additions

-

32,464

32,464

At 31 March 2024

4,653

34,403

39,056

Depreciation

At 1 September 2023

707

1,274

1,981

Charge for the year

181

2,958

3,139

At 31 March 2024

888

4,232

5,120

Net book value

At 31 March 2024

3,765

30,171

33,936

At 31 August 2023

3,945

665

4,610

Included within the net book value of land and buildings above is £Nil (2023 - Nil) in respect of freehold land and buildings and £3,765 (2023 - £3,945) in respect of leaseholds.
 

 

Midwinters Law LLP

Notes to the Financial Statements for the Period from 1 September 2023 to 31 March 2024

5

Stocks

2024
£

2023
£

Work in progress

504,880

374,782

6

Debtors

2024
£

2023
£

Trade debtors

205,920

300,805

Prepayments and accrued income

66,511

44,020

Total current trade and other debtors

272,431

344,825

7

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

154,415

33,454

Trade creditors

2,394

17,258

Other creditors

213,482

236,143

Accruals and deferred income

48,429

44,179

Taxation and social security

80,849

76,201

499,569

407,235