REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SHARRATTS (LONDON) LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SHARRATTS (LONDON) LLP |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
SHARRATTS (LONDON) LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Building 1063 |
Cornforth Drive |
Kent Science Park |
Sittingbourne |
Kent |
ME9 8PX |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the provision of legal services |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
Mr R W Locke resigned as a member on 31 March 2024. |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £2,290,858 (2023 - £2,238,719 profit). |
MEMBERS' INTERESTS |
Each members subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. |
Members are remunerated from the profits of the LLP and are required to make their own provisions for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. |
ON BEHALF OF THE MEMBERS: |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,864,202 | 1,905,442 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,344,310 | 2,229,738 |
Interest payable and similar expenses | ( |
) |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
779,360 |
688,497 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
13 |
779,360 |
688,497 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 13 | 779,360 | 688,497 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 688,497 |
Amount due from members | - |
Balance at 1 April 2023 | - | 688,497 | 688,497 |
Profit for the financial year available for discretionary division among members |
2,290,858 |
- |
2,290,858 |
Members' interests after profit for the year |
2,290,858 |
688,497 |
2,979,355 |
Other divisions of profit | (2,290,858 | ) | 2,290,858 | - |
Introduced by members | - | 31,348 | 31,348 |
Drawings on account and distributions of profit |
- |
(2,231,343 |
) |
(2,231,343 |
) |
Amount due to members | 779,360 |
Amount due from members | - |
Balance at 31 March 2024 | - | 779,360 | 779,360 |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 558,519 |
Amount due from members | - |
Balance at 1 April 2022 | - | 558,519 | 558,519 |
Profit for the financial year available for discretionary division among members |
2,238,719 |
- |
2,238,719 |
Members' interests after profit for the year |
2,238,719 |
558,519 |
2,797,238 |
Other divisions of profit | (2,238,719 | ) | 2,238,719 | - |
Introduced by members | - | 29,798 | 29,798 |
Drawings on account and distributions of profit |
- |
(2,138,539 |
) |
(2,138,539 |
) |
Amount due to members | 688,497 |
Amount due from members | - |
Balance at 31 March 2023 | - | 688,497 | 688,497 |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Sharratts (London) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents the right to consideration earned in respect of services performed during the year, exclusive of Value Added Tax. Unbilled revenue is included in debtors as amounts recoverable on contracts. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Computer equipment | - |
Furniture, fittings & equipment - 15% reducing balance |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the entity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charge to the Profit and Loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term. |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
Taxation on all partnership profits is solely the personal liability of individual members. Consequently, neither taxation nor related deferred taxation arising in respect of the partnership is accounted for in these financial statements. |
Profit appropriation |
The allocation of profits to those who were members during the financial year occurs at the discretion of the designated members following the finalisation of the annual financial statements. As is permitted by the Limited Liability Partnership Regulations and the Partnership Agreement, allocated profits may not necessarily represent all the profits arising in a particular financial year if the designated members consider it appropriate to retain profits or to allocate profits previously retained. |
During the year members receive monthly drawings. The level and timing of drawings is decided by the designated members, taking into account the partnership's cash requirements for operating activities. The monthly drawings represent payments on account of current year profits and are reclaimable from members until profits have been allocated. Any over-distribution of profits during the year is recoverable from members. |
Pending the allocation of profits and their division between members, therefore, drawings are shown as 'Amounts due from members'. Unallocated profits are shown in equity as 'Other reserves'. Unallocated profits that may be determined as attributable to members who retired in the year are included in 'Other reserves.' |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The LLP enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
d) Trade and other creditors |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
6. | INFORMATION IN RELATION TO MEMBERS |
31.3.24 | 31.3.23 |
The average number of members during the year was | 5 | 6 |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
SHARRATTS (LONDON) LLP (REGISTERED NUMBER: OC352690) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | DEBTORS - continued |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due after more than one year: |
Amounts recoverable on contract |
Aggregate amounts |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
12. | SECURED DEBTS |
The bank have an all assets debenture dated 21 July 2010 in respect of an overdraft facility. |
13. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the LLP is both Ms S Jarvis and Mr N Wookey by virtue of their control and their ability to direct the financial and operating policies of the LLP. |