REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
IPS Law LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
IPS Law LLP |
IPS Law LLP (Registered number: OC319781) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
IPS Law LLP |
General Information |
for the Year Ended 31st March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Lexicon |
Mount Street |
Manchester |
M2 5NT |
IPS Law LLP (Registered number: OC319781) |
Report of the Members |
for the Year Ended 31st March 2024 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of the provision of legal services to the sports profession. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £251,733 (2023 - £195,698 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
ON BEHALF OF THE MEMBERS: |
Chartered Certified Accountants' Report to the Members |
on the Unaudited Financial Statements of |
IPS Law LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of IPS Law LLP for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the members of IPS Law LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of IPS Law LLP and state those matters that we have agreed to state to the members of IPS Law LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that IPS Law LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of IPS Law LLP. You consider that IPS Law LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of IPS Law LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
The Lexicon |
Mount Street |
Manchester |
M2 5NT |
IPS Law LLP (Registered number: OC319781) |
Income Statement |
for the Year Ended 31st March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
REVENUE |
Administrative expenses |
342,685 | 223,230 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
346,972 | 224,799 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
251,733 |
195,698 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
251,733 |
195,698 |
Members' remuneration charged as an expense |
5 |
(92,400 |
) |
(92,400 |
) |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
IPS Law LLP (Registered number: OC319781) |
Balance Sheet |
31st March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 150,000 | 150,000 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 150,000 | 150,000 |
150,000 | 150,000 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 150,000 | 150,000 |
Amounts due from members | 7 | (230,360 | ) | (103,301 | ) |
(80,360 | ) | 46,699 |
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. |
IPS Law LLP (Registered number: OC319781) |
Balance Sheet - continued |
31st March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
IPS Law LLP (Registered number: OC319781) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1st April 2023 | 150,000 | - | 150,000 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
159,333 |
159,333 |
Members' interests after profit for the year | 150,000 | 159,333 | 309,333 |
Other divisions of profit | - | (159,333 | ) | (159,333 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31st March 2024 | 150,000 | - | 150,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | (103,301 | ) |
Balance at 1st April 2023 | (103,301 | ) | 46,699 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
92,400 |
92,400 |
Profit for the financial year available for discretionary division among members |
- |
159,333 |
Members' interests after profit for the year | (10,901 | ) | 298,432 |
Other divisions of profit | 159,333 | - |
Drawings on account and distributions of profit | (378,792 | ) | (378,792 | ) |
Amount due to members | - |
Amount due from members | (230,360 | ) |
Balance at 31st March 2024 | (230,360 | ) | (80,360 | ) |
IPS Law LLP (Registered number: OC319781) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1st April 2022 | 150,000 | - | 150,000 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
103,298 |
103,298 |
Members' interests after profit for the year | 150,000 | 103,298 | 253,298 |
Other divisions of profit | - | (103,298 | ) | (103,298 | ) |
Drawings on account and distributions of profit | - | - | - |
Balance at 31st March 2023 | 150,000 | - | 150,000 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | (92,595 | ) |
Balance at 1st April 2022 | (92,595 | ) | 57,405 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
92,400 |
92,400 |
Profit for the financial year available for discretionary division among members |
- |
103,298 |
Members' interests after profit for the year | (195 | ) | 253,103 |
Other divisions of profit | 103,298 | - |
Drawings on account and distributions of profit | (206,404 | ) | (206,404 | ) |
Amount due to members | - |
Amount due from members | (103,301 | ) |
Balance at 31st March 2023 | (103,301 | ) | 46,699 |
IPS Law LLP (Registered number: OC319781) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
IPS Law LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, 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 under the historical cost convention. The principal accounting policies adopted are set out below. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
No critical judgements, estimates or assumptions have been made in the preparation of these financial statements, with the exception of judgements of the bad debt expense incurred by the company during the year. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and machinery 15% reducing balance |
Fixtures, fittings & equipment 15% reducing balance |
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. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
IPS Law LLP (Registered number: OC319781) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | 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. |
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. |
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
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. |
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member. |
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year. |
Provisions |
Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
IPS Law LLP (Registered number: OC319781) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Members remuneration |
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account after arriving at a 'profit for the financial year before members' remuneration and profit shares'. |
In addition , the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are also included within salaried remuneration of members. |
A member's share in the profit or loss of the year is accounted for as an allocation of profits. Unallocated profits and losses are uncluded within 'other reserves'. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
5. | INFORMATION IN RELATION TO MEMBERS |
31.3.24 | 31.3.23 |
£ | £ |
Members' remuneration charged as an expense |
Partners' salaries | 92,400 | 92,400 |
6. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
IPS Law LLP (Registered number: OC319781) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
During the year the Company took out two CBILS loans totalling £150,000. The CBILS loans have been made available on repayment terms of five years and are supported by a government-backed guarantee against the outstanding balance of the facility. The Company remains 100% liable for repayment of the facility. Therefore, the interest charge and any related government grant is recognised in profit or loss account. |
11. | PROVISIONS FOR LIABILITIES |
Provision |
for |
legal |
case |
£ |
Balance at 1st April 2023 |
Provided during year |
Balance at 31st March 2024 |
The financial statement incorporate a provision for expected legal costs / settlements in relation to an ongoing court case which was concluded in October 2024. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is C W Farnell. |