Registered number
OC447811
Shaw Graham Kersh LLP
Filleted Accounts
31 March 2024
Shaw Graham Kersh LLP
Registered number: OC447811
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Tangible assets 3 3,053
Current assets
Debtors 4 254,694
Cash at bank and in hand 187,211
441,905
Creditors: amounts falling due within one year 5 (150,348)
Net current assets 291,557
Total assets less current liabilities 294,610
Net assets attributable to members 294,610
Represented by:
Loans and other debts due to members 6 294,610
294,610
Total members' interests
Loans and other debts due to members 6 294,610
294,610
For the period ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to 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.
The 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.
These accounts were approved by the members on 22 December 2024 and signed on their behalf by:
R. D. Shaw
Designated member
Shaw Graham Kersh LLP
Notes to the Accounts
for the period from 19 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.
Turnover
Turnover comprises fees in respect of the provision of legal services which fall within the firm's ordinary activities, exclding value added tax, and such additional charges and disbursements invoices to clients. Where the firm has a "right to consideration" at the year end, based on unbilled work performed up to that date, an estimate of accrued income is recognised in the profit and loss account and balance sheet, calculated by applying the revenue recognition principles ser out in FRS 102. Where the firm does not have a "right to consideration", unbilled work performed up to that date is valued at cost and included as work in progress in the balance sheet. If the ability to bill the client is contingent on certain future events, unbilled work performed up to that date is valued at nil.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024
Number
Average number of persons employed by the LLP 6
3 Tangible fixed assets
Office equipment
£
Cost
Additions 3,637
At 31 March 2024 3,637
Depreciation
Charge for the period 584
At 31 March 2024 584
Net book value
At 31 March 2024 3,053
4 Debtors 2024
£
Trade debtors 236,104
Other debtors 18,590
254,694
5 Creditors: amounts falling due within one year 2024
£
Trade creditors 47,813
Other taxes and social security costs 47,882
Other creditors 54,653
150,348
6 Loans and other debts due to members 2024
£
Loans from members 293,362
Amounts due to members in respect of profits 1,248
294,610
Amounts falling due within one year 294,610
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Shaw Graham Kersh LLP is a limited liability partnership incorporated in England. Its registered office is:
Westgate House
9 Holborn
London
EC1N 2LL
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