Nalders LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 30 April 2024
Registration number: OC354499
Nalders LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Nalders LLP
Balance Sheet
30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
800,000 |
863,500 |
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Other amounts |
901,603 |
2,509,343 |
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1,701,603 |
3,372,843 |
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1,701,603 |
3,372,843 |
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Total members' interests |
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Loans and other debts due to members |
1,701,603 |
3,372,843 |
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1,701,603 |
3,372,843 |
Nalders LLP
Balance Sheet
30 April 2024
For the year ending 30 April 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.
These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Small Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, and the option not to file the Profit and Loss Account has been taken.
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 Nalders LLP (registered number OC354499) were approved by the
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Nalders LLP
Notes to the Financial Statements
Year Ended 30 April 2024
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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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.
Revenue recognition
Turnover represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which at the balance sheet date, have not been invoiced to clients, have been recognised in turnover in accordance with applicable Accounting Standards and UK GAAP.
Turnover recognised is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
Members' remuneration and division of profits
Profits are automatically allocated to members. They are therefore shown as "Members' remuneration charged as an expense" in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are included within "loans and other debts due to members" in the Balance Sheet.
Unallocated profits and losses are included within Other Reserves.
Nalders LLP
Notes to the Financial Statements
Year Ended 30 April 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.
other taxes policy
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 |
Land and buildings |
Nil |
Fixtures and fittings |
15% straight line basis |
Office equipment |
15% straight line basis |
Motor vehicles |
20% straight line basis |
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.
Provisions
Provisions are recognised when the limited liability partnership has an obligation at the reporting date 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.
Nalders LLP
Notes to the Financial Statements
Year Ended 30 April 2024
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cashflows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:
Bank loans
Short term debtors and creditors
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.
Profit for the year before members' remuneration and profit shares |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation |
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Nalders LLP
Notes to the Financial Statements
Year Ended 30 April 2024
Tangible fixed assets |
Freehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
- |
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- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
- |
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At 30 April 2024 |
- |
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Net book value |
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At 30 April 2024 |
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At 30 April 2023 |
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Nalders LLP
Notes to the Financial Statements
Year Ended 30 April 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Total current trade and other debtors |
2,721,950 |
3,211,409 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
387,532 |
369,709 |
Taxation and social security |
412,736 |
446,113 |
Other creditors |
419,380 |
135,900 |
Accruals and deferred income |
786,353 |
593,892 |
2,006,001 |
1,545,614 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.