Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31falsefalse2022-04-01Solicitor2218truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC392415 2022-04-01 2023-03-31 OC392415 2023-03-31 OC392415 2021-04-01 2022-03-31 OC392415 2022-03-31 OC392415 c:OfficeEquipment 2022-04-01 2023-03-31 OC392415 c:OfficeEquipment 2023-03-31 OC392415 c:OfficeEquipment 2022-03-31 OC392415 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC392415 c:Goodwill 2022-04-01 2023-03-31 OC392415 c:Goodwill 2023-03-31 OC392415 c:Goodwill 2022-03-31 OC392415 c:CurrentFinancialInstruments 2023-03-31 OC392415 c:CurrentFinancialInstruments 2022-03-31 OC392415 c:Non-currentFinancialInstruments 2023-03-31 OC392415 c:Non-currentFinancialInstruments 2022-03-31 OC392415 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC392415 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC392415 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC392415 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC392415 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC392415 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-03-31 OC392415 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 OC392415 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-03-31 OC392415 d:FRS102 2022-04-01 2023-03-31 OC392415 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC392415 d:FullAccounts 2022-04-01 2023-03-31 OC392415 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC392415 c:WithinOneYear 2023-03-31 OC392415 c:WithinOneYear 2022-03-31 OC392415 c:BetweenOneFiveYears 2023-03-31 OC392415 c:BetweenOneFiveYears 2022-03-31 OC392415 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 OC392415 2 2022-04-01 2023-03-31 OC392415 c:Goodwill c:OwnedIntangibleAssets 2022-04-01 2023-03-31 OC392415 d:PartnerLLP1 2022-04-01 2023-03-31 OC392415 d:PartnerLLP3 2022-04-01 2023-03-31 OC392415 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC392415 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 OC392415 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: OC392415


SMQ LEGAL SERVICES LLP








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
SMQ LEGAL SERVICES LLP
REGISTERED NUMBER: OC392415

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
96,817
23,600

Tangible assets
 6 
14,473
11,270

  
111,290
34,870

Current assets
  

Work in progress
 7 
369,299
163,486

Debtors: amounts falling due within one year
 8 
229,430
174,031

Cash at bank and in hand
 9 
386
2,329

  
599,115
339,846

Creditors: Amounts Falling Due Within One Year
 10 
(872,671)
(377,836)

Net current liabilities
  
 
 
(273,556)
 
 
(37,990)

Total assets less current liabilities
  
(162,266)
(3,120)

Creditors: amounts falling due after more than one year
 11 
(30,868)
(23,833)

  
(193,134)
(26,953)

  

Net liabilities
  
(193,134)
(26,953)

Page 1

 
SMQ LEGAL SERVICES LLP
REGISTERED NUMBER: OC392415
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 13 
(193,134)
(26,953)

  
(193,134)
(26,953)

  

  
(193,134)
(26,953)


Total members' interests
  

Loans and other debts due to/(from) members
 13 
(193,134)
(26,953)

  
(193,134)
(26,953)


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 3 January 2025.




Mrs S Murray-King
Mrs N F Larkin
Designated Member
Member

SMQ Legal Services LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 2

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

SMQ Legal Services LLP is a limited liability partnership, incorporated in England and Wales, LLP registered number OC392415. The address of the registered office during the accounting period was Suite G, Kidlington Centre, High Street, Kidlington, Oxfordshire, OX5 2DL. The LLP moved registered office on 20 December 2024, the new address being Suite E, High Street, Kidlington, OX5 2DL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The LLP Members are of the opinion that the accounts have been prepared on a going concern.
The Members have a reasonable expectation that the LLP has adequate resources to continue its operations for a period of at least 12 months from the date that the financial statements are approved. The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the LLP's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate. 
Whilst full financial implications are not yet known, the LLP Members remain committed to support the LLP financially and know no reason why external financial support would be withdrawn.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.



Page 4

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Work in progress

Work in progress are stated at the lower of cost and net realisable value. Work in progress includes labour and attributable overheads.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgements are as follows:-
Property, plant and equipment:
Property, plant and equipment are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.
Work in Progress:
The LLP's work in progress ledger is regularly reviewed by the Firm's fee earners and Members. The recoverability of the LLP's work in progress is assessed by using historic information in respect of billing information in respect of the client matter of which work in progress has accrued on (including anticipated fees previously communicated to the client and any known factors limiting the recoverability of the work in progress items), and existing market conditions at the date of assessment.
Work undertaken on a 'No Win No Fee' basis is not recognised as work in progress until the contingency event occurs. This is due to the services performed being dependent on the specific act of the client winning their respective case. As such, the LLP postpones recognition of revenue until the significant act is executed.

Page 6

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 - 18).


5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
24,000


Additions
76,899



At 31 March 2023

100,899



Amortisation


At 1 April 2022
400


Charge for the year on owned assets
3,682



At 31 March 2023

4,082



Net book value



At 31 March 2023
96,817



At 31 March 2022
23,600



Page 7

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
17,067


Additions
5,260



At 31 March 2023

22,327



Depreciation


At 1 April 2022
5,797


Charge for the year on owned assets
2,057



At 31 March 2023

7,854



Net book value



At 31 March 2023
14,473



At 31 March 2022
11,270

Page 8

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Work in progress

2023
2022
£
£

Work in progress
369,299
163,486

369,299
163,486





8.


Debtors

2023
2022
£
£


Trade debtors
156,900
134,686

Other debtors
15,749
15,079

Prepayments and accrued income
56,781
24,266

229,430
174,031



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
386
2,329

Less: bank overdrafts
(53,801)
-

(53,415)
2,329


Page 9

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
53,801
-

Bank loans
24,556
6,500

Other loans
30,000
30,000

Payments received on account
82,386
-

Trade creditors
349,498
127,503

Other taxation and social security
195,634
82,246

Other creditors
86,196
104,828

Accruals and deferred income
50,600
26,759

872,671
377,836


The above bank loan balance is made up as follows: -
1. Bounce Back Loan under The Bounce Back Loan Scheme (BBLS) of £6,500 (2022: £6,500), taken out by the LLP. The BBLS is 100% government backed and as such the LLP has not pledged any securities against this loan.
2. Bounce Back Loan under The Bounce Back Loan Scheme (BBLS) of £6,389 (2022: £Nil), transferred to the LLP on acquisition of another law firm. The BBLS is 100% government backed and as such the LLP has not pledged any securities against this loan.
3. A loan from Funding Circle of £11,667 (2022: £Nil), with security provided by way of personal guarantee.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
30,868
23,833

30,868
23,833


he above bank loan balance is made up as follows: -
1. Bounce Back Loan under The Bounce Back Loan Scheme (BBLS) of £17,333 (2022: £23,833), taken out by the LLP. The BBLS is 100% government backed and as such the LLP has not pledged any securities against this loan.
2. Bounce Back Loan under The Bounce Back Loan Scheme (BBLS) of £13,535 (2022: £Nil), transferred to the LLP on acquisition of another law firm. The BBLS is 100% government backed and as such the LLP has not pledged any securities against this loan.

Page 10

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
24,556
6,500

Other loans
30,000
30,000


54,556
36,500

Amounts falling due 1-2 years

Bank loans
12,889
6,500


12,889
6,500

Amounts falling due 2-5 years

Bank loans
17,979
17,333


17,979
17,333


85,424
60,333



13.


Loans and other debts due from/(to) members


2023
2022
£
£



Other amounts due to members
(193,134)
(26,953)

(193,134)
(26,953)

At the end of the reporting period £193,134 (2022: £26,953) was owed to the LLP by the Members.

Loans and other debts due to Members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 11

 
SMQ LEGAL SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Pension commitments

The entity contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £4,725 (2022 - £4,771) . Contributions totalling £7,276 (2022 - £2,957) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
33,571
30,305

Later than 1 year and not later than 5 years
117,867
153,450

151,438
183,755

 
Page 12