Acorah Software Products - Accounts Production 16.1.300 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 OC354040 Mr Julian Oldfield ABS-SENSE Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC354040 2023-03-31 OC354040 2024-03-31 OC354040 2023-04-01 2024-03-31 OC354040 frs-bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC354040 frs-bus:LimitedLiabilityPartnershipsSORP 2023-04-01 2024-03-31 OC354040 frs-bus:AbridgedAccounts 2023-04-01 2024-03-31 OC354040 frs-bus:SmallEntities 2023-04-01 2024-03-31 OC354040 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC354040 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC354040 frs-countries:EnglandWales 2023-04-01 2024-03-31 OC354040 frs-bus:PartnerLLP1 2023-04-01 2024-03-31 OC354040 frs-bus:PartnerLLP2 2023-04-01 2024-03-31 OC354040 2022-03-31 OC354040 2023-03-31 OC354040 2022-04-01 2023-03-31
Registered number: OC354040
OW Law LLP
ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3
Page 1
Abridged Balance Sheet
Registered number: OC354040
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 72,038 76,211
Cash at bank and in hand 2,433 2,433
74,471 78,644
Creditors: Amounts Falling Due Within One Year (17,862 ) (31,035 )
NET CURRENT ASSETS (LIABILITIES) 56,609 47,609
TOTAL ASSETS LESS CURRENT LIABILITIES 56,609 47,609
NET ASSETS ATTRIBUTABLE TO MEMBERS 56,609 47,609
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 29,326 23,326
Other amounts 22,282 19,282
51,608 42,608
Equity
Members' other interests
Members' capital 5,000 5,000
Other reserves 1 1
5,001 5,001
56,609 47,609
TOTAL MEMBERS' INTEREST
Amounts due from members (72,038) (74,136)
Loans and other debts due to members within one year 51,608 42,608
Members' other interests 5,001 5,001
(15,429) (26,527)
Page 1
Page 2
For the year ending 31 March 2024 the LLP 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
All of the LLP's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the members
Mr Julian Oldfield
Designated Member
13th January 2025
The notes on page 3 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
OW Law LLP is a limited liability partnership, incorporated in England & Wales, registered number OC354040 . The Registered Office is Third Floor, Queens House, 180 Tottenham Court Road, London, W1T 7PD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Going Concern Disclosure
The members have identified material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern, however, the going concern basis remains appropriate as the LLP's sole full equity member has indicated that it will continue to support the LLP for the foreseeable future.

The LLP's funding consists of a loan secured against the assets of the LLP.

On 9th November 2018 the loan provider, National Westminster Bank plc, issued a Notice of Default under which the lender is entitled to declare all amounts outstanding under the loan agreement immediately due and payable and to demand payment. As the loan was granted under the Small Loans Guarantee Scheme the lender is entitled to make a claim for 75% of the liability amount and to seek the remaining balance under the security held by the Bank given by each of the LLP, the LLP's sole full equity member and the LLP's former equity member, Baker Oldfield Limited and fellow group undertakings. The LLP's full equity member entered into a repayment agreement with National Westminster Bank plc to meet the remaining balance on 21st May 2019. On 29th October 2020 the British Business Bank made a payment of £117130 in respect of a claim under the Enterprise Finance Guarantee scheme and the amount of the outstanding loan was reduced accordingly.

On 28th June 2018 the LLP gave notice to the Solicitors Regulation Authority that the firm was ceasing to practice and that run-off insurance had been taken out. The live client files were passed to another firm for completion. The SRA confirmed on 22nd October 2019 that the LLP's authorisation had been revoked with effect from that date.


2.3. Registrar Filing Requirements
The LLP has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, members report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 1 (2023: 1)
1 1
4. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank loan is secured by a debenture dated 24 September 2010 and a cross guarantee dated 24 September 2012 by National Westminster Bank Plc over all monies due or to become due from the LLP on any account whatsoever by way of a fixed and floating charge over the undertaking and all property and assets both present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.
2024 2023
£ £
Bank loans and overdrafts 17,412 17,637
Page 3