Company registration number: OC328687
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 OCTOBER 2023
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PRODDOW MACKAY SOLICITORS LLP
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PRODDOW MACKAY SOLICITORS LLP
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CONTENTS
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Statement of financial position
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Reconciliation of members' interests
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Notes to the financial statements
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PRODDOW MACKAY SOLICITORS LLP
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INFORMATION
Designated Members
D J Mackay
S K Proddow
LLP registered number
OC328687
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Registered office
PM House, 250 Shepcote Lane, Sheffield, South Yorkshire, S9 1TP
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Accountants
Menzies LLP, 1st Floor, Midas House, 62 Goldsworth Road, Woking, Surrey, GU21 6LQ
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PRODDOW MACKAY SOLICITORS LLP
REGISTERED NUMBER:OC328687
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STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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PRODDOW MACKAY SOLICITORS LLP
REGISTERED NUMBER:OC328687
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023
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 income statement 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 20 December 2024.
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D J Mackay
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The notes on pages 5 to 10 form part of these financial statements.
Proddow Mackay Solicitors 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.
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PRODDOW MACKAY SOLICITORS LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Balance at 1 November 2021
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Drawings on account and distribution of profit
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Balance at 31 October 2022
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Drawings on account and distribution of profit
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Balance at 31 October 2023
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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PRODDOW MACKAY SOLICITORS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
The entity is a limited liability partnership, incorporated and domiciled in England. The company is a tax resident in England. Proddow Mackay Solicitors LLP operates from its registered office of PM House, 250 Shepcote Lane, Sheffield, S9 1TP with registered number OC328687.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwisespecified within these accounting policies and in accordance with Section 1A of Financial ReportingStandard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland andthe Companies Act 2006 and the requirements of the Statement of Recommended Practice"Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
At 31 October 2023 the LLP had net liabilities of £547,533 (2022 - £754,227).
However, based on financial projections prepared by the members, which take account of the continuing financial support of the LLP's bankers and related parties the members consider that it is appropriate to prepare the financial statements on a going concern basis.
The Members have considered the impact of different scenarios on the finanical position, results of operations and cash flows for the future. After considering these, the Members expect that the LLP has adequate resources to operate within the level of its current facilities and continue in operational existance for the foreseeable future.
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.
Interest income is recognised in profit or loss using the effective interest method.
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PRODDOW MACKAY SOLICITORS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.
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Division and distribution of profits
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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 financialperiod 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 avoidmaking 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 theunconditional right to avoid making.
The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members,which are recognised as loan assets repayable.
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PRODDOW MACKAY SOLICITORS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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, using the straight-line method.
Depreciation is provided on the following basis:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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PRODDOW MACKAY SOLICITORS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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The average monthly number of persons (excluding members) employed during the year was as follows:
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Charge for the year on owned assets
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Investments in associates
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PRODDOW MACKAY SOLICITORS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Amounts owed by associated undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to associates
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Bank loans and net obligations under finance leases and hire purchase contracts are secured by a fixedand floating charge over all of the current and future property and assets, including debts and fixed assets.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Bank loans and net obligations under finance leases and hire purchase contracts are secured by a fixedand floating charge over all of the current and future property and assets, including debts and fixed assets.
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PRODDOW MACKAY SOLICITORS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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The company is part of a VAT group in which all members are jointly and severally liable for any VAT the group owes to HMRC. At 31 October 2023 the overall liability held by this company totals £1,086,681 (2022 - £785,481).
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Commitments under operating leases
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At 31 October 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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