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Registration number: OC439962

Acorn Solicitors LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Acorn Solicitors LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

Acorn Solicitors LLP

Limited liability partnership information

Designated members

J D Sinclair

J E H Sinclair
 

Registered office

126 High Street
Street
Somerset
BA16 0ER

Accountants

Westcotts
96 High Street
Crediton
Devon
EX17 3LB

 

Acorn Solicitors LLP

(Registration number: OC439962)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

12,194

16,318

Current assets

 

Stocks

4

62,492

87,773

Debtors

5

97,593

118,253

Cash and short-term deposits

 

34

8,069

 

160,119

214,095

Creditors: Amounts falling due within one year

6

(223,793)

(119,230)

Net current (liabilities)/assets

 

(63,674)

94,865

Total assets less current liabilities

 

(51,480)

111,183

Creditors: Amounts falling due after more than one year

7

(38,481)

(62,956)

Net (liabilities)/assets excluding pension liability

 

(89,961)

48,227

Balance sheet suspense

 

-

(2)

Net (liabilities)/assets attributable to members

 

(89,961)

48,225

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

(507,050)

(184,213)

Other reserves

 

417,089

232,438

 

(89,961)

48,225

   

(89,961)

48,225

Total members' interests

 

Equity

 

(89,961)

48,225

   

(89,961)

48,225

For the year ending 31 March 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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

Acorn Solicitors LLP

(Registration number: OC439962)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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 Acorn Solicitors LLP (registered number OC439962) were approved by the Board and authorised for issue on 20 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
J D Sinclair
Designated member

.........................................
J E H Sinclair
Designated member

 

Acorn Solicitors LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

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 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.

The functional currency of Acorn Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Acorn Solicitors LLP

Notes to the Financial Statements for the Year Ended 31 March 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.

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost.

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

Plant and machinery

20% straight line

Computer equipment

35% straight line

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Work in progress

Work in progress comprises non-partner professional time costs, excluding any mark-up, plus disbursements, to the extent that no right to consideration exists at the balance sheet date. Work in progress is valued at the lower of cost and estimated fee chargeable less costs expected to be incurred to completion.

Trade debtors

Trade debtors are amounts due from customers for 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 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.

 

Acorn Solicitors LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 14 (2023 - 14).

 

Acorn Solicitors LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Tangible fixed assets

Plant and machinery
 £

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost

At 1 April 2023

14,868

24,448

69,310

108,626

Additions

140

852

5,200

6,192

At 31 March 2024

15,008

25,300

74,510

114,818

Depreciation

At 1 April 2023

13,700

18,513

60,095

92,308

Charge for the year

541

2,334

7,441

10,316

At 31 March 2024

14,241

20,847

67,536

102,624

Net book value

At 31 March 2024

767

4,453

6,974

12,194

At 31 March 2023

1,168

5,935

9,215

16,318

 

Acorn Solicitors LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Stocks

2024
£

2023
£

Work in progress

62,492

87,773

5

Debtors

2024
£

2023
£

Trade debtors

86,413

101,200

Other debtors

1

5

Prepayments and accrued income

11,179

17,048

Total current trade and other debtors

97,593

118,253

6

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

72,462

4,166

Other creditors

3,805

786

Accruals and deferred income

95,930

59,528

Taxation and social security

51,596

54,750

223,793

119,230

7

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

38,481

62,956

8

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.