Registration number:
Powell & Company Solicitors LLP
for the period from 1 May 2023 to 31 March 2024
Powell & Company Solicitors LLP
Contents
Limited liability partnership information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Powell & Company Solicitors LLP
Limited liability partnership information
Designated members |
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Members |
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Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Powell & Company Solicitors LLP
for the Period Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Powell & Company Solicitors LLP for the period ended 31 March 2024 set out on pages 3 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the members of Powell & Company Solicitors LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Powell & Company Solicitors LLP and state those matters that we have agreed to state to the members of Powell & Company Solicitors LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powell & Company Solicitors LLP and its members as a body for our work or for this report.
It is your duty to ensure that Powell & Company Solicitors LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Powell & Company Solicitors LLP. You consider that Powell & Company Solicitors LLP is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Powell & Company Solicitors LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
London
SE24 9LR
Powell & Company Solicitors LLP
(Registration number: OC398666)
Balance Sheet as at 31 March 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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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 |
382,767 |
196,623 |
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382,767 |
196,623 |
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Total members' interests |
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Loans and other debts due to members |
382,767 |
196,623 |
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382,767 |
196,623 |
Powell & Company Solicitors LLP
(Registration number: OC398666)
Balance Sheet as at 31 March 2024
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 and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. 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 Powell & Company Solicitors LLP (registered number OC398666) were approved by the
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Powell & Company Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 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 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.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued December 2021).
The principal activity of the limited liability partnership is the provision of legal services.
The functional currency of Powell & Company 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
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.
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.
Powell & Company Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
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 |
Leasehold improvements |
15% straight line basis |
Motor vehicles |
25% reducing balance basis |
Office equipment |
25% reducing balance 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
The LLP has not recognised client money held of £1,362,574 (2023: £2,522,998) on the basis that this is not an asset of the LLP.
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.
Leasing
Rentals payable under operating leases are charged in the Profit and Loss Account on a straight line basis over the lease term.
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.
Powell & Company Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Recognition and Measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where
appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exemption to this are those financial instruments where it is a
requirement to continue recording them at fair value through profit and loss.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Powell & Company Solicitors LLP
Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024
Tangible fixed assets |
Long leasehold land and buildings |
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 31 March 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 31 March 2024 |
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Net book value |
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At 31 March 2024 |
- |
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At 30 April 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
239,802 |
226,625 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Other creditors |
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- |
Accruals and deferred income |
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Taxation and social security |
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