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REGISTERED NUMBER: OC321914
PROTOPAPAS LLP
Unaudited Financial Statements
31 August 2024
PROTOPAPAS LLP
Financial Statements
Year ended 31 August 2024
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
The following pages do not form part of the financial statements
Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements
12
PROTOPAPAS LLP
Members' Report
Year ended 31 August 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 August 2024 .
Principal activities
The principal activity of the company during the year was solicitors.
Designated members
The designated members who served the LLP during the year were as follows:
Mrs Z Protopapas
Mr C X Protopapas
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 15 January 2025 and signed on behalf of the members by:
Mrs Z Protopapas
Designated Member
Registered office:
180 TOTTENHAM COURT ROAD
LONDON
UK
W1T 7PD
PROTOPAPAS LLP
Statement of Comprehensive Income
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
2,211,669
1,964,653
------------
------------
Gross profit
2,211,669
1,964,653
Administrative expenses
1,837,113
1,416,153
------------
------------
Operating profit
5
374,556
548,500
Other interest receivable and similar income
103,525
32,872
Interest payable and similar expenses
68,545
72,784
------------
------------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
409,536
508,588
------------
------------
All the activities of the LLP are from continuing operations.
PROTOPAPAS LLP
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
203,695
182,650
Current assets
Debtors
7
858,831
578,606
Cash at bank and in hand
4,636,938
2,111,001
------------
------------
5,495,769
2,689,607
Creditors: amounts falling due within one year
8
5,699,464
2,700,074
------------
------------
Net current liabilities
203,695
10,467
---------
---------
Total assets less current liabilities
172,183
----
---------
Represented by:
Loans and other debts due to members
Other amounts
9
172,183
----
---------
Members' other interests
Other reserves
----
---------
172,183
----
---------
Total members' interests
Amounts due from members
(299,300)
Loans and other debts due to members
9
172,183
Members' other interests
---------
---------
(299,300)
172,183
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 August 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) relating to small LLPs.
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 financial statements .
PROTOPAPAS LLP
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the members and authorised for issue on 15 January 2025 , and are signed on their behalf by:
Mrs Z Protopapas
Designated Member
Registered number: OC321914
PROTOPAPAS LLP
Reconciliation of Members' Interests
Year ended 31 August 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
Balance at 1 September 2023
172,183
172,183
172,183
Profit for the financial year available for discretionary division among members
409,536
409,536
409,536
---------
---------
---------
---------
---------
Members' interests after profit for the year
409,536
409,536
172,183
172,183
581,719
Other division of profits
(409,536)
(409,536)
409,536
409,536
Introduced by members
Drawings
(881,019)
(881,019)
(881,019)
---------
---------
---------
---------
---------
Balance at 31 August 2024
(299,300)
(299,300)
(299,300)
---------
---------
---------
---------
---------
PROTOPAPAS LLP
Reconciliation of Members' Interests (continued)
Year ended 31 August 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Amounts due to members
11,630
11,630
Amounts due from members
(118,004)
(118,004)
---------
---------
Balance at 1 September 2022
(106,374)
(106,374)
(106,374)
Profit for the financial year available for discretionary division among members
508,588
508,588
508,588
---------
---------
---------
---------
---------
Members' interests after profit for the year
508,588
508,588
(106,374)
(106,374)
402,214
Other division of profits
(508,588)
(508,588)
508,588
508,588
Introduced by members
319,031
319,031
319,031
Drawings
(549,062)
(549,062)
(549,062)
---------
---------
Amounts due to members
172,183
172,183
Amounts due from members
---------
---------
---------
---------
---------
Balance at 31 August 2023
172,183
172,183
172,183
---------
---------
---------
---------
---------
PROTOPAPAS LLP
Notes to the Financial Statements
Year ended 31 August 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 180 TOTTENHAM COURT ROAD, LONDON, W1T 7PD, UK.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 19 (2023: 17 ).
5.
Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
18,455
11,440
--------
--------
6.
Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
8,330
76,862
140,000
225,192
Additions
39,500
39,500
-------
--------
---------
---------
At 31 August 2024
8,330
76,862
179,500
264,692
-------
--------
---------
---------
Depreciation
At 1 September 2023
42,542
42,542
Charge for the year
8,580
9,875
18,455
-------
--------
---------
---------
At 31 August 2024
51,122
9,875
60,997
-------
--------
---------
---------
Carrying amount
At 31 August 2024
8,330
25,740
169,625
203,695
-------
--------
---------
---------
At 31 August 2023
8,330
34,320
140,000
182,650
-------
--------
---------
---------
7.
Debtors
2024
2023
£
£
Trade debtors
459,203
508,531
Other debtors
399,628
70,075
---------
---------
858,831
578,606
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
569,555
344,606
Trade creditors
421,671
401,487
Social security and other taxes
227,010
187,626
Other creditors
4,481,228
1,766,355
------------
------------
5,699,464
2,700,074
------------
------------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
172,183
----
---------
PROTOPAPAS LLP
Management Information
Year ended 31 August 2024
The following pages do not form part of the financial statements.
PROTOPAPAS LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of PROTOPAPAS LLP
Year ended 31 August 2024
As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 31 August 2024, which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
V I PARTNERSHIP Chartered accountants
1278 High Road London N20 9RS
15 January 2025