Limited Liability Partnership registration number OC352134 (England and Wales)
PETERS & PETERS SOLICITORS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PETERS & PETERS SOLICITORS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
M. O'Kane
K.E. Oliver
LLP registration number
OC352134
Registered office
15 Fetter Lane
London
EC4A 1BW
United Kingdom
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
United Kingdom
PETERS & PETERS SOLICITORS LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
PETERS & PETERS SOLICITORS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The members present their annual report and financial statements for the year ended 30 April 2024.

Principal activity

The principal activity continued to be that of the provision of legal services with expertise in business crime, commercial litigation and regulatory investigations. The firm specialises in commercial disputes, corporate fraud, cartels/antitrust, extradition, corruption, mutual legal assistance and city crime. The firm also advises companies on compliance and regulation.

Development and performance

The results for the year and the financial position at the year end were considered satisfactory by the members. The firm is expected to perform strongly for the foreseeable future.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

M. O'Kane
K.E. Oliver

 

Approved by the members on 20 December 2024 and signed on behalf by:
20 December 2024
M. O'Kane
Designated Member
PETERS & PETERS SOLICITORS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PETERS & PETERS SOLICITORS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PETERS & PETERS SOLICITORS LLP
- 3 -
Opinion

We have audited the financial statements of Peters & Peters Solicitors LLP (the 'limited liability partnership') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

PETERS & PETERS SOLICITORS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PETERS & PETERS SOLICITORS LLP
- 4 -
Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the members of the LLP.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PETERS & PETERS SOLICITORS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PETERS & PETERS SOLICITORS LLP
- 5 -

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Miller (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
20 December 2024
PETERS & PETERS SOLICITORS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
35,686,432
31,162,020
Administrative expenses
(17,456,888)
(16,406,891)
Other operating income
19,281
93,375
Operating profit
4
18,248,825
14,848,504
Interest receivable and similar income
6
358,244
171,544
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
18,607,069
15,020,048

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

PETERS & PETERS SOLICITORS LLP
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
466,631
490,743
Current assets
Debtors
9
15,241,784
14,446,741
Cash at bank and in hand
13,513,269
10,644,821
28,755,053
25,091,562
Creditors: amounts falling due within one year
10
(7,289,080)
(7,544,449)
Net current assets
21,465,973
17,547,113
Total assets less current liabilities
21,932,604
18,037,856
Creditors: amounts falling due after more than one year
11
(747,917)
(672,917)
Net assets attributable to members
21,184,687
17,364,939
Represented by:
Loans and other debts due to members within one year
13
Members' capital classified as a liability
2,090,000
1,495,000
Other amounts
19,094,687
15,869,939
21,184,687
17,364,939
The financial statements were approved by the members and authorised for issue on 20 December 2024 and are signed on their behalf by:
20 December 2024
M. O'Kane
Designated member
Limited Liability Partnership Registration No. OC352134
PETERS & PETERS SOLICITORS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 May 2023
-
1,495,000
15,869,939
17,364,939
17,364,939
Profit for the financial year available for discretionary division among members
18,607,069
-
-
-
18,607,069
Members' interests after profit for the year
18,607,069
1,495,000
15,869,939
17,364,939
35,972,008
Allocation of profit for the financial year
(18,607,069)
-
18,607,069
18,607,069
-
Introduced by members
-
595,000
-
595,000
595,000
Drawings on account and distributions of profit
-
-
(15,382,321)
(15,382,321)
(15,382,321)
Members' interests at 30 April 2024
-
2,090,000
19,094,687
21,184,687
21,184,687
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 May 2022
-
1,520,000
14,367,781
15,887,781
15,887,781
Profit for the financial year available for discretionary division among members
15,020,048
-
-
-
15,020,048
Members' interests after profit for the year
15,020,048
1,520,000
14,367,781
15,887,781
30,907,829
Allocation of profit for the financial year
(15,020,048)
-
15,020,048
15,020,048
-
Introduced by members
-
25,000
-
25,000
25,000
Repayment of debt (including members' capital classified as a liability)
-
(50,000)
-
(50,000)
(50,000)
Drawings on account and distributions of profit
-
-
(13,517,890)
(13,517,890)
(13,517,890)
Members' interests at 30 April 2023
-
1,495,000
15,869,939
17,364,939
17,364,939
PETERS & PETERS SOLICITORS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
17,570,437
14,013,832
Payments to members
(15,382,321)
(13,517,890)
Net cash inflow from operating activities
2,188,116
495,942
Investing activities
Purchase of tangible fixed assets
(272,912)
(162,854)
Interest received
358,244
171,544
Net cash generated from investing activities
85,332
8,690
Financing activities
Capital introduced by members (classified as debt or equity)
595,000
25,000
Repayment of capital or debt to members
-
(50,000)
Net cash generated from/(used in) financing activities
595,000
(25,000)
Net increase in cash and cash equivalents
2,868,448
479,632
Cash and cash equivalents at beginning of year
10,644,821
10,165,189
Cash and cash equivalents at end of year
13,513,269
10,644,821
PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
1
Accounting policies
Limited liability partnership information

Peters & Peters Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is 15 Fetter Lane, London, United Kingdom, EC4A 1BW.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The LLP made profits in the year of £18,607,069 (2023: £15,020,048) and had net assets at the year end of £21,184,687 (2023: £17,364,999). The members have reviewed post year end financial information and cash flow forecasts which show that the entity will have another profitable financial year and have good cash reserves after having met expense commitments. Therefore, at the time of approving the financial statements, the members have a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Fee income represents revenue earned under contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors, under amounts recoverable on contracts, and payments on account in excess of the relevant amount of revenue are included in creditors.

1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 11 -

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Computer equipment
33% straight line
Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The Limited Liability Partnership operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the year that they are payable.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade debtors

Trade Debtors are valued based on amounts billed to clients less an estimated provision for bad or irrecoverable debts. The provision estimate is calculated based on actual collection data, historical realisation rates and management judgement regarding other relevant factors.

Amounts due on customer contracts

Amounts due on customer contracts are recognised as an estimate of amounts recoverable on customer contracts within the financial statements. Billing and collection data, historical realisation rates and management judgement, regarding other factors, are all used to determine the amounts recoverable, together with the fair value of work done and accepted by the client.

Accruals falling due after more than one year

Accruals falling due after more than one year – the full value of the accrual relates to the best estimate of costs that are expected to be incurred. The cost estimate is based upon the judgement of the designated members, taking into account relevant professional advice.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Professional services
35,686,432
31,162,020
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
35,686,432
31,162,020
2024
2023
£
£
Other significant revenue
Interest income
358,244
171,544
PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
133
402
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
32,000
33,000
Depreciation of owned tangible fixed assets
297,024
288,692
Operating lease charges
790,129
793,134
5
Employees

The average number of persons (excluding members) employed by the limited liability partnership during the year was:

2024
2023
Number
Number
Fee earners
76
74
Support and admin
34
35
Total
110
109

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,732,058
9,186,248
Social security costs
1,374,145
1,158,268
Pension costs
387,487
308,907
11,493,690
10,653,423
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
358,244
171,544
PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
7
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
13
11
2024
2023
£
£
Profit attributable to the member with the highest entitlement
4,506,758
3,696,494
8
Tangible fixed assets
Leasehold improvements
Computer equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
1,310,099
972,223
583,528
2,865,850
Additions
-
263,014
9,898
272,912
At 30 April 2024
1,310,099
1,235,237
593,426
3,138,762
Depreciation and impairment
At 1 May 2023
1,242,891
736,768
395,448
2,375,107
Depreciation charged in the year
17,217
191,724
88,083
297,024
At 30 April 2024
1,260,108
928,492
483,531
2,672,131
Carrying amount
At 30 April 2024
49,991
306,745
109,895
466,631
At 30 April 2023
67,208
235,455
188,080
490,743
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,325,716
9,604,187
Amounts owed by contract customers
3,191,809
3,395,347
Other debtors
257,035
248,352
Prepayments and accrued income
1,467,224
1,198,855
15,241,784
14,446,741
PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,729,507
4,403,645
Other taxation and social security
936,399
639,974
Other creditors
146
6,795
Accruals and deferred income
2,623,028
2,494,035
7,289,080
7,544,449
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
747,917
672,917
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
387,487
308,907

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

13
Loans and other debts due to members
2024
2023
£
£
Loans advanced by members
2,090,000
1,495,000
Amounts due to members in respect of profits
19,094,687
15,869,939
21,184,687
17,364,939
Analysis of loans and other debts due to members
Amounts falling due within one year
21,184,687
17,364,939

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

PETERS & PETERS SOLICITORS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
14
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
790,297
790,297
Between two and five years
1,383,020
2,135,434
2,173,317
2,925,731

 

15
Cash generated from operations
2024
2023
£
£
Profit for the year
18,607,069
15,020,048
Adjustments for:
Investment income recognised in profit or loss
(358,244)
(171,544)
Depreciation and impairment of tangible fixed assets
297,024
288,692
Movements in working capital:
Increase in debtors
(795,043)
(4,017,733)
(Decrease)/increase in creditors
(180,369)
2,894,369
Cash generated from operations
17,570,437
14,013,832
16
Analysis of changes in net funds
1 May 2023
Cash flows
Other non-cash changes
30 April 2024
£
£
£
£
Cash at bank and in hand
10,644,821
2,868,448
-
13,513,269
Loans and other debts due to members:
- Members' capital
(1,495,000)
(595,000)
-
(2,090,000)
- Other amounts due to members
(15,869,939)
15,382,321
(18,607,069)
(19,094,687)
Balances including members' debt
(6,720,118)
17,655,769
(18,607,069)
(7,671,418)
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