Registration number:
Dickins Hopgood Chidley LLP
for the Year Ended 30 April 2024
Dickins Hopgood Chidley LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Dickins Hopgood Chidley LLP
Limited liability partnership information
Designated members |
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Registered office |
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Accountants |
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Dickins Hopgood Chidley LLP
(Registration number: OC327064)
Balance Sheet as at 30 April 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 |
564,485 |
738,685 |
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564,485 |
738,685 |
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Total members' interests |
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Loans and other debts due to members |
564,485 |
738,685 |
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564,485 |
738,685 |
For the year ending 30 April 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’.
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.
Dickins Hopgood Chidley LLP
(Registration number: OC327064)
Balance Sheet as at 30 April 2024
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 Dickins Hopgood Chidley LLP (registered number OC327064) were approved by the
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Dickins Hopgood Chidley LLP
Statement of Changes in Members’ Interests
At 30 April 2024
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 May 2023 |
738,685 |
- |
738,685 |
738,685 |
Members' remuneration charged as an expense |
- |
572,698 |
572,698 |
572,698 |
Members' interests after total comprehensive income |
738,685 |
572,698 |
1,311,383 |
1,311,383 |
Drawings (including tax payments) |
- |
(746,898) |
(746,898) |
(746,898) |
At 30 April 2024 |
738,685 |
(174,200) |
564,485 |
564,485 |
Loans and other debts due to/(from) members |
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Members' capital classified as a liability |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 May 2022 |
664,882 |
- |
664,882 |
664,882 |
Members' remuneration charged as an expense |
- |
808,883 |
808,883 |
808,883 |
Members' interests after total comprehensive income |
664,882 |
808,883 |
1,473,765 |
1,473,765 |
Drawings (including tax payments) |
- |
(735,080) |
(735,080) |
(735,080) |
At 30 April 2023 |
664,882 |
73,803 |
738,685 |
738,685 |
Dickins Hopgood Chidley LLP
Notes to the Financial Statements for the Year Ended 30 April 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.
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 Dickins Hopgood Chidley 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
Turnover comprises the fair value of the consideration received or receivable for the provision of legal services during the year, net of value added tax. In respect of long term contracts for on going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts for on going services is recognised by reference to the stage of completion.
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.
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.
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.
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:
Dickins Hopgood Chidley LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Asset class |
Depreciation method and rate |
Plant and machinery |
33% on cost |
Fixtures and fittings |
20% on cost |
Improvements to property |
10% on cost |
Library |
20% on cost |
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
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 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.
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.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Dickins Hopgood Chidley LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible fixed assets |
Property improvements |
Plant and machinery |
Fixtures and fittings |
Library |
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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Disposals |
- |
( |
- |
- |
( |
At 30 April 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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Eliminated on disposals |
- |
( |
- |
- |
( |
At 30 April 2024 |
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Net book value |
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At 30 April 2024 |
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- |
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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 |
384,869 |
436,498 |
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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