REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
FOR |
EMD LAW LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
FOR |
EMD LAW LLP |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
EMD LAW LLP |
GENERAL INFORMATION |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
REPORT OF THE MEMBERS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
The members present their report with the financial statements of the LLP for the period 1 October 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the period under review was that of a South East law firm with offices in St Leonards and Staplehurst. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The profit for the period before members' remuneration and profit shares was £94,346 (2023 - £84,790 profit). |
MEMBERS' INTERESTS |
Members are permitted to make drawings in anticipation of profits that are due to them after the consideration of the working capital requirements of the Limited Liability Partnership and other regulatory requirements. |
The profits are shared between the members on a pre-agreed basis after taking into account many varying factors. Any transfers between members or members' accounts have been agreed by the relevant member involved. |
Capital introduced from new members as subscribed capital and the repayment of the capital is set at the appointment date by agreement of the new member and the existing members. Capital introduced during the course of the business by existing members is due to be repaid in full with no interest charged to the Limited Liability Partnership. |
ON BEHALF OF THE MEMBERS: |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
Period |
1.10.23 |
to | Year Ended |
31.3.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
64,130 | 61,991 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
102,563 | 104,058 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
(2,775 |
) |
(59,501 |
) |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | (2,775 | ) | (59,501 | ) |
(2,775 | ) | (59,501 | ) |
TOTAL MEMBERS' INTERESTS |
Members' other interests | (2,775 | ) | (59,501 | ) |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
EMD Law LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
In preparing the financial statements, the designated members are required to make an assessment of the ability of the LLP to continue as a going concern. The designated members have considered all available evidence for the LLP which covers the 12 month period from the date of signing these financial statements. |
On the basis of this consideration, the designated members are confident that the LLP has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the designated members have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the limited liability partnership's activities. Turnover is presented, net of value added tax, rebates and discounts. |
The limited liability partnership recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the limited liability partnership's activities as follows: |
Revenue from the sale of services is recognised at the point which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the period was |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.10.23 |
to | Year Ended |
31.3.24 | 30.9.23 |
£ | £ |
Depreciation - owned assets |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 30.9.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 30.9.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 164,797 | 159,273 |
Other creditors |
Accrued expenses |
EMD LAW LLP (REGISTERED NUMBER: OC339500) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 30.9.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
HSBC Bank PLC holds a fixed and floating charge dated 9 October 2008 over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. This charge relates to all monies due or to become due from the limited liability partnership to the chargee on any account whatsoever. |