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Company No: OC420657 (England and Wales)

HORWICH LAW LLP

Unaudited Financial Statements
For the financial period from 01 January 2023 to 31 March 2024
Pages for filing with the registrar

HORWICH LAW LLP

Unaudited Financial Statements

For the financial period from 01 January 2023 to 31 March 2024

Contents

HORWICH LAW LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
HORWICH LAW LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.12.2022
£ £
Fixed assets
Tangible assets 3 5,428 0
5,428 0
Current assets
Debtors 4 29,164 28,281
Cash at bank and in hand 40,690 87,844
69,854 116,125
Creditors: amounts falling due within one year 5 ( 9,188) ( 49,973)
Net current assets 60,666 66,152
Total assets less current liabilities 66,094 66,152
Net assets attributable to members 66,094 66,152
Represented by
Loans and other debts due to members within one year
Other amounts 66,094 66,152
66,094 66,152
Members' other interests
0 0
66,094 66,152
Total members' interests
Loans and other debts due to members 66,094 66,152
66,094 66,152

For the financial period ending 31 March 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.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Horwich Law LLP (registered number: OC420657) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

S E Horwich
Designated member
HORWICH LAW LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial period from 01 January 2023 to 31 March 2024
HORWICH LAW LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial period from 01 January 2023 to 31 March 2024
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other amounts Total
£ £
Balance at 01 January 2022 0 0
Members' remuneration charged as an expense, including employment and retirement benefit costs 526,675 526,675
Members' interest after result for the financial period/year 526,675 526,675
Drawings (460,523) (460,523)
Amounts due to members 66,152
Balance at 31 December 2022 66,152 66,152
Members' remuneration charged as an expense, including employment and retirement benefit costs 405,917 405,917
Members' interest after result for the financial period/year 472,069 472,069
Drawings (405,975) (405,975)
Amounts due to members 66,094
Balance at 31 March 2024 66,094 66,094

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

HORWICH LAW LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 31 March 2024
HORWICH LAW LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Horwich Law LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 5th Floor 20 Old Bailey, London, EC4M 7AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. 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.

Income tax

The LLP is not subject to income tax. Taxable profits and losses are allocated to the members in accordance with the LLP agreement and any liability is taxable on the members.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. The LLP divides profits automatically at the end of the financial period and these are recognised as Members' remuneration charged as an expense in the Statement of Comprehensive Income.

2. Employees

Period from
01.01.2023 to
31.03.2024
Year ended
31.12.2022
Number Number
Monthly average number of persons employed by the LLP during the period 2 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 0 0
Additions 6,995 6,995
At 31 March 2024 6,995 6,995
Accumulated depreciation
At 01 January 2023 0 0
Charge for the financial period 1,567 1,567
At 31 March 2024 1,567 1,567
Net book value
At 31 March 2024 5,428 5,428
At 31 December 2022 0 0

4. Debtors

31.03.2024 31.12.2022
£ £
Trade debtors 27,371 9,137
VAT recoverable 137 0
Other debtors 1,656 19,144
29,164 28,281

5. Creditors: amounts falling due within one year

31.03.2024 31.12.2022
£ £
Other taxation and social security 0 17,971
Other creditors 9,188 32,002
9,188 49,973