Registration number:
CJ Jones Solicitors LLP
for the Year Ended 5 April 2024
CJ Jones Solicitors LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
CJ Jones Solicitors LLP
Limited liability partnership information
Designated members |
Mr S V Fairburn Mr P Refahi Mrs R K Ranavaya |
Registered office |
9 Mallow Street |
Accountants |
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CJ Jones Solicitors LLP
(Registration number: OC352869)
Balance Sheet as at 5 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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Stocks |
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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 |
262,865 |
304,987 |
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Members’ other interests |
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Members' capital classified as equity |
80,000 |
80,000 |
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342,865 |
384,987 |
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Total members' interests |
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Loans and other debts due to members |
262,865 |
304,987 |
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Equity |
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342,865 |
384,987 |
For the year ending 5 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.
CJ Jones Solicitors LLP
(Registration number: OC352869)
Balance Sheet as at 5 April 2024
The members acknowledge their responsibilities for complying with the requirements of 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 with respect to accounting records and the preparation of accounts.
The financial statements of CJ Jones Solicitors LLP (registered number OC352869) were approved by the
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CJ Jones Solicitors LLP
Notes to the Financial Statements for the Year Ended 5 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 the England and Wales 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.
The functional currency of CJ Jones Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Going concern
At the time of approving these financial statements, the partners are confident that the LLP has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.
Revenue recognition
Fee income includes the total amount receivable, net of value added tax, in respect of services provided to clients during the period.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are
recoverable.
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.
CJ Jones Solicitors LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Tangible fixed assets
Individual fixed assets are initially recorded at cost.
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:
Asset class |
Depreciation method and rate |
Artwork |
1% Straight line basis |
Office equipment |
33% Straight line basis |
Fixtures and fittings |
25% Straight line basis |
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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.
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
CJ Jones Solicitors LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Tangible fixed assets |
Artwork |
Fixtures, fittings & equipment |
Total |
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Cost |
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At 6 April 2023 |
4,000 |
54,996 |
58,996 |
Additions |
- |
1,125 |
1,125 |
At 5 April 2024 |
4,000 |
56,121 |
60,121 |
Depreciation |
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At 6 April 2023 |
201 |
54,039 |
54,240 |
Charge for the year |
40 |
965 |
1,005 |
At 5 April 2024 |
241 |
55,004 |
55,245 |
Net book value |
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At 5 April 2024 |
3,759 |
1,117 |
4,876 |
At 5 April 2023 |
3,799 |
957 |
4,756 |
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
161,004 |
219,694 |
Work in progress |
2024 |
2023 |
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Work in progress |
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Creditors: Amounts falling due within one year |
2024 |
2023 |
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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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Loans and other debts due to members rank equally with debts to ordinary creditors in the event of a winding up.
CJ Jones Solicitors LLP
Notes to the Financial Statements for the Year Ended 5 April 2024
Pension scheme |
Defined contribution scheme
The LLP operated a defined pension scheme. The assets of the schemes are held separately from those of the LLP in a independently administered fund. The pension cost charged represents contributions payable by the LLP to the fund and amounted to £Nil (2023: £12). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date and are included in creditors.
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.