O'Reilly Stewart Solicitors (Healthcare) LLP
Notes to the Financial Statements
For the Year Ended 30 April 2024
The entity is a limited liability partnership incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Members of O'Reilly Stewart Solictors Healthcare LLP has reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, O'Reilly Stewart Solictors Healthcare LLP continues to adopt the going concern basis in preparing the financial statements.
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O'Reilly Stewart Solicitors (Healthcare) LLP
Notes to the Financial Statements
For the Year Ended 30 April 2024
2.Accounting policies (continued)
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
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O'Reilly Stewart Solicitors (Healthcare) LLP
Notes to the Financial Statements
For the Year Ended 30 April 2024
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O'Reilly Stewart Solicitors (Healthcare) LLP
Notes to the Financial Statements
For the Year Ended 30 April 2024
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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O'Reilly Stewart Solicitors (Healthcare) LLP
Notes to the Financial Statements
For the Year Ended 30 April 2024
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