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REGISTERED NUMBER: OC345985 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Gibson Young Solicitors LLP

Gibson Young Solicitors LLP (Registered number: OC345985)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Gibson Young Solicitors LLP

General Information
for the Year Ended 30 June 2024







DESIGNATED MEMBERS: Miss L Young
Ms G Joshi





REGISTERED OFFICE: 1 & 2 Crescent Stables
139 Upper Richmond Road
London
SW15 2TN





REGISTERED NUMBER: OC345985 (England and Wales)





ACCOUNTANTS: Bristow Burrell
4 Riverview
Walnut Tree Close
Guildford
Surrey
GU1 4UX

Gibson Young Solicitors LLP (Registered number: OC345985)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 60,933 73,294

CURRENT ASSETS
Stocks 247,463 265,027
Debtors 6 51,472 34,543
Cash at bank 1,811,600 2,995,165
2,110,535 3,294,735
CREDITORS
Amounts falling due within one
year

7

1,812,607

2,989,830
NET CURRENT ASSETS 297,928 304,905
TOTAL ASSETS LESS CURRENT
LIABILITIES

358,861

378,199

CREDITORS
Amounts falling due after more
than one year

8

281,236

314,046
NET ASSETS ATTRIBUTABLE TO MEMBERS 77,625 64,153

LOANS AND OTHER DEBTS DUE TO
MEMBERS

77,625

64,153

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

77,625

64,153

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 June 2024.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 January 2025 and were signed by:





Miss L Young - Designated member

Gibson Young Solicitors LLP (Registered number: OC345985)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Gibson Young Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 33% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 9 (2023 - 11 ) .

Gibson Young Solicitors LLP (Registered number: OC345985)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 83,651 185,484 10,957 280,092
Additions - 125 - 125
At 30 June 2024 83,651 185,609 10,957 280,217
DEPRECIATION
At 1 July 2023 35,432 160,618 10,748 206,798
Charge for year 4,182 8,235 69 12,486
At 30 June 2024 39,614 168,853 10,817 219,284
NET BOOK VALUE
At 30 June 2024 44,037 16,756 140 60,933
At 30 June 2023 48,219 24,866 209 73,294

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 4,181 1,956
Other debtors 47,291 32,587
51,472 34,543

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 30,405 24,650
Client ledger balances 1,731,543 2,930,004
Trade creditors 21,236 32,297
Taxation and social security 29,423 -
Other creditors - 2,879
1,812,607 2,989,830

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 3,136 14,946
Other creditors 278,100 299,100
281,236 314,046

Amounts falling due in more than five years:

Repayable by instalments
Creditors Within CVA 278,100 299,100