Registration number:
Maitland Walker LLP
for the Year Ended 30 April 2024
Maitland Walker LLP
Contents
Limited liability partnership information |
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Statement of Members' Responsibilities |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Maitland Walker LLP
Limited liability partnership information
Designated members |
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Members |
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Registered office |
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Maitland Walker LLP
Statement of Members' Responsibilities for the Year Ended 30 April 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
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select suitable accounting policies and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with 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, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.
Maitland Walker LLP
(Registration number: OC353393)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
50,676 |
17,282 |
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Current assets |
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Debtors |
1,231,853 |
1,228,450 |
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Cash and short-term deposits |
47,474 |
531,852 |
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1,279,327 |
1,760,302 |
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Creditors: Amounts falling due within one year |
(515,700) |
(473,487) |
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Net current assets |
763,627 |
1,286,815 |
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Total assets less current liabilities |
814,303 |
1,304,097 |
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Creditors: Amounts falling due after more than one year |
(43,604) |
(55,125) |
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Net assets attributable to members |
770,699 |
1,248,972 |
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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 |
600,000 |
600,000 |
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Other amounts |
170,699 |
648,972 |
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770,699 |
1,248,972 |
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770,699 |
1,248,972 |
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Total members' interests |
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Loans and other debts due to members |
770,699 |
1,248,972 |
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770,699 |
1,248,972 |
For the year ending 30 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.
This report has been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to small Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.
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.
Maitland Walker LLP
(Registration number: OC353393)
Balance Sheet as at 30 April 2024
The designated 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 Maitland Walker LLP (registered number OC353393) were approved by the
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Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 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' , Companies Act 2006 as applied by LLPs and the Statement of Recommended Practice (SORP) "Accounting by Limited Liability Partnerships", issued in December 2021.
General information and basis of accounting
The limited liability partnership is incorporated in 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.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Maitland Walker LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
These financial statements are presented in Sterling (£).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered to clients during the year, net of value added taxes.
Turnover is recognised by reference to the stage of completion of the engagement and when the amount of turnover can be reliably measured. The stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated costs of the engagement. Unbilled revenue is included in debtors as amounts recoverable on client contracts.
Government grants
Government grants are accounted for under the accruals model with grant income being recognised as related costs are incurred.
Loans and other debts due to members
In the event of a winding up, members other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests.
Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation
Taxation on all LLP profits is solely the liability of members. A retention from profits is made which is subsequently released to members to assist in funding payments of taxation. The balance retained at the balance sheet date is reflected in loans and other debts due to members.
Tangible fixed assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.
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 |
Leasehold improvements |
10% straight line |
Furniture & equipment |
25% reducing balance basis |
Computer equipment |
33 1/3% straight line basis |
Library |
Not depreciated |
Amounts recoverable on client contracts
Amounts recoverable on client contracts, included in debtors, are amounts likely to be charged to clients in respect of work done but not invoiced at the balance sheet date. These are calculated in accordance with the revenue recognition accounting policy as shown above.
Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Trade debtors
Trade debtors are amounts due from clients for 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.
Trade creditors
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 the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the LLP has an obligation at the reporting date as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible fixed assets |
Leasehold improvements |
Furniture and equipment |
Computer equipment |
Library |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
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- |
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Disposals |
( |
( |
( |
( |
( |
At 30 April 2024 |
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- |
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Depreciation |
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At 1 May 2023 |
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- |
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Charge for the year |
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Eliminated on disposals |
( |
( |
( |
( |
( |
At 30 April 2024 |
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- |
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Net book value |
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At 30 April 2024 |
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- |
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At 30 April 2023 |
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Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
1,231,853 |
1,228,450 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Trade creditors |
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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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Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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Bank loans |
12,756 |
13,036 |
Bank loans are secured against the assets of the LLP via a fixed and floating charge.
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
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Bank loans |
43,604 |
55,125 |
Bank loans are secured against the assets of the LLP via a fixed and floating charge.
Maitland Walker LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
At 31 March 2024, the LLP had total commitments under non-cancellable operating leases over the remaining life of those leases of £358,000 (2023: £400,000). The total commitment is due over the following periods: £42,000 (2023: £42,000) due in one year; £154,667 (2023: £168,000) due in two to five years, and £161,333 (2023: £190,000) due in more than 5 years.