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Company No: OC354615 (England and Wales)

CURTIS LAW LLP

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

CURTIS LAW LLP

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

CURTIS LAW LLP

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
CURTIS LAW LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 1,157,689 1,333,202
Tangible assets 5 35,076 51,501
1,192,765 1,384,703
Current assets
Debtors 6 1,517,893 1,334,052
Cash at bank and in hand 7 236,391 321,073
1,754,284 1,655,125
Creditors: amounts falling due within one year 8 ( 1,082,436) ( 1,022,486)
Net current assets 671,848 632,639
Total assets less current liabilities 1,864,613 2,017,342
Creditors: amounts falling due after more than one year 9 ( 1,051,507) ( 547,716)
Provision for liabilities 10 ( 200,000) ( 813,785)
Net assets attributable to members 613,106 655,841
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 12,615 131,246
Other amounts 405,478 330,264
418,093 461,510
Members' other interests
Other reserves 195,013 194,331
195,013 194,331
613,106 655,841
Total members' interests
Loans and other debts due to members 14 418,093 461,510
Members' other interests 195,013 194,331
613,106 655,841

For the financial year ending 30 April 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 Curtis Law LLP (registered number: OC354615) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

L C Atwill
Designated member
CURTIS LAW LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 30 April 2024
CURTIS LAW LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 30 April 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves Members' capital (classified as debt) Other amounts Total Total
£ £ £ £ £
Amounts due to members 131,246 179,081 310,327
Balance at 01 May 2022 0 131,246 179,081 310,327 310,327
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 0 455,622 455,622 455,622
Members' interest after result for the financial year 0 131,246 634,703 765,949 765,949
Drawings 0 0 (304,439) (304,439) (304,439)
Capital contribution reserve 194,331 0 0 0 194,331
Amounts due to members 131,246 330,264 461,510
Balance at 30 April 2023 194,331 131,246 330,264 461,510 655,841
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 0 1,001,983 1,001,983 1,001,983
Members' interest after result for the financial year 194,331 131,246 1,332,247 1,463,493 1,657,824
Drawings 0 0 (487,850) (487,850) (487,850)
Unwinding of discount on goodwill (20,369) 0 20,369 20,369 0
Repayment of capital 0 (118,631) 0 (118,631) (118,631)
Transfer to creditors on retirement 0 0 (459,288) (459,288) (459,288)
Additional reserve 21,051 0 0 0 21,051
Amounts due to members 12,615 405,478 418,093
Balance at 30 April 2024 195,013 12,615 405,478 418,093 613,106

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.

CURTIS LAW LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
CURTIS LAW LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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

General information and basis of accounting

Curtis 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 87-89 Mutley Plain, Plymouth, PL4 6JJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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".

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

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises amounts chargeable to clients in respect of professional services provided during the year, including recoverable expenses on client assignments, exclusive of Value Added Tax.

Services provided to clients during the year, which at the Statement of Financial Position date have not been billed to clients, have been recognised as turnover in accordance with Section 23 of FRS102: Revenue. Turnover recognised in this manner is based on an assessment of the fair value of services provided at the Statement of Financial Position date. Unbilled revenue is included in debtors.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

The LLP is not subject to taxation. Consequently, neither taxation nor related deferred taxation arising in respect of the LLP is accounted for in these financial statements. Taxable profits and losses are allocated to the members in accordance with the LLP agreement and the liability for any tax is the responsibility of each member.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill 5 - 15 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Leasehold improvements 5 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Leases

The LLP as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Impairment of assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 and amounts owed to members.

Financial assets
Basic financial assets, including trade and other debtors, 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 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, accruals and amounts owed to members, 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 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.

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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Government grants consist of the Coronavirus Job Retention Scheme grants for furloughed staff and the Coronavirus Business Interruption Loan Scheme ("CBILS") grant for bank loan interest. Furlough income is receivable as compensation for salary expenses already incurred and to give immediate financial support to the LLP with no future related costs. This income is recognised in the Statement of Comprehensive Income in the same period as the related expenditure. Interest in respect of the CBILS loan is paid by the government directly to the LLP bankers covering the first 12 months of the loan.

Post retirement payments

Post retirement payments to former partners of the LLP are provided for in full. The amount provided is recognised as the best estimate of the expenditure required to settle that obligation and is discounted to present value. The post retirement payment to former partners is at a fixed amount per annum for a period of 10 years. The post retirement payment is accounted for as a financial liability in accordance with section 11 of FRS102 and is measured at amortised cost using the effective interest method. The increase of the discounted amount in the period is charged to the Statement of Comprehensive Income as interest payable. Any changes due to changes in assumptions are charged to the Statement of Comprehensive Income as administrative expenses.

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. 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 the Statement of Comprehensive Income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 56 51

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2024 2023
Number Number
Average number of members during the financial year 5 4

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 1,910,017 1,910,017
At 30 April 2024 1,910,017 1,910,017
Accumulated amortisation
At 01 May 2023 576,815 576,815
Charge for the financial year 175,513 175,513
At 30 April 2024 752,328 752,328
Net book value
At 30 April 2024 1,157,689 1,157,689
At 30 April 2023 1,333,202 1,333,202

5. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 40,240 212,035 269,893 522,168
Additions 0 350 2,952 3,302
At 30 April 2024 40,240 212,385 272,845 525,470
Accumulated depreciation
At 01 May 2023 13,342 195,311 262,014 470,667
Charge for the financial year 8,048 4,863 6,816 19,727
At 30 April 2024 21,390 200,174 268,830 490,394
Net book value
At 30 April 2024 18,850 12,211 4,015 35,076
At 30 April 2023 26,898 16,724 7,879 51,501

The leasehold improvements are related to a short-term leasehold property. The useful life was reassessed to coincide with the expiry of the lease in April 2027.

6. Debtors

2024 2023
£ £
Trade debtors 321,273 336,164
Other debtors 1,196,620 997,888
1,517,893 1,334,052

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 236,391 321,073
Less: Bank overdrafts 0 ( 448,870)
236,391 (127,797)

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 240,143 539,901
Trade creditors 81,793 41,693
Accruals 27,933 30,217
Other taxation and social security 284,232 289,382
Other creditors 448,335 121,293
1,082,436 1,022,486

Included within other creditors is an amount of £370,092 (2023: £42,351) in respect of post retirement payments to former members.

Bank loans and overdrafts are secured by a debenture containing fixed and floating charges over the assets of the LLP.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 37,316
Other loans 62,500 112,500
Other creditors 989,007 397,900
1,051,507 547,716

Other creditors includes an amount of £831,257 (2023: £160,650) in respect of post retirement payments to former members.

Bank loans are secured by a debenture containing fixed and floating charges over the assets of the LLP.

10. Provision for liabilities

2024 2023
£ £
Legal provision 200,000 100,000
Other provisions 0 713,785
200,000 813,785

The legal provision above is in relation to potential dilapidation provisions for the LLP's various properties at the end of the respective lease (suitably discounted). This provision is expected to reverse when the works are carried out.

The other provision represents the present value of the purchase of the personal goodwill from two retiring members discounted at the rate of 5% per annum. This provision reversed when the Partners retired.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 126,306 93,968
between one and five years 154,942 179,208
281,248 273,176

12. Related party transactions

The designated members of the LLP are considered to be key management responsible for planning, directing and controlling the activities of the LLP. Transactions with the designated members are shown in the reconciliation of members interests.

13. Loans

Analysis of the maturity of bank loans is given below:

2024 2023
£ £
Amounts falling due within one year 37,316 41,031
Amounts falling due 1-2 years 0 37,316
Amounts falling due 2-5 years 0 0
37,316 78,347

Analysis of the maturity of other loans is given below:

2024 2023
£ £
Amounts falling due within one year 202,827 50,000
Amounts falling due 1-2 years 50,000 50,000
Amounts falling due 2-5 years 12,500 62,500
Amounts falling due after more than 5 years 0 0
265,327 162,500

14. Loans and other debts due to members

2024 2023
£ £
Members' capital treated as debt 12,615 131,246
Other amounts due to members 405,478 330,264
418,093 461,510

Loans and other debts due to members may be further analysed as follows:

2024 2023
£ £
Falling due within one year 418,093 461,510

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

The amount of capital each member is required to subscribe is in accordance with the Members Agreement. Capital is repayable on retirement. Liabilities to former members are shown within other creditors.