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Walters & Barbary LLP

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: OC390313

 

Walters & Barbary LLP

Contents

Financial Statements

1 to 7

Balance Sheet

1

Notes to the Financial Statements

3

 

Walters & Barbary LLP

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

298,935

284,378

Current assets

 

Debtors

4

354,820

383,685

Cash and short-term deposits

 

255,667

288,235

 

610,487

671,920

Creditors: Amounts falling due within one year

5

(245,829)

(236,516)

Net current assets

 

364,658

435,404

Total assets less current liabilities

 

663,593

719,782

Creditors: Amounts falling due after more than one year

6

(5,404)

(14,790)

Net assets attributable to members

 

658,189

704,992

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

200,000

200,000

Other amounts

7

458,189

504,992

 

658,189

704,992

   

658,189

704,992

Total members' interests

 

Loans and other debts due to members

 

658,189

704,992

   

658,189

704,992

For the year ending 30 June 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships and the option not to file a profit and loss account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, 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.

 

Walters & Barbary LLP

Balance Sheet

30 June 2024

The financial statements of Walters & Barbary LLP (registered number OC390313) were approved by the members and authorised for issue on 30 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
R J Wiles
Designated member

.........................................
T M Blenard
Designated member

 

Walters & Barbary LLP

Notes to the Financial Statements

Year Ended 30 June 2024

1

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 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in January 2017.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom 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 except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Walters & Barbary 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.

Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.

Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.

 

Walters & Barbary LLP

Notes to the Financial Statements

Year Ended 30 June 2024

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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

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

Fixtures and fittings

25% reducing balance

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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

Walters & Barbary LLP

Notes to the Financial Statements

Year Ended 30 June 2024

Financial instruments

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities,when the company's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:

Basic financial assets comprise short term trade and other debtors and cash and bank balances.

Basic financial liabilities comprise short term trade and other creditors and bank loans.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 22 (2023 - 24).

3

Tangible fixed assets

Freehold land and buildings
£

Fixtures and fittings
 £

Total
£

Cost

At 1 July 2023

270,000

134,313

404,313

Additions

-

24,203

24,203

At 30 June 2024

270,000

158,516

428,516

Depreciation

At 1 July 2023

-

119,935

119,935

Charge for the year

-

9,646

9,646

At 30 June 2024

-

129,581

129,581

Net book value

At 30 June 2024

270,000

28,935

298,935

At 30 June 2023

270,000

14,378

284,378

 

Walters & Barbary LLP

Notes to the Financial Statements

Year Ended 30 June 2024

4

Debtors

2024
 £

2023
 £

Trade debtors

190,946

197,092

Prepayments and accrued income

163,874

186,593

354,820

383,685

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

51,954

51,617

Trade creditors

27,999

901

Taxation and social security

89,205

99,912

Other creditors

1,973

1,768

Accruals and deferred income

74,698

82,318

245,829

236,516

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2024
£

2023
£

Bank Loan

10,413

10,440

The loan is secured over the land and buildings owned by the the LLP.

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

5,404

14,790

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

 

Walters & Barbary LLP

Notes to the Financial Statements

Year Ended 30 June 2024

2024
£

2023
£

Bank Loan

5,404

14,790

The loan is secured over the land and buildings owned by the the LLP.

7

Analysis of other amounts

2024
£

2023
£

Money owed to members by the LLP in respect of profits

458,189

504,992

8

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.