Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseprovide legal services2121falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC372431 2023-04-01 2024-03-31 OC372431 2022-04-01 2023-03-31 OC372431 2024-03-31 OC372431 2023-03-31 OC372431 c:MotorVehicles 2023-04-01 2024-03-31 OC372431 c:MotorVehicles 2024-03-31 OC372431 c:MotorVehicles 2023-03-31 OC372431 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC372431 c:FurnitureFittings 2023-04-01 2024-03-31 OC372431 c:FurnitureFittings 2024-03-31 OC372431 c:FurnitureFittings 2023-03-31 OC372431 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC372431 c:OfficeEquipment 2023-04-01 2024-03-31 OC372431 c:OfficeEquipment 2024-03-31 OC372431 c:OfficeEquipment 2023-03-31 OC372431 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC372431 c:ComputerEquipment 2023-04-01 2024-03-31 OC372431 c:ComputerEquipment 2024-03-31 OC372431 c:ComputerEquipment 2023-03-31 OC372431 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC372431 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 OC372431 c:OtherPropertyPlantEquipment 2024-03-31 OC372431 c:OtherPropertyPlantEquipment 2023-03-31 OC372431 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC372431 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC372431 c:CurrentFinancialInstruments 2024-03-31 OC372431 c:CurrentFinancialInstruments 2023-03-31 OC372431 c:Non-currentFinancialInstruments 2024-03-31 OC372431 c:Non-currentFinancialInstruments 2023-03-31 OC372431 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC372431 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC372431 d:FRS102 2023-04-01 2024-03-31 OC372431 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC372431 d:FullAccounts 2023-04-01 2024-03-31 OC372431 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC372431 c:WithinOneYear 2024-03-31 OC372431 c:WithinOneYear 2023-03-31 OC372431 c:BetweenOneFiveYears 2024-03-31 OC372431 c:BetweenOneFiveYears 2023-03-31 OC372431 c:MoreThanFiveYears 2024-03-31 OC372431 c:MoreThanFiveYears 2023-03-31 OC372431 2 2023-04-01 2024-03-31 OC372431 d:PartnerLLP1 2023-04-01 2024-03-31 OC372431 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC372431 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 iso4217:GBP xbrli:pure
Registered number: OC372431














LK LAW LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LK LAW LLP
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
LK LAW LLP
REGISTERED NUMBER:OC372431

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
451,895
487,803

  
451,895
487,803

Current assets
  

Debtors
 5 
2,196,203
2,404,535

Cash at bank and in hand
 6 
207,690
496,686

  
2,403,893
2,901,221

Creditors: Amounts Falling Due Within One Year
 7 
(1,306,996)
(1,005,079)

Net current assets
  
 
 
1,096,897
 
 
1,896,142

Total assets less current liabilities
  
1,548,792
2,383,945

  

Net assets
  
1,548,792
2,383,945


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
1,548,792
2,383,945

  
1,548,792
2,383,945

  

  
1,548,792
2,383,945


Total members' interests
  

Loans and other debts due to members
 8 
1,548,792
2,383,945

  
1,548,792
2,383,945


1

 
LK LAW LLP
REGISTERED NUMBER:OC372431
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
A J Ford
Designated member

Date: 31 January 2025

The notes on pages 3 to 8 form part of these financial statements.

LK Law LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

2

 
LK LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

LK Law LLP is a limited liability partnership registered in England and Wales, registration number OC372431. The registered office address is 33 Black Friars Lane, London, EC4V 6EP. 

The principal activity of the LLP is to provide legal services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'administration expenses'. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

3

 
LK LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Pensions

Defined contribution pension plan

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.8

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.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.9

 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.

4

 
LK LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and using straight line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the lease terms
Fixtures and fittings
-
10% reducing balance
Office equipment
-
20% reducing balance
Computer equipment
-
20 - 50% reducing balance, 20% straight line
Other fixed assets
-
2% reducing balance, 20 - 50% reducing balance

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 profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to related parties. 


3.


Employees

The average monthly number of employees, including designated members, during the year was 21 (2023 - 21).

5

 
LK LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
401,448
80,075
24,276
371,430
26,708
903,937


Additions
-
1,613
990
35,697
1,549
39,849


Disposals
-
-
-
(5,479)
-
(5,479)



At 31 March 2024

401,448
81,688
25,266
401,648
28,257
938,307



Depreciation


At 1 April 2023
23,647
49,051
16,819
319,172
7,445
416,134


Charge for the year on owned assets
40,121
3,395
1,473
29,552
1,082
75,623


Disposals
-
-
-
(5,345)
-
(5,345)



At 31 March 2024

63,768
52,446
18,292
343,379
8,527
486,412



Net book value



At 31 March 2024
337,680
29,242
6,974
58,269
19,730
451,895



At 31 March 2023
377,801
31,024
7,457
52,258
19,263
487,803


5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors

147,500
147,500

Due within one year

Trade debtors
906,065
1,035,324

Amounts owed by group undertakings
141,155
143,726

Prepayments and accrued income
1,001,483
1,077,985

2,196,203
2,404,535


6

 
LK LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
207,690
496,686



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
492,768
336,452

Other taxation and social security
156,896
131,041

Other creditors
253,188
285,022

Accruals and deferred income
404,144
252,564

1,306,996
1,005,079



8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,548,792
2,383,945

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

2024
2023
£
£



Falling due within one year
1,548,792
2,383,945

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


9.


Pension commitments


The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £72,595 (2023 - £63,551). Contributions totalling £NIL (2023 - £NIL) were payable to the fund at the balance sheet date.

7

 
LK LAW LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
258,125
110,625

Later than 1 year and not later than 5 years
1,180,000
1,143,125

Later than 5 years
811,250
1,106,250

2,249,375
2,360,000

 
8