Company No:
Contents
Note | 30.11.2023 | 31.05.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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0 | 12,030 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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220,473 | 362,410 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 5,638 | 121,500 | ||
Total assets less current liabilities | 5,638 | 133,530 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 30,000 | 30,000 | ||
Other amounts | (24,362) | 103,530 | ||
5,638 | 133,530 | |||
Members' other interests | ||||
0 | 0 | |||
5,638 | 133,530 | |||
Total members' interests | ||||
Loans and other debts due to members | 5,638 | 133,530 | ||
5,638 | 133,530 |
Barnett Alexander Conway Ingram 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.
Members' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Barnett Alexander Conway Ingram LLP (registered number:
D R Conway
Designated member |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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Members' capital (classified as debt) | Other amounts | Total | Total | |
£ | £ | £ | £ | |
Amounts due to members | 30,000 | 105,127 | 135,127 | |
Balance at 01 June 2021 | 30,000 | 105,127 | 135,127 | 135,127 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 281,710 | 281,710 | 281,710 |
Members' interest after result for the financial period/year | 30,000 | 386,837 | 416,837 | 416,837 |
Drawings | 0 | (283,307) | (283,307) | (283,307) |
Amounts due to members | 30,000 | 103,530 | 133,530 | |
Balance at 31 May 2022 | 30,000 | 103,530 | 133,530 | 133,530 |
Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 289,919 | 289,919 | 289,919 |
Members' interest after result for the financial period/year | 30,000 | 393,449 | 423,449 | 423,449 |
Drawings | 0 | (430,561) | (430,561) | (430,561) |
Loans introduced | 0 | 12,750 | 12,750 | 12,750 |
Amounts due to members | 30,000 | (24,362) | 5,638 | |
Balance at 30 November 2023 | 30,000 | (24,362) | 5,638 | 5,638 |
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.
Loans and other debts due to members all fall due within one year and rank equally with debts due to ordinary creditors in the event of a winding up.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Barnett Alexander Conway Ingram 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 Sovereign House 1 Albert Place, Ballards Lane, London, N3 1QB, United Kingdom.
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 (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland 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 LLP and rounded to the nearest £.
The LLP ceased trading on 2 November 2023 and is no longer authorised by the Solicitors Regulation Authority. Consequently, these financial statements have been prepared on a basis other than going concern. There has been no effect on the recognition of assets and liabilities in the Statement of Financial Position as a result of preparing the financial statements on this basis.
On 8 February 2024, the LLP extended its accounting reference date to 30 November 2023 following the cessation of trading and the sale of the trade and assets of the LLP.
Services provided during the period, which at the balance sheet date have not been billed, have been recognised in accordance with Financial Reporting Standard 102 Section 1A. Turnover recognised in this manner is based on an assessment of the fair value of services provided at the balance sheet date. Unbilled turnover is included in other debtors.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Leasehold improvements |
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Fixtures and fittings |
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Computer equipment |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
The LLP 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 Income and Retained Earnings.
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.
**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 Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
Period from 01.06.2022 to 30.11.2023 |
Year ended 31.05.2022 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the year (including members with contracts of employment) |
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The average monthly number of members with contracts of employment in 2023 was 1 (2022: 1).
Leasehold improve- ments |
Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 June 2022 |
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Additions |
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Disposals | (
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At 30 November 2023 |
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Accumulated depreciation | |||||||
At 01 June 2022 |
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Charge for the financial period |
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Disposals | (
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At 30 November 2023 |
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Net book value | |||||||
At 30 November 2023 |
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At 31 May 2022 |
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30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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Less: Bank overdrafts | (
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(19,851) | 8,964 |
30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Other loans |
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Accruals |
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Other taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
30.11.2023 | 31.05.2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Pensions
The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.
30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with the entity's members
30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Profits allocated to designated members | 289,919 | 281,710 | |
Amounts withdrawn by designated members | 430,561 | 283,307 | |
Amounts due to/(from) designated members | 5,640 | 133,530 | |
Amounts introduced by designated members | 12,750 | 0 |
The designated members of the LLP are related parties and as they exert significant influence on the LLP, the above represents transactions and balances with these related parties.