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Company No: OC337158 (England and Wales)

BARNETT ALEXANDER CONWAY INGRAM LLP

Unaudited Financial Statements
For the financial period from 01 June 2022 to 30 November 2023
Pages for filing with the registrar

BARNETT ALEXANDER CONWAY INGRAM LLP

Unaudited Financial Statements

For the financial period from 01 June 2022 to 30 November 2023

Contents

BARNETT ALEXANDER CONWAY INGRAM LLP

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
BARNETT ALEXANDER CONWAY INGRAM LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 30.11.2023 31.05.2022
£ £
Fixed assets
Tangible assets 3 0 12,030
0 12,030
Current assets
Debtors 4 202,968 314,639
Cash at bank and in hand 5 17,505 47,771
220,473 362,410
Creditors: amounts falling due within one year 6 ( 214,835) ( 240,910)
Net current assets 5,638 121,500
Total assets less current liabilities 5,638 133,530
Net assets attributable to members 5,638 133,530
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.

For the financial period ending 30 November 2023 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 Barnett Alexander Conway Ingram LLP (registered number: OC337158) were approved and authorised for issue by the Board of Directors on 17 February 2025. They were signed on its behalf by:

D R Conway
Designated member
BARNETT ALEXANDER CONWAY INGRAM LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial period from 01 June 2022 to 30 November 2023
BARNETT ALEXANDER CONWAY INGRAM LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial period from 01 June 2022 to 30 November 2023
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
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.

BARNETT ALEXANDER CONWAY INGRAM LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2022 to 30 November 2023
BARNETT ALEXANDER CONWAY INGRAM LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2022 to 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Turnover

Turnover comprises turnover recognised by the LLP in respect of services supplied during the year, exclusive of Value Added Tax.

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.

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 brining the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 10 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 5 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 profit or loss.

Leases

The LLP as lessee
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.

Impairment of assets

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.

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 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.

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 Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

2. Employees

Period from
01.06.2022 to
30.11.2023
Year ended
31.05.2022
Number Number
Monthly average number of persons employed by the LLP during the year (including members with contracts of employment) 9 12

The average monthly number of members with contracts of employment in 2023 was 1 (2022: 1).

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 June 2022 9,900 108,473 44,453 162,826
Additions 0 0 2,767 2,767
Disposals ( 9,900) ( 108,473) ( 47,220) ( 165,593)
At 30 November 2023 0 0 0 0
Accumulated depreciation
At 01 June 2022 9,900 106,702 34,194 150,796
Charge for the financial period 0 586 5,292 5,878
Disposals ( 9,900) ( 107,288) ( 39,486) ( 156,674)
At 30 November 2023 0 0 0 0
Net book value
At 30 November 2023 0 0 0 0
At 31 May 2022 0 1,771 10,259 12,030

4. Debtors

30.11.2023 31.05.2022
£ £
Trade debtors 58,022 66,206
Prepayments 0 59,369
Other debtors 144,946 189,064
202,968 314,639

5. Cash and cash equivalents

30.11.2023 31.05.2022
£ £
Cash at bank and in hand 17,505 47,771
Less: Bank overdrafts ( 37,356) ( 38,807)
(19,851) 8,964

6. Creditors: amounts falling due within one year

30.11.2023 31.05.2022
£ £
Bank overdrafts 37,356 38,807
Trade creditors 9,320 11,173
Other loans 19,555 40,440
Accruals 140,192 95,617
Other taxation and social security 8,412 40,611
Other creditors 0 14,262
214,835 240,910

7. Financial commitments

Commitments

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

30.11.2023 31.05.2022
£ £
within one year 0 52,077
between one and five years 0 103,158
0 155,235

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) 0 4,262

8. Related party transactions

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.