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Registered number: OC357803










OSBORNES SOLICITORS LLP










MEMBERS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
OSBORNES SOLICITORS LLP
 

INFORMATION




Designated Members

J M Atkinson
S D Kightley
M D Freedman
B M A Thompson
G B Osborn
S Nosworthy
S Mathuradas
L Pepper
B J Posford
S A Davies
E Neilson
J Wescott
A S Watson
S McIvor
M E Ross
W J A Ford
R Aylott
S J Collard
J Walsh
C Andrews
M Flouri
L S Hall
S Baker
J Newton
K Norman
Y Selig
R S Atkinson
L Swaine
E J Taylor

LLP registered number

OC357803

Registered office

Livery House
7-9 Pratt Street
London
NW1 0AE

Independent auditor

MHA
Statutory Auditors
6th Floor
2 London Wall Place
London
EC2Y 5AU


 
OSBORNES SOLICITORS LLP
 

CONTENTS



Page(s)
Members' Report
1 - 2
Independent Auditor's Report
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8 - 9
Statement of Changes in Equity
10
Reconciliation of Members' Interests
22
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 23

 
OSBORNES SOLICITORS LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The members present their annual report together with the audited financial statements of Osbornes Solicitors LLP (the "LLP") for the year ended 31 May 2024
 

Principal activities
 
 
The principal activity of the LLP during the year was the provision of legal services.
 
 
Results 
 
 
The Company's Statement of Comprehensive Income for the year ended 31 May 2024 is set out on page 7. 
 
 
Designated Members
 
 
J M Atkinson, S D Kightley, M D Freedman, B M A Thompson, G B Osborn, S Nosworthy, S Mathuradas, L Pepper, B J Posford, S A Davies, S K Hutson, E Neilson, J Wescott, A S Watson, S McIvor, M E Ross W J A Ford, R Aylott, S Collard, J Walsh, C Andrews, M Flouri, L S Hall, S Baker, J Newton (appointed: 1 June 2023) and K Norman (appointed: 1 June 2023) were designated members of the LLP throughout the year. 
B M A Thompson resigned and was reappointed designated member, on 1 June 2023. Y Selig was appointed designated member, on 11 September 2023. 
Subsequent to the year end, R S Atkinson, L Swaine and E J Taylor were appointed designated members, on 1 September 2024.
The members regret to report the sad loss of S K Hutson, on 15 February 2025. 
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 May 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Page 1

 
OSBORNES SOLICITORS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditor
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

Auditor
 
 
The auditor, MHA, were appointed by the directors during the year and offer themselves for re-appointment.
 

This report was approved by the members and signed on their behalf by: 





M D Freedman 
Designated member


Date: 26 February 2025

Page 2

 
OSBORNES SOLICITORS LLP
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSBORNES SOLICITORS LLP
 

Opinion
 

We have audited the financial statements of Osbornes Solicitors LLP (the 'LLP') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

 
OSBORNES SOLICITORS LLP
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSBORNES SOLICITORS LLP (CONTINUED)

Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
OSBORNES SOLICITORS LLP
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSBORNES SOLICITORS LLP (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Obtaining an understanding of the legal and regulatory frameworks that the company operates in.
Reviewing key correspondence with regulatory authorities.
Enquiry of management to identify any instances of non-compliance with laws and regulations.
Enquiry of management around actual and potential litigation and claims.
Enquiry of management to identify any instances of known or suspected instances of fraud.
Discussing and reviewing among the engagement team regarding how and where fraud might occur.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 5

 
OSBORNES SOLICITORS LLP
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OSBORNES SOLICITORS LLP (CONTINUED)

Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern, FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

27 February 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313).
Page 6

 
OSBORNES SOLICITORS LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,164,714
15,290,721

Gross profit
  
 
17,164,714
 
15,290,721

Administrative expenses
  
(12,085,839)
(10,310,893)

Operating profit
 5 
 
5,078,875
 
4,979,828

Interest receivable and similar income
 10 
947,752
863,281

Interest payable and similar expenses
 11 
(87,674)
(34,555)

Profit before tax
  
 
5,938,953
 
5,808,554

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
5,938,953
 
5,808,554

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 12 to 23 form part of these financial statements.
Page 7

 
OSBORNES SOLICITORS LLP
REGISTERED NUMBER:OC357803

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
305,373
125,490

  
305,373
125,490

Current assets
  

Debtors: amounts falling due within one year
 13 
9,487,143
8,141,727

Cash at bank and in hand
 14 
354,786
176,203

  
9,841,929
8,317,930

Creditors: amounts falling due within one year
 15 
(2,250,022)
(1,432,872)

Net current assets
  
 
 
7,591,907
 
 
6,885,058

Total assets less current liabilities
  
7,897,280
7,010,548

Provisions for liabilities
  

Other provisions
 16 
(565,188)
-

  
 
 
(565,188)
 
 
-

Net assets
  
7,332,092
7,010,548


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 17 
4,042,232
4,280,541

  
4,042,232
4,280,541

Members' other interests
  

Members' capital classified as equity
 17 
3,289,860
2,730,007

  
 
3,289,860
 
2,730,007

  
7,332,092
7,010,548


Total members' interests
  

Loans and other debts due to members
 17 
4,042,232
4,280,541

Members' other interests
 17 
3,289,860
2,730,007

  
7,332,092
7,010,548

Page 8

 
OSBORNES SOLICITORS LLP
REGISTERED NUMBER:OC357803
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

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




M D Freedman
Designated member

Date: 26 February 2025

The notes on pages 12 to 23 form part of these financial statements.
Page 9

 
OSBORNES SOLICITORS LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Members capital (classified as equity)
Other reserves
Total equity

£
£
£


At 1 June 2022
2,500,007
-
2,500,007


Comprehensive income for the year

Profit for year for discretionary division among members
-
5,808,554
5,808,554

Allocated profit
-
(5,808,554)
(5,808,554)
Total comprehensive income for the year
-
-
-


Contributions by and distributions to members

Capital introduced by members
250,000
-
250,000

Capital amounts repaid to members
(20,000)
-
(20,000)


Total transactions with members
230,000
-
230,000



At 1 June 2023
2,730,007
-
2,730,007


Comprehensive income for the year

Profit for year for discretionary division among members
-
5,938,953
5,938,953

Allocated profit
-
(5,938,953)
(5,938,953)
Total comprehensive income for the year
-
-
-


Contributions by and distributions to members

Capital introduced by members
690,001
-
690,001

Capital amounts repaid to members
(130,148)
-
(130,148)


Total transactions with members
559,853
-
559,853


At 31 May 2024
3,289,860
-
3,289,860

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
OSBORNES SOLICITORS LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,938,953
5,808,554

Adjustments for:

Depreciation of tangible assets
365,324
64,417

Loss on disposal of tangible assets
(292)
-

Interest paid
87,674
34,555

Interest received
(947,752)
(863,281)

Increase in debtors
(1,345,416)
(1,095,430)

Increase in creditors
817,150
566,932

Increase in provisions
87,272
-

Distribution paid to members
(6,177,262)
(5,846,735)

Net cash generated from operating activities before transactions with members

(1,174,349)
(1,330,988)


Cash flows from investing activities

Purchase of tangible fixed assets
(67,291)
(48,491)

Proceeds on sale of tangible fixed assets
292
-

Interest received
947,752
863,281

Net cash from investing activities

880,753
814,790

Cash flows from financing activities

Interest paid
(87,674)
(34,555)

Members' capital contributed
690,001
250,000

Members' capital repaid
(130,148)
(20,000)

Net cash used in financing activities
472,179
195,445

Net increase/(decrease) in cash and cash equivalents
178,583
(320,753)

Cash and cash equivalents at beginning of year
176,203
496,956

Cash and cash equivalents at the end of year
354,786
176,203


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
354,786
176,203

354,786
176,203


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The Osbornes Solicitors LLP is a Limited Liability Partnership incorporated in England. Its registered office and principal place of business is Livery House, 7-9 Pratt Street, London, NW1 0AE. 

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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

Amounts recoverable on contracts and revenue not billed to clients are included in debtors.

 
2.3

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.

Page 12

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

  
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The LLP is a member of a multi-employer plan. Where it is not possible for the LLP to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

 
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 the Statement of Comprehensive Income.

The LLP classifies distributions of profits as financing cash flows in the Statement of Cash Flows.

 
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.

Page 13

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
15 years over the duration of the lease
Office equipment
-
20% Straight Line
Lease dilapidations
-
Over the duration of the lease

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. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.12

Creditors

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

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 14

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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 profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 15

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.15

Members' participation rights

 During the year there were no transfers from members' capital interests to debts due to members.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing financial statements, management is required to make judgements that significantly affect the amounts recognised in the financial statements. The members consider that critical accounting policies where judgements and estimations have been applied to the following:- 
Tangible asset lives
The useful economic life, residual values and depreciation methods are reviewed and adjusted prospectively; they are deemed to be appropriate. 
Amounts recoverable on contracts
Valuation of amounts recoverable on long term contracts are reviewed regularly by management and assess the stage of completion of long-term contracts to recognise revenue appropriately.  
Recoverability of trade debtors
Provisions for bad debt made due to the estimated recovery of trade debtors. Management must estimate the allowance for doubtful debts and these are deemed appropriate. 
Provisions
The measurement of dilapidation provisions involves estimating the costs associated with the repair and restoration of the property. This estimation should be based on current prices, adjusted for expected future cost increases, and discounted to present value. Management deem the lease dilapidations provision appropriate.

Page 16

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fee income
17,164,714
15,290,721


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,374,051
13,706,504

Europe
687,710
637,700

Rest of the world
1,102,953
946,517

17,164,714
15,290,721



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
222,833
64,417

Other operating lease rentals
580,486
536,738


6.


Auditor's remuneration

During the year, the LLP obtained the following services from the LLP's auditor:


2024
2023
£
£

Fees payable to the LLP's auditor for the audit of the LLP's financial statements
25,000
25,000

7.


Employees



The entity has no employees.

Page 17

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
26
26

 
2024
2023
£
£



The amount of profit attributable to the member with the largest entitlement was
462,144
488,325



9.


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. Profit attributable to the member with the largest entitlement is calculated based upon any remuneration included within ‘members’ remuneration charged as an expense’ this year.



The value of the LLP's contributions paid to a defined contribution pension scheme in respect of the highest paid member amounted to £NIL (2023 - £NIL).

The value of the LLP's contributions paid to a defined benefit pension scheme in respect of the highest paid member amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
947,752
863,281


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
402
1

Other interest payable
-
34,554

Interest on unwind of discount on dilapidations
87,272
-

87,674
34,555

Page 18

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Tangible fixed assets





L/Term Leasehold Property
Office equipment
Lease dilapidations
Total

£
£
£
£



Cost or valuation


At 1 June 2023
162,113
1,011,479
-
1,173,592


Additions
15,349
51,942
477,916
545,207



At 31 May 2024

177,462
1,063,421
477,916
1,718,799



Depreciation


At 1 June 2023
125,186
922,916
-
1,048,102


Charge for the year
3,977
48,529
312,818
365,324



At 31 May 2024

129,163
971,445
312,818
1,413,426



Net book value



At 31 May 2024
48,299
91,976
165,098
305,373



At 31 May 2023
36,927
88,563
-
125,490

Page 19

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Debtors

2024
2023
£
£


Trade debtors
3,737,147
2,746,569

Other debtors
23,884
86,743

Prepayments and accrued income
871,205
648,610

Amounts recoverable on contracts
4,854,907
4,659,805

9,487,143
8,141,727


The impairment loss recognised in the LLP Statement of Comprehensive Income for the year in respect of bad and doubtful trade debtors was £30,318 (2023: £39,131). 


14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
354,786
176,203



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
856,520
893,601

Other taxation and social security
272,956
147,518

Accruals and deferred income
1,120,546
391,753

2,250,022
1,432,872



16.


Provisions





Dilapidation provisions

£





Unwind of discount
87,272


Utilised in year
477,916



At 31 May 2024
565,188

Page 20

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
4,042,232
4,280,541



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


18.


Analysis of net debt




At 1 June 2023
Arising from cash flows
At 31 May 2024
£

£

£

Cash at bank and in hand

176,203

178,583

354,786

Net debt (before members' debt)
176,203
178,583
354,786

Loans and other debts due to members




Other amounts due to members
(4,280,541)

238,309

(4,042,232)

Net debt


(4,104,338)
416,892
(3,687,446)


19.


Commitments under operating leases

At 31 May 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
331,453
331,454

Later than 1 year and not later than 5 years
165,727
497,180

497,180
828,634

Page 21

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Reconciliation of members' interests 







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total


£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
5,808,554
5,808,554
-
-
5,808,554

Members' interests after profit for the year
2,500,007
5,808,554
8,308,561
4,318,722
4,318,722
12,627,283

Other division of profits
-
(5,808,554)
(5,808,554)
5,808,554
5,808,554
-

Amounts introduced by members
250,000
-
250,000
-
-
250,000

Repayment of capital
(20,000)
-
(20,000)
-
-
(20,000)

Drawings on account and distribution of profit
-
-
-
(5,846,735)
(5,846,735)
(5,846,735)

Amounts due to members
4,280,541
4,280,541

Balance at 31 May 2023
2,730,007
-
2,730,007
4,280,541
4,280,541
7,010,548

Profit for the year available for discretionary division among members
 
-
5,938,953
5,938,953
-
-
5,938,953

Members' interests after profit for the year
2,730,007
5,938,953
8,668,960
4,280,541
4,280,541
12,949,501

Other division of profits
-
(5,938,953)
(5,938,953)
5,938,953
5,938,953
-

Amounts introduced by members
690,001
-
690,001
-
-
690,001

Repayment of capital
(130,148)
-
(130,148)
-
-
(130,148)

Drawings on account and distribution of profit
-
-
-
(6,177,262)
(6,177,262)
(6,177,262)

Amounts due to members
4,042,232
4,042,232

Balance at 31 May 2024 
3,289,860
-
3,289,860
4,042,232
4,042,232
7,332,092

The notes on pages 12 to 23 form part of these financial statements.

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.

Page 22

 
OSBORNES SOLICITORS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

21.


Related party transactions

During the year, Osbornes Solicitors LLP incurred service charges of £8,369,812 (2023: £7,344,974), payable to Osbornes Services Limited. The directors of Osbornes Services Limited are J M Atkinson, M D Freedman and B J Posford, all of whom are designated members of Osbornes Solicitors LLP. As at 31 May 2024 an amount of £19,984 (2023: £82,843) was due from Osbornes Services Limited. 
Included within trade creditors is an amount of £744,267 (2023: £871,573) due to Osbornes Services Limited. The directors of Osbornes Services Limited are J M Atkinson, M D Freedman and B J Posford, all of whom are designated members of Osbornes Solicitors LLP. 


22.


Controlling party

The limited liability partnership was under the ultimate control of the designated members throughout the current and prior year.
 
Page 23