Registered number
OC367688
Lu Oliphant Solicitors LLP
Filleted Accounts
31 August 2024
Lu Oliphant Solicitors LLP
Registered number: OC367688
Balance Sheet
for the period 12 months to 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,087 4,367
Current assets
Work in progress 49,208 45,950
Debtors 4 37,146 33,879
Cash at bank and in hand 173,669 142,172
Client account 2,844,309 7,800,434
3,104,332 8,022,435
Creditors: amounts falling due within one year 5 (129,331) (124,443)
Client ledger (2,844,309) (7,800,434)
Net current assets 130,692 97,558
Total assets less current liabilities 134,779 101,925
Net assets 134,779 101,925
Represented by:
Loans and other debts due to members 6 119,559 86,705
Members' other interests
Members' capital classified as equity 15,220 15,220
134,779 101,925
Total members' interests
Loans and other debts due to members 6 119,559 86,705
Members' other interests 15,220 15,220
134,779 101,925
Number Number
Average number of persons employed by the company 8 8
For the year ended 31 August 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 12 March 2025 and signed on their behalf by:
C Lu
Designated member
Lu Oliphant Solicitors LLP
Report to the members on the preparation of the unaudited statutory accounts of Lu Oliphant Solicitors LLP for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by the LLP regulations), we have prepared for your approval the accounts of Lu Oliphant Solicitors LLP for the year ended 31 August 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Members' Interests and the related notes from the LLP’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Phillips Young
Chartered Certified Accountants
6 Derwent Avenue
London
NW7 3DZ
12 March 2025
Lu Oliphant Solicitors LLP
Notes to the Accounts
for the period 12 months to 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 8 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 48,108 12,858 60,966
At 31 August 2024 48,108 12,858 60,966
Depreciation
At 1 September 2023 43,743 12,856 56,599
Charge for the year 280 - 280
At 31 August 2024 44,023 12,856 56,879
Net book value
At 31 August 2024 4,085 2 4,087
At 31 August 2023 4,365 2 4,367
4 Debtors 2024 2023
£ £
Trade debtors 15,046 11,779
Other debtors 22,100 22,100
37,146 33,879
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 56,240 56,240
Other taxes and social security costs 21,091 26,203
Other creditors 52,000 42,000
129,331 124,443
6 Loans and other debts due to members 2024 2023
£ £
Amounts due to members in respect of profits 119,559 86,705
Amounts falling due within one year 119,559 86,705
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Other information
Lu Oliphant Solicitors LLP is a limited liability partnership incorporated in England. Its registered office is:
210 Euston Road
London
NW1 2DA
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