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Registration number: OC399000

Samuels Solicitors LLP

Annual Report and Unaudited Financial Statements

for the period from 1 May 2023 to 31 March 2024

image-name
 

Samuels Solicitors LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Notes to the Financial Statements

4

 

Samuels Solicitors LLP

Limited liability partnership information

Designated members

Mr J Samuel

Mrs J M Thompson

Mr M Cummings

Mrs G C Hibbard

Mrs L A Mather
 

Registered office

18 Alexandra Road
Barnstaple
Devon
United Kingdom
EX32 8BA

Principal place of business

18 Alexandra Road
Barnstaple
Devon
EX32 8BA

Accountants

Westcotts
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

 

Samuels Solicitors LLP

(Registration number: OC399000)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

30 April 2023
 £

Fixed assets

 

Tangible assets

3

274,759

240,970

Current assets

 

Stocks

655,232

638,711

Debtors

4

670,360

654,045

Cash and short-term deposits

 

3,586,352

7,205,394

 

4,911,944

8,498,150

Creditors: Amounts falling due within one year

5

(3,828,861)

(7,453,898)

Net current assets

 

1,083,083

1,044,252

Total assets less current liabilities

 

1,357,842

1,285,222

Creditors: Amounts falling due after more than one year

6

(51,614)

(68,281)

Net assets attributable to members

 

1,306,228

1,216,941

Represented by:

 

Total members' interests

 

Loans and other debts due to members

 

1,306,228

1,216,941

   

1,306,228

1,216,941

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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

 

Samuels Solicitors LLP

(Registration number: OC399000)
Balance Sheet as at 31 March 2024

The financial statements of Samuels Solicitors LLP (registered number OC399000) were approved by the Board and authorised for issue on 30 January 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mr J Samuel
Designated member

 

Samuels Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Samuels Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is measured at the fair value of the consideration received, for services rendered, net of discounts and Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be readily estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

 

Samuels Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Members' remuneration and division of profits

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement for comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Samuels Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Freehold property

1% straight line

Office equipment

15% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Samuels Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 30 (2023 - 25).

 

Samuels Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

3

Tangible fixed assets

Freehold land and buildings
£

Fixtures & fittings
£

Motor vehicles
£

Equipment
£

Total
£

Cost

At 1 May 2023

230,000

27,866

113,328

34,668

405,862

Additions

-

2,299

29,750

19,400

51,449

Disposals

-

-

(66,750)

-

(66,750)

At 31 March 2024

230,000

30,165

76,328

54,068

390,561

Depreciation

At 1 May 2023

11,495

25,371

113,328

14,698

164,892

Charge for the year

2,299

2,018

7,438

5,905

17,660

Eliminated on disposals

-

-

(66,750)

-

(66,750)

At 31 March 2024

13,794

27,389

54,016

20,603

115,802

Net book value

At 31 March 2024

216,206

2,776

22,312

33,465

274,759

At 30 April 2023

218,505

2,495

-

19,970

240,970

4

Debtors

2024
£

2023
£

Trade debtors

603,346

593,509

Other debtors

1,000

-

Prepayments and accrued income

66,014

60,536

Total current trade and other debtors

670,360

654,045

5

Creditors: Amounts falling due within one year

2024
£

2023
£

Bank loans and overdrafts

19,382

22,894

Trade creditors

223,278

173,361

Other creditors

3,392,627

7,070,429

Accruals and deferred income

8,796

9,055

Taxation and social security

184,778

178,159

3,828,861

7,453,898

 

Samuels Solicitors LLP

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

6

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Bank loans and overdrafts

51,614

68,281