Registration number:
Tuckers Solicitors LLP
Annual Report and audited
Financial Statements
for the
Year Ended 30 June 2024
Tuckers Solicitors LLP
Contents
Limited liability partnership information |
|
Members' Report |
|
Statement of Members' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Members’ Interests |
|
Cash Flow Statement |
|
Notes to the Financial Statements |
Tuckers Solicitors LLP
Limited liability partnership information
Designated members |
|
Registered office |
|
Bankers |
|
Auditors |
Hazlewoods LLP |
Tuckers Solicitors LLP
Members' Report for the Year Ended 30 June 2024
The members present their report and the financial statements financial statements for the year ended 30 June 2024.
Firm structure
The LLP is a limited liability partnership registered in England and Wales.
Principal activity
The principal activity of the LLP is the provision of legal services.
Designated members
The members who held office during the year were as follows:
Members' drawings and the subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years, members are invited to subscribe for further capital, the amount of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Disclosure of information to the auditors
Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Members on 24 March 2025 and signed on its behalf by:
B M Tucker
Designated member
Tuckers Solicitors LLP
Statement of Members' Responsibilities for the Year Ended 30 June 2024
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require 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 to LLPs 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 year. In preparing these financial statements, the members are required to:
• |
select suitable accounting policies and then apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued July 2014). 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.
These responsibilities are exercised by the designated members on behalf of the members.
Tuckers Solicitors LLP
Independent Auditor's Report to the Members of Tuckers Solicitors LLP for the Year Ended 30 June 2024
Opinion
We have audited the financial statements of Tuckers Solicitors LLP (the ‘LLP’) for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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).
Opinion on the financial statements
In our opinion the financial statements:
• |
give a true and fair view of the state of the LLP's affairs as at 30 June 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 LLPs. |
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 UK, including the FRC’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 entity's ability to continue as a going concern for a period of at least twelve months from when the original 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.
Other information
The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Tuckers Solicitors LLP
Independent Auditor's Report to the Members of Tuckers Solicitors LLP for the Year Ended 30 June 2024
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept by the LLP, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the LLP 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 Statement of Members' Responsibilities [set out on page 3], 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.
Auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory requirements applicable to the company's financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws;
We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, and those responsible for legal and compliance procedures.
We assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur. Audit procedures performed by the engagement team included:
• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• understanding how those charged with governance considered and addresses the potential for override of controls or other inappropriate influence over the financial reporting process;
• challenging assumptions and judgements made by management in its significant accounting estimates; and
• identifying and testing journal entries, in particular, any journal entries posted with unusual characteristics.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’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 limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.
Tuckers Solicitors LLP
Independent Auditor's Report to the Members of Tuckers Solicitors LLP for the Year Ended 30 June 2024
For and on behalf of
Windsor House
Bayshill Road
Cheltenham
GL50 3AT
Tuckers Solicitors LLP
Profit and Loss Account for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit for the year before members' remuneration and profit shares |
|
|
|
Members' remuneration charged as an expense |
(405,696) |
(287,965) |
|
Profit/(loss) for the year available for discretionary division among members |
- |
- |
Turnover and operating profit derive wholly from continuing operations.
The LLP has no other comprehensive income for the year.
The LLP has no recognised gains or losses for the year other than the results above.
Tuckers Solicitors LLP
(Registration number: OC382272)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
86,946 |
100,028 |
|
Current assets |
|||
Debtors |
3,491,931 |
3,473,968 |
|
Cash and short-term deposits |
1,706,664 |
1,929,600 |
|
5,198,595 |
5,403,568 |
||
Creditors: Amounts falling due within one year |
(3,055,712) |
(3,153,542) |
|
Net current assets |
2,142,883 |
2,250,026 |
|
Total assets less current liabilities |
2,229,829 |
2,350,054 |
|
Creditors: Amounts falling due after more than one year |
(527,869) |
(803,279) |
|
Provisions |
|||
Other provisions |
(1,289,036) |
(1,242,431) |
|
Net assets attributable to members |
412,924 |
304,344 |
|
Represented by: |
|||
Total members' interests |
|||
Loans and other debts due to members |
412,924 |
304,344 |
|
412,924 |
304,344 |
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to LLPs 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.
The financial statements of Tuckers Solicitors LLP (registered number OC382272) were approved by the
.........................................
B M Tucker
Designated member
Tuckers Solicitors LLP
Statement of Changes in Members’ Interests
At 30 June 2024
Loans and other debts due to/(from) members |
|
Members' other amounts |
|
Members' interest at 1 July 2023 |
304,344 |
Members' remuneration charged as an expense |
405,696 |
Members' interests after total comprehensive income |
710,040 |
Drawings (including tax payments) |
(297,116) |
At 30 June 2024 |
412,924 |
Loans and other debts due to/(from) members |
|
Members' other amounts |
|
Members' interest at 1 July 2022 |
258,682 |
Members' remuneration charged as an expense |
287,965 |
Members' interests after total comprehensive income |
546,647 |
Drawings (including tax payments) |
(242,303) |
At 30 June 2023 |
304,344 |
Tuckers Solicitors LLP
Cash Flow Statement for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Net cash inflow from operating activities |
360,120 |
1,019,661 |
|
Cash flows from investing activities |
|||
Purchase of tangible fixed assets |
(30,675) |
(65,164) |
|
Interest received |
100,413 |
53,950 |
|
Interest paid |
(80,268) |
(71,036) |
|
Net cash flows from investing activities |
(10,530) |
(82,250) |
|
Cash flows from financing activities |
|||
Repayment of loans and borrowings |
(275,410) |
(275,900) |
|
Payments to or on behalf of members |
(297,116) |
(242,303) |
|
Net cash flows from financing activities |
(572,526) |
(518,203) |
|
Net (decrease)/increase in cash and cash equivalents |
(222,936) |
419,208 |
|
Cash and cash equivalents at 1 July 2023 |
1,929,600 |
1,510,392 |
|
Cash and cash equivalents at 30 June 2024 |
1,706,664 |
1,929,600 |
2024 |
2023 |
|
Reconciliation to cash at bank and in hand: |
||
Cash on hand |
93 |
123 |
Cash at bank |
1,706,571 |
1,929,477 |
1,706,664 |
1,929,600 |
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
General information and basis of accounting
The LLP is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the statutory information page. The nature of the LLP’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 the LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates. Foreign operations are included in accordance with the policies set out below.
Going concern
After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Key sources of estimation uncertainty
Bad debts provision - due to the nature of the business, there are high levels of trade debtors at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out by management where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £281,069 (2023 - £351,150).
Amounts recoverable on contracts - the process of assessing amounts recoverable on contracts and work in progress requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimates. A year end report of time spent on all assignments is circulated to fee earners to identify likely recoverable amounts. Matters that have been carried out on a contingent basis (where the contingent event is yet to occur) are removed from the amounts recoverable on contracts valuation. The carrying amount is £859,257 (2023 - £817,909).
Dilapidations - a provision for dilapidations on the offices occupied by the LLP is being accrued each year based on the amount expected to be payable. The carrying amount is £1,289,036 (2023 - £1,242,431).
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Revenue recognition
Fees receivable represents the fair value of services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fee income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.
Unbilled fee income on individual assignments is included as amounts recoverable on contract within debtors.
Disbursements
Disbursements are not included in income or expenses, but are netted against each other.
Members' remuneration and division of profits
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
The profits of the LLP are automatically divided amongst the members in accordance with the agreed profit sharing arrangements.
Taxation
The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation or related deferred taxation are 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.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Fixtures and fittings |
15% straight line basis |
Computer equipment |
25% straight line basis |
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer the settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the LLP has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the LLP has an obligation after the reporting date as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
Members' interests
Members' capital is repayable on retirement of the member and is therefore classified as a liability. Because members may retire with less than one year's notice and typically have their capital repaid within one year of serving notice, members' capital is shown as being due within one year.
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.
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 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.
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than if the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Turnover |
An analysis of the LLP's turnover for the year by class of business is as follows:
2024 |
2023 |
|
Rendering of services |
10,962,979 |
11,066,458 |
Other revenue |
37,730 |
9,843 |
11,000,709 |
11,076,301 |
The total turnover of the LLP, for the current and prior year, has been wholly undertaken in the United Kingdom.
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Operating profit |
Operating profit is stated after charging /(crediting):
2024 |
2023 |
|
Depreciation of owned assets |
43,757 |
46,762 |
Auditor's remuneration |
30,100 |
26,125 |
Particulars of employees |
The average number of persons employed by the LLP (including members) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration |
|
|
Fee earning staff |
|
|
|
|
|
|
The aggregate payroll costs were as follows:
2024 |
2023 |
|
Wages and salaries |
5,147,654 |
5,369,007 |
Social security costs |
556,280 |
544,540 |
Pension costs, defined contribution scheme |
220,402 |
187,397 |
5,924,336 |
6,100,944 |
|
|
Members' remuneration |
2024 |
2023 |
|
Average number of members during the year |
2 |
2 |
The profit attributable to the member with the largest entitlement was £202,848 (2023: £143,983).
Auditor's remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Tangible fixed assets |
Fixtures and fittings |
Computer equipment |
Total |
|
Cost |
|||
At 1 July 2023 |
|
|
|
Additions |
- |
|
|
At 30 June 2024 |
|
|
|
Depreciation |
|||
At 1 July 2023 |
|
|
|
Charge for the year |
|
|
|
At 30 June 2024 |
|
|
|
Net book value |
|||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Amounts recoverable on contracts |
859,257 |
817,909 |
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Bank loans |
|
|
Trade creditors |
|
|
Other taxes and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the LLP:
2024 |
2023 |
|
Bank loans and overdraft |
275,410 |
275,410 |
Bank loans and overdraft are secured by way of a fixed and floating charge over the LLP's assets dated 30 August 2013.
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Bank loans |
|
|
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the LLP:
2024 |
2023 |
|
Bank loans and overdraft |
527,869 |
803,279 |
Bank loans and overdraft are secured by way of a fixed and floating charge over the LLP's assets dated 30 August 2013.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Provisions |
Dilapidations provision |
|
At 1 July 2023 |
1,242,431 |
Increase in existing provisions |
46,605 |
At 30 June 2024 |
1,289,036 |
|
The provision brought forward and carried forward represents dilapidation costs on premises occupied by the LLP which are payable under the terms of the lease on those premises.
Pension and other schemes |
Defined contribution pension scheme
The LLP operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the LLP to the scheme and amounted to £220,402 (2023 - £187,397)
Tuckers Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Cash flow statement |
2024 |
2023 |
|
Operating profit |
385,551 |
305,051 |
Depreciation, amortisation and impairment charges |
43,757 |
46,762 |
Increase in debtors |
(17,963) |
(259,896) |
(Decrease)/increase in creditors |
(97,830) |
881,138 |
Increase in provisions |
46,605 |
46,606 |
Cash generated by operations |
360,120 |
1,019,661 |
Net cash inflow from operating activities |
360,120 |
1,019,661 |
Analysis of changes in net debt |
At 1 July 2023 |
Financing cash flows |
Other non-cash changes |
At 30 June 2024 |
|
Cash at bank |
1,929,600 |
(222,936) |
- |
1,706,664 |
Bank borrowings (less than one year) |
(275,410) |
- |
- |
(275,410) |
Bank borrowings (more than one year) |
(803,279) |
275,410 |
- |
(527,869) |
Net debt (before members’ debt) |
850,911 |
52,474 |
- |
903,385 |
Loans and other debts due to members |
||||
Members’ capital |
(304,344) |
297,116 |
(405,696) |
(412,924) |
Net debt |
|
|
( |
|
|
Related party transactions |
F M Sinclair and B M Tucker
(Designated Members of the LLP)
During the year the LLP paid £120,000 (2023 - £90,000) in relation to properties owned by F M Sinclair and B M Tucker, both members of the LLP. At the end of the year, the balance due in respect of unpaid rent was £nil (2023 - £nil).
Also during the year, the LLP paid rental costs of £75,000 (2023 - £75,000) in relation to a property owned by ECP (Holdings) PLC, a company in which B M Tucker is a director and shareholder. At the year end, the balance due in respect of unpaid rent was £nil (2023 - £nil).
Control |
The limited liability partnership is controlled by its members.