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REGISTERED NUMBER: OC344698 (England and Wales)









REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

FOR

CARTER PERRY BAILEY LLP

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024










Page

General Information 1

Report of the Members 2

Accountants' Report 3

Income Statement 4

Statement of Financial Position 5 to 6

Reconciliation of Members' Interests 7 to 8

Notes to the Financial Statements 9 to 12


CARTER PERRY BAILEY LLP

GENERAL INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024







DESIGNATED MEMBERS: Mr S L Carter
Mrs M B Bailey





REGISTERED OFFICE: 10 Lloyd's Avenue
London
EC3N 3AJ





REGISTERED NUMBER: OC344698 (England and Wales)





ACCOUNTANTS: Seymour Taylor Limited
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

REPORT OF THE MEMBERS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


The members present their report with the financial statements of the LLP for the period 1 May 2023 to 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the period under review was that of practising the law, which is that of solicitors.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DESIGNATED MEMBERS
The designated members during the period under review were:

Mr S L Carter
Mrs M B Bailey

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS
The profit for the period before members' remuneration and profit shares was £295,220 (2023 - £490,462 profit).

MEMBERS' INTERESTS
Contributions of capital by members and repayments thereof are determined by the designated members having regard to the purpose and cash requirements of the LLP.

Each member shall be paid on account of their share of profits such sum as the designated members may determine in accordance with the membership agreement. If any member withdraws funds in excess of their profit share for an accounting year then the excess drawings shall be repaid to the LLP.

ON BEHALF OF THE MEMBERS:





Mr S L Carter - Designated member


10 April 2025

ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CARTER PERRY BAILEY LLP



In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Carter Perry Bailey LLP for the period ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Carter Perry Bailey LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Carter Perry Bailey LLP and state those matters that we have agreed to state to the members of Carter Perry Bailey LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carter Perry Bailey LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Carter Perry Bailey LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carter Perry Bailey LLP. You consider that Carter Perry Bailey LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Carter Perry Bailey LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Seymour Taylor Limited
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE


10 April 2025

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

INCOME STATEMENT
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

Period
1.5.23
to Year Ended
31.3.24 30.4.23
Notes £    £   

TURNOVER 880,181 1,272,719

Administrative expenses 575,391 774,714
OPERATING PROFIT 304,790 498,005

Interest receivable and similar income - 292
304,790 498,297

Interest payable and similar expenses 4 9,570 7,835
PROFIT FOR THE FINANCIAL PERIOD
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




295,220




490,462

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,087 2,830

CURRENT ASSETS
Debtors 6 1,296,339 1,385,652
Cash at bank and in hand 217,132 166,134
1,513,471 1,551,786
CREDITORS
Amounts falling due within one year 7 490,610 293,264
NET CURRENT ASSETS 1,022,861 1,258,522
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,023,948

1,261,352

CREDITORS
Amounts falling due after more than one
year

8

150,000

150,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

873,948

1,111,352

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

568,798

738,702

MEMBERS' OTHER INTERESTS
Capital accounts 305,150 372,650
873,948 1,111,352

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 568,798 738,702
Members' other interests 305,150 372,650
873,948 1,111,352

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 10 April 2025 and were signed by:





Mr S L Carter - Designated member

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 May 2023 372,650 - 372,650
Profit for the financial period available for
discretionary division among members

-

295,220

295,220
Members' interests after profit for the period 372,650 295,220 667,870
Other divisions of profit - (295,220 ) (295,220 )
Introduced by members (100,000 ) - (100,000 )
Drawings on account and distributions of profit - - -
Reclassifications 32,500 - 32,500
Balance at 31 March 2024 305,150 - 305,150

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 738,702
Amount due from members -
Balance at 1 May 2023 738,702 1,111,352
Profit for the financial period available for
discretionary division among members

-

295,220

Members' interests after profit for the period 738,702 1,406,572
Other divisions of profit 295,220 -
Introduced by members - (100,000 )
Drawings on account and distributions of profit (432,624 ) (432,624 )
Reclassifications (32,500 ) -
Amount due to members 568,798
Amount due from members -
Balance at 31 March 2024 568,798 873,948

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 May 2022 293,900 - 293,900
Profit for the financial period available for
discretionary division among members

-

490,462

490,462
Members' interests after profit for the period 293,900 490,462 784,362
Other divisions of profit - (490,462 ) (490,462 )
Drawings on account and distributions of profit - - -
Reclassifications 78,750 - 78,750
Balance at 30 April 2023 372,650 - 372,650

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 974,167
Amount due from members -
Balance at 1 May 2022 974,167 1,268,067
Profit for the financial period available for
discretionary division among members

-

490,462

Members' interests after profit for the period 974,167 1,758,529
Other divisions of profit 490,462 -
Drawings on account and distributions of profit (647,177 ) (647,177 )
Reclassifications (78,750 ) -
Amount due to members 738,702
Amount due from members -
Balance at 30 April 2023 738,702 1,111,352

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


1. STATUTORY INFORMATION

Carter Perry Bailey LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The designated members have reviewed and assessed the potential impact on the LLP over the next twelve months including the LLP's capital resources and considers that the LLP has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. The designated members believe that the LLP will continue to operate as a going concern.

These financial statements cover a period of 11 months and therefore are not entirely comparable with the prior year. The reason for the change in accounting period is to align this with the change of basis of assessment.

Turnover
The turnover shown in the profit and loss account represents amounts receivable for services supplied during the period, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipmentstraight line33%

The estimation of residual values and useful lives includes an estimate of the intensity at which the assets are expected to be used. The carrying value of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate the carrying value may not be recoverable.

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the partnership agreement.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity. 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

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 Balance Sheet within "Loans and other debts due to members" and are charged to the Profit and Loss Account within "Members' remuneration charged as an expense". Amounts due to members that are classified as equity are shown in the Balance Sheet within "Members' other interests".

3. EMPLOYEE INFORMATION

The average number of employees during the period was 4 (2023 - 3 ) .

4. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.23
to Year Ended
31.3.24 30.4.23
£    £   
Loan interest 9,442 7,835
Other interest 128 -
9,570 7,835

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 May 2023
and 31 March 2024 21,913
DEPRECIATION
At 1 May 2023 19,083
Charge for period 1,743
At 31 March 2024 20,826
NET BOOK VALUE
At 31 March 2024 1,087
At 30 April 2023 2,830

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 808,787 810,619
Amounts recoverable on contracts 357,474 473,661
Other debtors 23,908 1,393
Prepayments and accrued income 106,170 99,979
1,296,339 1,385,652

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 50,232 52,958
Taxation and social security 21,169 38,312
Other creditors 419,209 201,994
490,610 293,264

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 150,000 150,000

CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 150,000 150,000

The bank loan is secured by fixed and floating charges over the LLP's assets.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 463,333 534,381
Taxation provision accounts 76,243 171,705
Other 29,222 32,616
568,798 738,702

Falling due within one year 568,798 738,702

In the event of a winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank equally in relation to other creditors who are unsecured.

11. OTHER FINANCIAL COMMITMENTS

As at 31 March 2024 the LLP had total financial commitments, guarantees and contingencies that are not included in the statement of financial position of £NIL (2023 - £76,886).

These relate to commitments under operating leases falling due within one year of £NIL (2023 - £76,886) and due within two to five years of £NIL (2023 - £NIL).

12. POST BALANCE SHEET EVENTS

On 22 April 2024, the LLP entered into a three year lease for office premises, with a one year break clause. The total rent commitment for the initial period is £30,000.