REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024 |
FOR |
CARTER PERRY BAILEY LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
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. |
First Floor North |
40 Oxford Road |
High Wycombe |
Buckinghamshire |
HP11 2EE |
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 |
Administrative expenses |
OPERATING PROFIT |
Interest receivable and similar income |
304,790 | 498,297 |
Interest payable and similar expenses | 4 |
PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
CARTER PERRY BAILEY LLP (REGISTERED NUMBER: OC344698) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 equipment | straight line | 33% |
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. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.5.23 |
to | Year Ended |
31.3.24 | 30.4.23 |
£ | £ |
Loan interest |
Other interest |
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 |
DEPRECIATION |
At 1 May 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
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. |