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REGISTERED NUMBER: OC321279 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 July 2024

for

Gowen & Stevens LLP

Gowen & Stevens LLP (Registered number: OC321279)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

General Information 1

Report of the Members 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


Gowen & Stevens LLP

General Information
for the Year Ended 31 July 2024







DESIGNATED MEMBERS: D Patel
D L Bailey





REGISTERED OFFICE: 5 Mulgrave Chambers
26-28 Mulgrave Road
Sutton
Surrey
SM2 6LE





REGISTERED NUMBER: OC321279 (England and Wales)





ACCOUNTANTS: Thornton Springer LLP
Chartered Accountants
67 Westow Street
London
United Kingdom
SE19 3RW

Gowen & Stevens LLP (Registered number: OC321279)

Report of the Members
for the Year Ended 31 July 2024

The members present their report with the financial statements of the LLP for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of a firm of solicitors.

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

D Patel
D L Bailey
L M Pitick

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £5,254 (2023 - £25,432 loss).

MEMBERS' INTERESTS
The members' share in the profit or loss for the period is accounted for as an allocation of profits, with unallocated profits and losses included within other reserves.

Members are required to contribute to the capital of the LLP under the terms of the Limited Liability Partnership Agreement.

ON BEHALF OF THE MEMBERS:





D Patel - Designated member


15 April 2025

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Gowen & Stevens 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 Gowen & Stevens LLP for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet 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 Gowen & Stevens LLP, as a body, in accordance with the terms of our engagement letter dated 25 February 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Gowen & Stevens LLP and state those matters that we have agreed to state to the members of Gowen & Stevens 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 Gowen & Stevens LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Gowen & Stevens 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 Gowen & Stevens LLP. You consider that Gowen & Stevens LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gowen & Stevens 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.






Thornton Springer LLP
Chartered Accountants
67 Westow Street
London
United Kingdom
SE19 3RW


15 April 2025

Gowen & Stevens LLP (Registered number: OC321279)

Income Statement
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

TURNOVER 1,712,059 1,664,092

Cost of sales (183,278 ) (162,061 )
GROSS PROFIT 1,528,781 1,502,031

Administrative expenses (1,552,781 ) (1,538,413 )
OPERATING LOSS 5 (24,000 ) (36,382 )

Interest receivable and similar income 86,210 40,614
62,210 4,232

Interest payable and similar expenses (56,956 ) (29,664 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS





5,254





(25,432





)

Gowen & Stevens LLP (Registered number: OC321279)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Intangible assets 6 - 28,024
Tangible assets 7 69,385 81,630
69,385 109,654

CURRENT ASSETS
Debtors 8 605,678 581,212
Cash at bank and in hand 16,207 9,683
621,885 590,895
CREDITORS
Amounts falling due within one year 9 (365,774 ) (395,957 )
NET CURRENT ASSETS 256,111 194,938
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

325,496

304,592

CREDITORS
Amounts falling due after more than one
year

10

130,457

212,135

LOANS AND OTHER DEBTS DUE TO
MEMBERS

12

195,039

92,457

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 195,039 92,457

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 year ended 31 July 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.

Gowen & Stevens LLP (Registered number: OC321279)

Balance Sheet - continued
31 July 2024


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 15 April 2025 and were signed by:





D Patel - Designated member

Gowen & Stevens LLP (Registered number: OC321279)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Gowen & Stevens 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 the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the LLP obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of eight years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4. EMPLOYEE INFORMATION

The average number of employees during the year was 19 (2023 - 21 ) .

Gowen & Stevens LLP (Registered number: OC321279)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. OPERATING LOSS

The operating loss is stated after charging:

31.7.24 31.7.23
£    £   
Depreciation - owned assets 6,446 7,583
Goodwill amortisation 28,024 30,571

6. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 244,570
AMORTISATION
At 1 August 2023 216,546
Charge for year 28,024
At 31 July 2024 244,570
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 28,024

7. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 81,403 53,505 104,199 239,107
DEPRECIATION
At 1 August 2023 60,305 14,848 82,324 157,477
Charge for year 3,164 5,799 3,282 12,245
At 31 July 2024 63,469 20,647 85,606 169,722
NET BOOK VALUE
At 31 July 2024 17,934 32,858 18,593 69,385
At 31 July 2023 21,098 38,657 21,875 81,630

Gowen & Stevens LLP (Registered number: OC321279)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023
and 31 July 2024 53,505
DEPRECIATION
At 1 August 2023 14,848
Charge for year 5,799
At 31 July 2024 20,647
NET BOOK VALUE
At 31 July 2024 32,858
At 31 July 2023 38,657

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 542,451 516,209
Other debtors 12,480 480
Prepayments and accrued income 50,747 64,523
605,678 581,212

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 155,410 186,238
Hire purchase contracts 30,665 7,255
Trade creditors 67,827 52,131
Social security and other taxes 13,855 18,521
VAT 84,631 92,893
Other creditors 2,236 2,619
Amounts due to former member - 30,000
Accruals and deferred income 11,150 6,300
365,774 395,957

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 2-5 years 62,500 112,500
Hire purchase contracts - 30,615
Amounts due to former member 67,957 69,020
130,457 212,135

Gowen & Stevens LLP (Registered number: OC321279)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 217,910 288,236

12. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.7.24 31.7.23
£    £   
Amounts owed to members in respect of profits 195,039 92,457

Falling due within one year 195,039 92,457

Loans and other debts due to members rank below all other unsecured creditors.