REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
Gowen & Stevens LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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. |
Chartered Accountants |
67 Westow Street |
London |
United Kingdom |
SE19 3RW |
Gowen & Stevens LLP (Registered number: OC321279) |
Income Statement |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Interest receivable and similar income |
62,210 | 4,232 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
Gowen & Stevens LLP (Registered number: OC321279) |
Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
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 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Goodwill amortisation |
6. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 84,631 | 92,893 |
Other creditors |
Amounts due to former member | - | 30,000 |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts |
Amounts due to former member | 67,957 | 69,020 |
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 |
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. |