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REGISTERED NUMBER: OC355284 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 July 2024

for

GH Canfields LLP

GH Canfields LLP (Registered number: OC355284)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


GH Canfields LLP

General Information
for the year ended 31 July 2024







DESIGNATED MEMBERS: Ms J B Shulman
N P Shulman
M J Shulman
A D B Taylor





REGISTERED OFFICE: Apartment 4, Forsyte Shades
82 Lilliput Road
Poole
BH14 8LA





REGISTERED NUMBER: OC355284 (England and Wales)





ACCOUNTANTS: J C Associates
Chartered Certified Accountants
& Chartered Accountants
29 The Avenue
Harrow
HA3 7DB

GH Canfields LLP (Registered number: OC355284)

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 providing legal services.

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

Ms J B Shulman
N P Shulman
M J Shulman
A D B Taylor

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £18,574 (2023 - £8,653 profit).

MEMBERS' INTERESTS
All amounts due to members classified as liabilities are presented within Loans and other debts due to members in the balance sheet. This will include any unpaid element of remuneration charged as an expense and any unpaid allocated profits arising from discretionary division of profits. Members' capital classified as a liability will also be included. The heading in the balance sheet is broken down in the notes under the same heading and comprises:
Members' capital classified as a liability under FRS 25
Loans and other debts due to/(from) members
Retirement benefits in respect of current members
Amounts due to members in respect of profits

DRAWING POLICY
The LLP operates a drawings policy which has regard to a cautious estimate of expected profits. Drawings are restricted to prudent levels, taking into account working capital performance, until the results for the year and individual member's allocations have been determined.

ON BEHALF OF THE MEMBERS:





Ms J B Shulman - Designated member


9 May 2025

GH Canfields LLP (Registered number: OC355284)

Income Statement
for the year ended 31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   

TURNOVER 52,186 12,090

Cost of sales (465,000 ) (343,000 )
GROSS PROFIT 517,186 355,090

Distribution costs (111 ) 5,017
Administrative expenses 498,923 340,628
498,812 345,645
OPERATING PROFIT 4 18,374 9,445

Interest receivable and similar income 200 -
18,574 9,445

Interest payable and similar expenses - 792
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


18,574


8,653

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


18,574


8,653

Members' remuneration charged as an expense 5 (18,574 ) (8,653 )
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


-


-

GH Canfields LLP (Registered number: OC355284)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 10,524 11,693

CURRENT ASSETS
Stocks 7 1,120,000 655,000
Debtors 8 2,072,603 2,784,703
Cash at bank and in hand 3,667 2,685
3,196,270 3,442,388
CREDITORS
Amounts falling due within one year 9 2,347,287 2,640,901
NET CURRENT ASSETS 848,983 801,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

859,507

813,180

CREDITORS
Amounts falling due after more than one year 10 - 49,061
NET ASSETS ATTRIBUTABLE TO
MEMBERS

859,507

764,119

LOANS AND OTHER DEBTS DUE TO
MEMBERS

859,507

764,119

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 859,507 764,119
Amounts due from members 8 (1,093,734 ) (979,802 )
(234,227 ) (215,683 )

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.

GH Canfields LLP (Registered number: OC355284)

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 9 May 2025 and were signed by:





Ms J B Shulman - Designated member

GH Canfields LLP (Registered number: OC355284)

Notes to the Financial Statements
for the year ended 31 July 2024

1. STATUTORY INFORMATION

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

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

3. EMPLOYEE INFORMATION

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

4. OPERATING PROFIT

The operating profit is stated after charging:

31.7.24 31.7.23
£    £   
Depreciation - owned assets 1,169 1,462

5. INFORMATION IN RELATION TO MEMBERS
31.7.24 31.7.23
£    £   
Members' remuneration charged as an expense
Automatic division of profit 18,574 8,653

GH Canfields LLP (Registered number: OC355284)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

6. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 77,186 5,382 21,375 103,943
DEPRECIATION
At 1 August 2023 65,493 5,382 21,375 92,250
Charge for year 1,169 - - 1,169
At 31 July 2024 66,662 5,382 21,375 93,419
NET BOOK VALUE
At 31 July 2024 10,524 - - 10,524
At 31 July 2023 11,693 - - 11,693

7. STOCKS
31.7.24 31.7.23
£    £   
Work-in-progress 1,120,000 655,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 584,845 986,979
Capital On Tap - 25,870
Amounts due from members 1,093,734 979,802
Other debtors 355,260 748,316
VAT 38,764 43,736
2,072,603 2,784,703

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 2,205,786 -
Trade creditors 54,495 450,321
Loan account-HB Shulman - 310,054
Trustees of JE Shulman Trust - 123,862
Social security and other taxes (81,011 ) 1,345
Wages control account (330,271 ) (331,455 )
Other creditors 493,137 2,076,483
Canfield place advisory serv - 6,580
Accrued expenses 5,151 3,711
2,347,287 2,640,901

GH Canfields LLP (Registered number: OC355284)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Loans - 49,061