Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312025-05-12002024-08-312025-05-120falsefalsefalsefalseNo description of principal activity2023-09-01154146 OC347078 2023-09-01 2024-08-31 OC347078 2022-09-01 2023-08-31 OC347078 2024-08-31 OC347078 2023-08-31 OC347078 2022-09-01 OC347078 5 2023-09-01 2024-08-31 OC347078 5 2022-09-01 2023-08-31 OC347078 9 2023-09-01 2024-08-31 OC347078 9 2022-09-01 2023-08-31 OC347078 10 2023-09-01 2024-08-31 OC347078 10 2022-09-01 2023-08-31 OC347078 1 2023-09-01 2024-08-31 OC347078 d:MotorVehicles 2023-09-01 2024-08-31 OC347078 d:MotorVehicles 2024-08-31 OC347078 d:MotorVehicles 2023-08-31 OC347078 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 OC347078 d:FurnitureFittings 2023-09-01 2024-08-31 OC347078 d:FurnitureFittings 2024-08-31 OC347078 d:FurnitureFittings 2023-08-31 OC347078 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 OC347078 d:ComputerEquipment 2023-09-01 2024-08-31 OC347078 d:ComputerEquipment 2024-08-31 OC347078 d:ComputerEquipment 2023-08-31 OC347078 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 OC347078 d:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 OC347078 d:OtherPropertyPlantEquipment 2024-08-31 OC347078 d:OtherPropertyPlantEquipment 2023-08-31 OC347078 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 OC347078 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 OC347078 d:ComputerSoftware 2024-08-31 OC347078 d:ComputerSoftware 2023-08-31 OC347078 d:OtherResidualIntangibleAssets 2023-09-01 2024-08-31 OC347078 d:CurrentFinancialInstruments 2024-08-31 OC347078 d:CurrentFinancialInstruments 2023-08-31 OC347078 d:Non-currentFinancialInstruments 2024-08-31 OC347078 d:Non-currentFinancialInstruments 2023-08-31 OC347078 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 OC347078 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 OC347078 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 OC347078 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 OC347078 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 OC347078 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 OC347078 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 OC347078 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 OC347078 e:UnitedKingdom 2023-09-01 2024-08-31 OC347078 e:UnitedKingdom 2022-09-01 2023-08-31 OC347078 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-08-31 OC347078 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-08-31 OC347078 f:FRS102 2023-09-01 2024-08-31 OC347078 f:Audited 2023-09-01 2024-08-31 OC347078 f:FullAccounts 2023-09-01 2024-08-31 OC347078 f:LimitedLiabilityPartnershipLLP 2023-09-01 2024-08-31 OC347078 d:Subsidiary1 2023-09-01 2024-08-31 OC347078 d:Subsidiary1 1 2023-09-01 2024-08-31 OC347078 d:WithinOneYear 2024-08-31 OC347078 d:WithinOneYear 2023-08-31 OC347078 d:BetweenOneFiveYears 2024-08-31 OC347078 d:BetweenOneFiveYears 2023-08-31 OC347078 d:MoreThanFiveYears 2024-08-31 OC347078 d:MoreThanFiveYears 2023-08-31 OC347078 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 OC347078 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 OC347078 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 OC347078 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 OC347078 11 2023-09-01 2024-08-31 OC347078 11 2022-09-01 2023-08-31 OC347078 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-09-01 2024-08-31 OC347078 2 2023-09-01 2024-08-31 OC347078 6 2023-09-01 2024-08-31 OC347078 7 2023-09-01 2024-08-31 OC347078 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-08-31 OC347078 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 OC347078 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-08-31 OC347078 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-08-31 OC347078 d:LeasedAssetsHeldAsLessee 2024-08-31 OC347078 d:LeasedAssetsHeldAsLessee 2023-08-31 OC347078 d:ComputerSoftware d:OwnedIntangibleAssets 2023-09-01 2024-08-31 OC347078 f:PartnerLLP1 2023-09-01 2024-08-31 OC347078 f:PartnerLLP2 2023-09-01 2024-08-31 OC347078 f:PartnerLLP3 2023-09-01 2024-08-31 OC347078 f:PartnerLLP4 2023-09-01 2024-08-31 OC347078 f:PartnerLLP5 2023-09-01 2024-08-31 OC347078 f:PartnerLLP6 2023-09-01 2024-08-31 OC347078 f:PartnerLLP7 2023-09-01 2024-08-31 OC347078 f:PartnerLLP8 2023-09-01 2024-08-31 OC347078 f:PartnerLLP9 2023-09-01 2024-08-31 OC347078 f:PartnerLLP10 2023-09-01 2024-08-31 OC347078 f:PartnerLLP11 2023-09-01 2024-08-31 OC347078 f:PartnerLLP12 2023-09-01 2024-08-31 OC347078 f:Director13 2023-09-01 2024-08-31 OC347078 f:Director14 2023-09-01 2024-08-31 OC347078 f:PartnerLLP15 2023-09-01 2024-08-31 OC347078 f:PartnerLLP16 2023-09-01 2024-08-31 OC347078 f:PartnerLLP17 2023-09-01 2024-08-31 OC347078 f:PartnerLLP18 2023-09-01 2024-08-31 OC347078 f:PartnerLLP19 2023-09-01 2024-08-31 OC347078 f:PartnerLLP20 2023-09-01 2024-08-31 OC347078 d:FurtherSpecificReserve3ComponentTotalEquity 2024-08-31 OC347078 d:FurtherSpecificReserve3ComponentTotalEquity 2023-08-31 OC347078 g:PoundSterling 2023-09-01 2024-08-31 OC347078 d:EntityControlledByKeyManagementPersonnel1 2023-09-01 2024-08-31 OC347078 d:EntityControlledByKeyManagementPersonnel1 d:RentalExpenseTransactions 2023-09-01 2024-08-31 OC347078 d:EntityControlledByKeyManagementPersonnel1 d:RentalExpenseTransactions 2022-09-01 2023-08-31 OC347078 d:CloseFamilyMember1 2023-09-01 2024-08-31 OC347078 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl d:LegalFeesTransactions 2023-09-01 2024-08-31 OC347078 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl d:LegalFeesTransactions 2022-09-01 2023-08-31 OC347078 d:KeyManagementPersonnel 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Company Registration Number OC347078























MYSN LLP (FORMERLY MYERSON 
SOLICITORS LLP)





FINANCIAL STATEMENTS





 31 AUGUST 2024


























img3deb.png

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

INFORMATION





Designated Members

A W L Brown
J M Evans
J M Henderson
M A Latif
R M Lloyd
A G R Maher
C E Newton
J G Perritt
J N Tenquist
S B Sands (resigned 31 January 2025)
H E Thompson
J B Wong
M C P Gillies (resigned 16 March 2024)
C Murray (resigned 31 January 2025)
N R Armstrong (resigned 29 December 2023)
L K Pile
H S Adams
C J Staunton
C R Gilbert
C J Moss
R J Wolff
L P Rossiter (resigned 30 November 2023)
S A J Clarke
J L McGuinness
S Carr
N L Bright
T Moore

LLP registered number

OC347078

Registered office

Grosvenor House20 Barrington RoadAltrinchamCheshireWA14 1HB

Independent auditors

Armstrong Watson Audit LimitedThird Floor10 South ParadeLeedsLS1 5QS


 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8 - 9
Reconciliation of Members' Interests
 
10
Statement of Cash Flows
 
11 - 12
Notes to the Financial Statements
 
13 - 30


 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

MEMBERS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The members present their annual report together with the audited financial statements of MYSN LLP (Formerly Myerson Solicitors LLP) (the "LLP") for the ended 31 August 2024
Going Concern
Subsequent to the balance sheet date, the LLP's activities have been transferred to a newly incorporated entity, Myerson Limited. As a result, the intention of the members is to wind up the activities of the LLP. Therefore, the accounts have been prepared on a non-going concern basis. This is explained more fully in the accounting policies from page 13.
 

Principal activities
 
 
The principal object of the LLP remains that of the provision of legal services during the period.
 
 
Designated Members
 
 
The designated members who served throughout the year and subsequently are adequately disclosed in the information page of the financial statements.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 31 August 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
Page 1

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 






................................................
C E Newton
Designated member


Date: 12 May 2025

Page 2

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

Opinion
 

We have audited the financial statements of MYSN LLP (Formerly Myerson Solicitors LLP) (the 'LLP') for the year ended 31 August 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 August 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 

Emphasis of matter
 

We draw attention to Note 2 to the financial statements which explains that the financial statements have not been prepared on a going concern basis for the reasons set out in that note. Our opinion is not modified in respect to this matter.


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYSN LLP (FORMERLY MYERSON SOLICITORS LLP) (CONTINUED)


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYSN LLP (FORMERLY MYERSON SOLICITORS LLP) (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of laws and regulations that affect the group, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included UK Companies Act, SRA regulations including Accounts Rules, UK tax legislation, health and employment legislation.
We enquired of the members, reviewed correspondence with HMRC and reviewed members meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the members have in place to ensure compliance.
We gained an understanding of the controls that the members have in place to prevent and detect fraud. We enquired of the members about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.
We reviewed financial statement disclsoures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
We enquired of the members about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appopriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 5

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MYSN LLP (FORMERLY MYERSON SOLICITORS LLP) (CONTINUED)




Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Huw Nicholls (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants
Leeds

12 May 2025
Page 6

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,187,267
15,014,009

Gross profit
  
 
16,187,267
 
15,014,009

Administrative expenses
  
(10,713,575)
(9,504,172)

Other operating income
 5 
43,016
21,855

Operating profit
  
 
5,516,708
 
5,531,692

Interest receivable and similar income
 9 
378,648
185,604

Interest payable and similar expenses
 10 
(223,427)
(124,795)

Profit before tax
  
 
5,671,929
 
5,592,501

Profit for the year before members' remuneration and profit shares
  
 
5,671,929
 
5,592,501

Profit for the year before members' remuneration and profit shares
  
5,671,929
5,592,501

Members' remuneration charged as an expense
  
(5,671,929)
(5,592,501)

Profit/(loss) for the financial year available for discretionary division among members
  
 
-
 
-

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 13 to 30 form part of these financial statements.

Page 7

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
REGISTERED NUMBER: OC347078

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
31,314
46,161

Tangible assets
 12 
1,388,825
2,026,305

Investments
  
250,000
250,000

  
1,670,139
2,322,466

Current assets
  

Debtors: amounts falling due within one year
 14 
7,902,228
5,509,518

Cash at bank and in hand
  
7,216
516,342

  
7,909,444
6,025,860

Creditors: Amounts Falling Due Within One Year
 15 
(4,434,794)
(3,355,206)

Net current assets
  
 
 
3,474,650
 
 
2,670,654

Total assets less current liabilities
  
5,144,789
4,993,120

Creditors: amounts falling due after more than one year
 16 
-
(663,566)

  
5,144,789
4,329,554

  

Net assets
  
5,144,789
4,329,554


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 20 
5,144,789
4,329,554

  
5,144,789
4,329,554

  

  
5,144,789
4,329,554


Total members' interests
  

Loans and other debts due to members
 20 
5,144,789
4,329,554

  
5,144,789
4,329,554


Page 8

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
REGISTERED NUMBER: OC347078

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
C E Newton
Designated member

Date: 12 May 2025

The notes on pages 13 to 30 form part of these financial statements.

MYSN LLP (Formerly Myerson Solicitors LLP) has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 9

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 2024




DEBT
Loans and other debts due to members less any amounts due from members in debtors
Other amounts
Total

£
£

Amounts due to members at 1 September 2022 
4,028,339
4,028,339

Members' remuneration charged as an expense
5,592,501
5,592,501

Members' interests after profit for the year
9,620,840
9,620,840

Amounts introduced by members
167,500
167,500

Repayment of capital
(71,546)
(71,546)

Drawings
(5,316,529)
(5,316,529)

Tax payments
(70,711)
(70,711)

Amounts due to members
4,329,554
4,329,554

Balance at 31 August 2023
4,329,554
4,329,554

Members' remuneration charged as an expense
5,671,929
5,671,929

Members' interests after profit for the year
10,001,483
10,001,483

Amounts introduced by members
152,394
152,394

Repayment of capital
(91,697)
(91,697)

Drawings
(4,917,391)
(4,917,391)

Amounts due to members
5,144,789
5,144,789

Balance at 31 August 2024 
5,144,789
5,144,789

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 10

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£


Profit for the financial year
-
-

Adjustments for:

Members' remuneration charged as an expense
5,671,929
5,592,501

Amortisation of intangible assets
19,347
29,443

Depreciation of tangible assets
344,298
489,691

(Profit)/loss on disposal of tangible assets
(709,661)
(32,970)

Interest paid
223,427
124,795

Interest received
(378,648)
(185,604)

(Increase) in debtors
(2,392,709)
(1,041,498)

Increase in creditors
110,083
240,616

Net cash generated from operating activities before transactions with members

2,888,066
5,216,974


Cash flows from investing activities

Purchase of intangible fixed assets
(4,500)
(14,146)

Purchase of tangible fixed assets
(44,802)
(187,460)

Sale of tangible fixed assets
1,047,643
82,049

Interest received
378,648
185,604

HP interest paid
(39,827)
(28,585)

Net cash from investing activities

1,337,162
37,462

Cash flows from financing activities

Repayment of loans
(176,860)
(154,498)

Repayment of/new finance leases
(137,397)
(185,878)

Interest paid
(183,600)
(96,210)

Amounts introduced by members
152,394
167,500

Repayment of capital
(91,697)
(71,546)

Drawings paid to members
(4,917,391)
(5,316,529)

Net cash used in financing activities
(5,354,551)
(5,657,161)

Net (decrease) in cash and cash equivalents
(1,129,323)
(402,725)
Page 11

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
(334,687)
68,038

Cash and cash equivalents at the end of year
(1,464,010)
(334,687)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,216
516,342

Bank overdrafts
(1,471,226)
(851,029)

(1,464,010)
(334,687)


The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The principal activity of the company during the year was the provision of legal services.
The entity is a Limited Liability Partnership, which is incorporated and registered in England. The registered office and principal place of business is Grosvenor House, 20 Barrington Road, Altrincham, WA14 1HB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

To facilitate a move to employee ownership, on 1st September 2024, the LLP's trade and assets have been transferred to a newly incorporated entity, Myerson Limited. As a result, the intention of the members is to wind up the activities of the LLP. Therefore, the accounts have been prepared on a non-going concern basis. There are no adjustments to the LLP financial statements as a result of this as the assets are to be transferred out at their net book value and not impaired.

  
2.3

Exemption from preparing consolidated financial statements

The LLP is exempt from the requirement to prepare consolidated financial statements as its subsidiary is excluded by virtue of section 402 of the Companies Act 2006. Consequently these Financial Statements are of the parent LLP only.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 13

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

  
2.10

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS102 'the Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships'.  A member's participation rights results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classified as equity if the LLP has an unconditional right to refuse payment to members. if the LLP does not have such an unconditional right, such amounts are classified as liabilities.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant years result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as 'Amounts due from members' within members' interests. 

Page 14

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
25% reducing balance & 20% straight line

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as specified below.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight line
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
20%
straight line
Leasehold improvements
-
5%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The accounting estimate for computer equipment has been revised from 15% reducing balance to 20% straight line. This revision has been made to better reflect the useful economic life of the assets within this category. 

Page 15

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Amounts recoverable under contracts represent work done at the year-end where a continuing right to receive income exists and is valued at the estimated amount recoverable in excess of fees already rendered on account.  

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.19

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Page 16

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 17

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 18

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgments and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts for assets and liabilities within the next financial year are detailed below:
a) 
Establishing useful economic lives for depreciation purposes on tangible fixed assets and estimated useful lives for ammortisation purposes on intangible fixed assets
Tangible and intangible fixed assets comprise a significant proportion of total fixed assets. The annual depreciation and ammortisation charges depend primarily on the estimated useful ecomonic life of the asset and any estimates of residual values. The members regularly review these assets' useful economic lives and change them as necessary in light of prospective economic utilisation and the physical condition of assets concerned. Changes in useful economic lives can have a significant impact on depreciation and ammortisation charges for the period. Details of the depreciation and ammotisation polices based on useful lives are included in accounting polices notes 2.11 and 2.12.
b) 
Providing for doubtful debts
The LLP makes and estimate of the recoverable value of trade debtors and other debtors. The LLP uses estimates based on historical experience in determining the level of debts, which the LLP believes, will not be collected. These estimates include such factors as credit rating of the debtor, the ageing profile of the debtors and historical experience. Any significant change in the level of customers that default on payments or other significant improvements that resulted in a change in the level of debt provision would have an impact on operating results. The level of provision required in reviewed on an on-going basis.
c)
 Contracts in progress
The LLP policy for contracts in progress is not to carry any value which is irrecoverable, as such management review the contracts in progress regularly and any irrecoverable work is written off. If the recoverability of work is doubtful a provision against this work will be included in the financial statements. Recoverability is subjective, based on the knowledge of the client and the details of the client assignment. Unbilled work is valued using a line by line evaluation based on the judgement of  the management team. Contingent work is not valued until its recoverability becomes certain.


4.


Turnover

All turnover arises from the principal activity of the LLP which is the provision of legal services, and is undertaken in the following regions:

2024
2023
£
£

United Kingdom
16,187,267
15,014,009

16,187,267
15,014,009


Page 19

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Other operating income

2024
2023
£
£

Other operating income
43,016
21,855

43,016
21,855



6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2024
2023
£
£

Fees payable to the LLP's auditors and its associates in respect of:

Audit-related assurance services
21,100
17,030

Taxation compliance service
-
17,560

All other services
6,000
9,670

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
5,721,537
4,793,686

Cost of defined contribution scheme
228,113
200,446

5,949,650
4,994,132


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Professional and support staff
128
117



Equity members
5
5



Fixed share members
21
24

154
146

Page 20

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
26
29


2024
2023
£
£


The average members remuneration during the year was
215,579
192,845



Paid under the terms of the LLP agreement
5,671,930
5,592,501

5,671,930
5,592,501



The amount of profit attributable to the member with the largest entitlement was
918,653
842,342



9.


Interest receivable

2024
2023
£
£


Bank interest receivable
378,648
185,604

378,648
185,604


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
114,185
67,869

Other loan interest payable
69,415
28,341

Finance leases and hire purchase contracts
39,827
28,585

223,427
124,795

Page 21

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Intangible assets




Computer software

£



Cost


At 1 September 2023
257,887


Additions
4,500



At 31 August 2024

262,387



Amortisation


At 1 September 2023
211,726


Charge for the year on owned assets
19,347



At 31 August 2024

231,073



Net book value



At 31 August 2024
31,314



At 31 August 2023
46,161



Page 22

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Leasehold improvements
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
887,449
357,505
652,100
1,769,162
3,666,216


Additions
-
445
44,357
-
44,802


Disposals
(887,449)
-
(160,194)
-
(1,047,643)



At 31 August 2024

-
357,950
536,263
1,769,162
2,663,375



Depreciation


At 1 September 2023
396,928
223,602
463,542
555,839
1,639,911


Charge for the year on owned assets
154,996
20,120
79,446
89,736
344,298


Disposals
(551,924)
-
(157,735)
-
(709,659)



At 31 August 2024

-
243,722
385,253
645,575
1,274,550



Net book value



At 31 August 2024
-
114,228
151,010
1,123,587
1,388,825



At 31 August 2023
490,521
133,903
188,558
1,213,323
2,026,305

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
490,521

Computer equipment
-
33,406

-
523,927

Page 23

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
250,000



At 31 August 2024
250,000





Subsidiary undertaking


The following was a subsidiary undertaking of the LLP:

Name

Registered office

Class of shares

Holding

Myerson Trust Corporation Ltd
Grosvenor House, Barrington Road, Altrincham, Cheshire, WA14 1HB
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Myerson Trust Corporation Ltd
250,000
-


14.


Debtors

2024
2023
£
£


Trade debtors
3,293,330
2,779,942

Other debtors
613,412
502,350

Amounts recoverable on long term contracts
3,995,486
2,227,226

7,902,228
5,509,518


Page 24

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,471,226
851,029

Bank loans
533,730
182,428

Trade creditors
704,608
458,031

Other taxation and social security
627,655
825,681

Obligations under finance lease and hire purchase contracts
223,652
230,123

Other creditors
295,382
354,237

Accruals and deferred income
578,541
453,677

4,434,794
3,355,206


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts
1,471,226
851,029

Bank loans
533,730
182,428

Net obligations under hire purchase contracts
-
161,318

2,004,956
1,194,775

Details of security provided:

Bank loans and overdrafts are secured by debenture creating a fixed and floating charge over the LLP's assets.
Net obligations under hire purchase contracts are secured against the assets to which they relate.

Page 25

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
532,640

Net obligations under finance leases and hire purchase contracts
-
130,926

-
663,566


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
532,640

Net obligations under finance leases and hire purchase contracts
-
130,926

-
663,566

Details of security provided:

Bank loans are secured by debenture creating a fixed and floating charge over the LLP's assets.
Net obligations under hire purchase contracts are secured against the assets to which they relate.

Page 26

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
533,730
182,428


533,730
182,428

Amounts falling due 1-2 years

Bank loans
-
182,744


-
182,744

Amounts falling due 2-5 years

Bank loans
-
349,895


-
349,895


533,730
715,067



18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
223,652
230,123

Between 1-5 years
-
130,926

223,652
361,049

Page 27

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

19.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
7,288,816
5,372,002


Financial Liabilities


Financial liabilities that are measured at amortised cost
3,807,139
3,122,378


Financial assets measured at amortised cost comprise trade debtors and amounts recoverable on long term contracts.


Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, other creditors, net obligations under hire purchase contracts and accruals.


20.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
5,144,789
4,329,554

5,144,789
4,329,554

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
5,144,789
4,329,554

5,144,789
4,329,554

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 28

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Analysis of net debt




At 1 September 2023
Arising from cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

516,342

(509,126)

7,216

Bank overdrafts

(851,029)

(620,197)

(1,471,226)

Borrowings due within 1 year

(182,428)

(351,302)

(533,730)

Borrowings due after 1 year

(532,640)

532,640

-

Finance leases

(361,049)

137,397

(223,652)

Net debt (before members' debt)
(1,410,804)
(810,588)
(2,221,392)

Loans and other debts due to members




Other amounts due to members
(4,329,554)

(815,235)

(5,144,789)

Net debt


(5,740,358)
(1,625,823)
(7,366,181)


22.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £220,598 (2023 - £200,446). Contributions totalling £38,418 (2023 - £33,525) were payable to the fund at the reporting date.


23.


Commitments under operating leases

At 31 August 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
450,128
484,943

Later than 1 year and not later than 5 years
1,552,626
265,753

Later than 5 years
3,216,667
-

5,219,421
750,696

Page 29

 
MYSN LLP (FORMERLY MYERSON SOLICITORS LLP)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

24.


Related party transactions

Included in rent payable is the sum of £386,000 (2023 - £386,000) charged from the The Grosvenor House Property Partnership, a partnership in which certain designated members have an interest. Rent is charged on normal commercial terms. At the balance sheet date £Nil (2023 - £Nil) was outstanding in respect of rent charged.
On occasion legal advice is provided to members, or their close family, at discounted rates. No specfic recording of these items is maintained as they are, in effect, at no additional cost to the firm. A reasonable estimation of the equivalent cost of these items on an arms length basis would be circa £10,000 (2023 - £10,000).
Total key management personnel compensation for the year was £4,790,566 (2023 - £4,463,406). Key management personnel are senior designated members (department heads and deputies or operational heads) and members of staff who, collectively, have authority and responsibility for planning, directing and controlling the activities of the LLP.


25.


Post balance sheet events

Subsequent to the balance sheet date, the LLP's activities have been transferred to a newly incorporated entity, Myerson Limited. As a result, the intention of the members is to wind up the activities of the LLP.


26.


Controlling party

In the opinion of the members there is no ultimate controlling party.


Page 30