Limited Liability Partnership registration number SO304168 (Scotland)
ROLLOS LAW LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ROLLOS LAW LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ROLLOS LAW LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
287,481
297,600
Investments
5
671,680
671,680
959,161
969,280
Current assets
Stock and work in progress
201,270
158,900
Debtors
7
390,485
399,808
Cash at bank and in hand
6
104,398
105,837
696,153
664,545
Creditors: amounts falling due within one year
8
(886,854)
(889,180)
Net current liabilities
(190,701)
(224,635)
Total assets less current liabilities
768,460
744,645
Creditors: amounts falling due after more than one year
9
(16,667)
(111,607)
Net assets attributable to members
751,793
633,038
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
455,336
336,581
Members' other interests
Revaluation reserve
296,457
296,457
751,793
633,038
Total members' interests
Loans and other debts due to members
455,336
336,581
Members' other interests
296,457
296,457
751,793
633,038

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

ROLLOS LAW LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 14 May 2025 and are signed on their behalf by:
14 May 2025
D J Harley
R Inch
Designated member
Designated member
A K Anderson
K Black
Designated Member
Designated Member
J Letley
Designated Member
Limited Liability Partnership Registration No. SO304168
ROLLOS LAW LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Rollos Law LLP is a limited liability partnership incorporated in Scotland. The registered office is 67 Crossgate, Cupar, Fife, KY15 5AS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold land and buildings.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT.

Revenue recognition

Fee income represents revenue earned under a variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Fee income that is contingent on events outwith the control of the firm is recognised when the contingent event occurs.

1.3
Members' participating interests

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 FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

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 year’s 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.

 

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

ROLLOS LAW LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
1% on reducing balance
Land and buildings Leasehold
20% on straight line
Fixtures, fittings & equipment
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stock and work in progress

Work in progress is valued in accordance with the revenue recognition policy.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

ROLLOS LAW LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12

Taxation

Members are personally liable for taxation on their share of the partnership profits. Consequently, no provision has been made for taxation in the accounts in respect of members' tax liabilities and the profits are shown within Members' Interests or as Loans due to Members without deduction of tax.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
56
53
ROLLOS LAW LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
282,253
327,172
609,425
Additions
-
7,156
7,156
At 31 December 2024
282,253
334,328
616,581
Depreciation and impairment
At 1 January 2024
52,379
259,446
311,825
Depreciation charged in the year
2,299
14,976
17,275
At 31 December 2024
54,678
274,422
329,100
Carrying amount
At 31 December 2024
227,575
59,906
287,481
At 31 December 2023
229,874
67,726
297,600

The freehold and leasehold land and buildings were valued on an open market basis at 31 December 2014 by a firm of independent Chartered Surveyors.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Land and Buildings
2024
2023
£
£
Cost
188,619
188,619
Accumulated depreciation
(57,394)
(56,068)
Carrying value
131,225
132,551
5
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
671,680
671,680
Rollos Law LLP acquired 100% of the share capital of Rollos Town & Gown Limited (previously Town and Gown Property Services Limited) on 30 November 2018.
ROLLOS LAW LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Client bank accounts
Cash at bank and in hand includes amounts held in client bank accounts and amounts due to clients as follows:
2024
2023
£
£
Amounts held in client bank accounts
2,996,742
1,862,048
Amounts due to clients
(2,893,357)
(1,757,432)
103,385
104,616
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
209,757
224,202
Other debtors
180,728
175,606
390,485
399,808
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
156,905
371,892
Trade creditors
41,536
60,175
Amounts due to group undertakings
406,757
150,766
Other taxation and social security
185,342
167,543
Other creditors
96,314
138,804
886,854
889,180
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,667
111,607

The long-term loans are secured by charges over partnership property.

 

ROLLOS LAW LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
455,336
336,581
455,336
336,581

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

11
Revaluation reserve
2024
2023
£
£
At beginning and end of year
296,457
296,457
12
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
57,400
83,400
Between two and five years
96,567
148,300
In over five years
36,000
54,000
189,967
285,700
13
Information in relation to members

The average number of members during the year was 6 (2021 - 6).

 

 

 

 

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