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REGISTERED NUMBER: OC319977 (England and Wales)










MS Law LLP

Members' Report and

Unaudited Financial Statements

for the Period 1 November 2023 to 31 March 2024






MS Law LLP (Registered number: OC319977)






Contents of the Financial Statements
for the Period 1 November 2023 to 31 March 2024




Page

General Information 1

Members' Report 2

Chartered Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Reconciliation of Members' Interests 7

Notes to the Financial Statements 9


MS Law LLP

General Information
for the Period 1 November 2023 to 31 March 2024







DESIGNATED MEMBERS: Mr P S Gelder
Mr S A Rudich





REGISTERED OFFICE: 383 Bury New Road
Prestwich
Manchester
M25 1AW





REGISTERED NUMBER: OC319977 (England and Wales)






MS Law LLP (Registered number: OC319977)

Members' Report
for the Period 1 November 2023 to 31 March 2024

The members present their report and the unaudited financial statements for the year ended 31 March 2024.

FIRM STRUCTURE
The LLP is a limited liability partnership registered in England and Wales. A list of designated members' names is available for inspection at the LLP's registered office.

PRINCIPAL ACTIVITY
The principal activity of the limited liability partnership is that of the provision of legal services.

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

Mr P S Gelder
Mr S A Rudich

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS
The profit for the period before members' remuneration and profit shares was £128,332 (2023 - £297,802 profit).

MEMBERS' INTERESTS
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which determined by the performance and seniority of those members. On retirement, capital is repaid to members.

SMALL COMPANIES PROVISION STATEMENT
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

ON BEHALF OF THE MEMBERS:





Mr P S Gelder - Designated member


29 May 2025

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
MS Law 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 MS Law LLP for the period ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Reconciliation of Members' Interests 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 MS Law LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MS Law LLP and state those matters that we have agreed to state to the members of MS Law 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 MS Law LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that MS Law 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 MS Law LLP. You consider that MS Law LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of MS Law 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.








29 May 2025

MS Law LLP (Registered number: OC319977)

Profit and Loss Account
for the Period 1 November 2023 to 31 March 2024

Period
1.11.23
to Year ended
31.3.24 31.10.23
Notes £    £   

TURNOVER 318,731 770,679

Cost of sales 4,035 (17,827 )
GROSS PROFIT 322,766 752,852

Administrative expenses (200,763 ) (462,657 )
122,003 290,195

Other operating income 100 -
OPERATING PROFIT 122,103 290,195

Interest receivable and similar income 6,622 9,393
128,725 299,588

Interest payable and similar expenses (393 ) (1,786 )
PROFIT FOR THE FINANCIAL PERIOD
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


128,332


297,802

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


128,332


297,802

Members' remuneration charged as an expense 4 (128,332 ) (297,802 )
PROFIT FOR THE FINANCIAL PERIOD
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


-


-

MS Law LLP (Registered number: OC319977)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 9,280 10,873

CURRENT ASSETS
Stocks 6 74,824 66,185
Debtors 7 79,085 111,949
Cash at bank and in hand 574,485 1,171,091
728,394 1,349,225
CREDITORS
Amounts falling due within one year 8 (568,688 ) (1,177,419 )
NET CURRENT ASSETS 159,706 171,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

168,986

182,679

CREDITORS
Amounts falling due after more than one year 9 (19,103 ) (23,147 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

149,883

159,532

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

149,883

159,532

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 149,883 159,532

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 period ended 31 March 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.

MS Law LLP (Registered number: OC319977)

Balance Sheet - continued
31 March 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 29 May 2025 and were signed by:





Mr P S Gelder - Designated member

MS Law LLP (Registered number: OC319977)

Reconciliation of Members' Interests
for the Period 1 November 2023 to 31 March 2024


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors
Members'
capital
Other (classified Other
reserves as debt) amounts Total Total
£    £    £    £    £   
Amount due to members 159,532 - 159,532
Amount due from members - - -
Balance at 1 November 2023 - 159,532 - 159,532 159,532
Members' remuneration charged as
an expense, including employment
and retirement benefit costs


-


-


128,332


128,332


128,332
Profit for the financial period
available for discretionary division
among members


-


-


-


-


-
Members' interests after profit for the
period

-

159,532

128,332

287,864

287,864
Introduced by members - 128,332 - 128,332 128,332
Repayments of debt (including
members' capital classified as a
liability)


-


(137,981


)


-


(137,981


)


(137,981


)
Drawings on account and
distributions of profit
-
-

(128,332

)

(128,332

)

(128,332

)
Amount due to members 149,883 - 149,883
Amount due from members - - -
Balance at 31 March 2024 - 149,883 - 149,883 149,883

MS Law LLP (Registered number: OC319977)

Reconciliation of Members' Interests
for the Period 1 November 2023 to 31 March 2024

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors
Members'
capital
Other (classified Other
reserves as debt) amounts Total Total
£    £    £    £    £   
Amount due to members 206,780 - 206,780
Amount due from members - - -
Balance at 1 November 2022 - 206,780 - 206,780 206,780
Members' remuneration charged as
an expense, including employment
and retirement benefit costs


-


-


297,802


297,802


297,802
Profit for the financial period
available for discretionary division
among members


-


-


-


-


-
Members' interests after profit for the
period

-

206,780

297,802

504,582

504,582
Introduced by members - 297,802 - 297,802 297,802
Repayments of debt (including
members' capital classified as a
liability)


-


(345,050


)


-


(345,050


)


(345,050


)
Drawings on account and
distributions of profit
-
-

(297,802

)

(297,802

)

(297,802

)
Amount due to members 159,532 - 159,532
Amount due from members - - -
Balance at 31 October 2023 - 159,532 - 159,532 159,532

MS Law LLP (Registered number: OC319977)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 31 March 2024

1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

GENERAL INFORMATION AND BASIS OF ACCOUNTING
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of M S Law LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

REVENUE RECOGNITION
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

MEMBERS' REMUNERATION AND DIVISION OF PROFITS
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

TAXATION
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate. other taxes policy.

TANGIBLE FIXED ASSETS
Individual fixed assets costing £0.00 or more are initially recorded at cost.


MS Law LLP (Registered number: OC319977)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 31 March 2024
DEPRECIATION
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Plant and machinery 20% straight line
Fixtures and fittings 20% straight line
Motor vehicles 25% reducing balance
Office equipment 20% straight line

WORK IN PROGRESS
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

TRADE DEBTORS
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

FINANCIAL INSTRUMENTS
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

IMPAIRMENT OF FINANCIAL ASSETS
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3. EMPLOYEE INFORMATION

The average number of employees during the period was 7 (2023 - 7 ) .

MS Law LLP (Registered number: OC319977)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 31 March 2024

4. INFORMATION IN RELATION TO MEMBERS
Period
1.11.23
to Year ended
31.3.24 31.10.23
£    £   
Members' remuneration charged as an expense
Other payments 128,332 297,802

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles euipment Totals
£    £    £    £    £   
COST
At 1 November 2023
and 31 March 2024 19,175 8,043 19,000 17,067 63,285
DEPRECIATION
At 1 November 2023 14,811 7,854 12,989 16,758 52,412
Charge for period 757 79 626 131 1,593
At 31 March 2024 15,568 7,933 13,615 16,889 54,005
NET BOOK VALUE
At 31 March 2024 3,607 110 5,385 178 9,280
At 31 October 2023 4,364 189 6,011 309 10,873

6. STOCKS
2024 2023
£    £   
Work-in-progress 74,824 66,185

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,699 35,519
Prepayments 44,386 76,430
79,085 111,949

MS Law LLP (Registered number: OC319977)

Notes to the Financial Statements - continued
for the Period 1 November 2023 to 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Taxation and social security 54,330 28,007
Other creditors 504,358 1,139,412
568,688 1,177,419

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 19,103 23,147

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and Other Debts due to members as per the requirement of SORP.

11. RELATED PARTY DISCLOSURES

The LLP occupies premises owned by the members. During the period the LLP paid rent deemed to be at market value of £9,375.