| REGISTERED NUMBER: |
| MS Law LLP |
| Members' Report and |
| Unaudited Financial Statements |
| for the Period 1 November 2023 to 31 March 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| 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: |
| 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: |
| 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. |
| 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 |
| Cost of sales | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 122,003 | 290,195 |
| Other operating income |
| OPERATING PROFIT |
| Interest receivable and similar income |
| 128,725 | 299,588 |
| Interest payable and similar expenses | ( |
) | ( |
) |
| 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 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| 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 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 were approved by the members of the LLP and authorised for issue on |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for period |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 October 2023 |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Prepayments |
| 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 |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 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. |