Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
|
|
|
| 2,531 | 6,237 | |||
| Current assets | ||||
| Debtors | 4 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 749,404 | 784,862 | |||
| Creditors: amounts falling due within one year | 5 | (
|
(
|
|
| Net current assets | 129,973 | 45,844 | ||
| Total assets less current liabilities | 132,504 | 52,081 | ||
| Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
| Net assets attributable to members |
|
|
||
| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | 14,517 | 17,542 | ||
| 14,517 | 17,542 | |||
| Members' other interests | ||||
| Other reserves | 111,137 | 21,975 | ||
| 111,137 | 21,975 | |||
| 125,654 | 39,517 | |||
| Total members' interests | ||||
| Amounts due from members (included in debtors) | 0 | (11,000) | ||
| Loans and other debts due to members | 14,517 | 17,542 | ||
| Members' other interests | 111,137 | 21,975 | ||
| 125,654 | 28,517 |
Members' responsibilities:
The financial statements of Walker Thomas LLP (registered number:
|
A M Thomas
Designated member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
|---|---|---|---|
| Other reserves | Other amounts | Total | |
| £ | £ | £ | |
| Amounts due from members | (49,861) | ||
| Balance at 01 July 2022 | 70,318 | (49,861) | 20,457 |
| Profit for the financial year available for discretionary division among members | 21,975 | 0 | 21,975 |
| Members' interest after profit for the financial year | 92,293 | (49,861) | 42,432 |
| Drawings | 0 | (24,000) | (24,000) |
| Amounts introduced by members | 0 | 19,000 | 19,000 |
| Allocated profit from the prior year | (70,318) | 70,318 | 0 |
| Transfer on resignation | 0 | (8,915) | (8,915) |
| Amounts due to members | 17,542 | ||
| Amounts due from members | (11,000) | ||
| Balance at 30 June 2023 | 21,975 | 6,542 | 28,517 |
| Profit for the financial year available for discretionary division among members | 111,137 | 0 | 111,137 |
| Members' interest after profit for the financial year | 133,112 | 6,542 | 139,654 |
| Drawings | 0 | (27,000) | (27,000) |
| Allocated profit from the prior year | (21,975) | 21,975 | 0 |
| Transfer on resignation | 0 | 13,000 | 13,000 |
| Amounts due to members | 14,517 | ||
| Balance at 30 June 2024 | 111,137 | 14,517 | 125,654 |
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.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Walker Thomas LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Ludgate House, 107-111 Fleet Street, London, EC4A 2AB, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.
Services provided during the period, which at the balance sheet date have not been billed, have been recognised in accordance with Financial Reporting Standard 102 Section 1A. Revenue recognised in this manner is based on an assessment of the fair value of services provided at the balance sheet date. Unbilled revenue is included in other debtors.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
| Computer equipment |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
The LLP only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and amounts owed to members.
Financial assets
Basic financial assets, including trade and other debtors, prepayments and accrued income, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Income Statement.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and amounts owed to members are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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.
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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
Profits of the LLP which are not yet divided among the members are shown under 'Other reserves' on the Statement of Financial Position, pending a discretionary decision to divide the profits.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
|
|
| Computer equipment | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 July 2023 |
|
|
|
| At 30 June 2024 |
|
|
|
| Accumulated depreciation | |||
| At 01 July 2023 |
|
|
|
| Charge for the financial year |
|
|
|
| At 30 June 2024 |
|
|
|
| Net book value | |||
| At 30 June 2024 |
|
|
|
| At 30 June 2023 |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by members |
|
|
|
| Prepayments and accrued income |
|
|
|
| VAT recoverable |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Trade creditors |
|
|
|
| Other loans |
|
|
|
| Accruals |
|
|
|
| Other taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
|
|
The LLP is managed by all its members and details of transactions with them are shown in the Reconciliation of Members' Interests Statement.
Included within debtors due within one year are recharges of £4,000 (2023: £47,832) owed by a related company controlled by a designated member. Included within creditors due within one year are invoices, recharges and accrued amounts totalling £506,997 (2023: £499,080) owed to a related company controlled by a designated member. These amounts are interest-free, unsecured and repayable on demand.
At 30 June 2024, the LLP has made a provision against doubtful debts of £47,832 in respect of amounts owed by a company controlled by a designated member which went into administration after the year-end.
Analysis of the maturity of bank loans is given below:
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts falling due within one year | 5,714 | 5,585 | |
| Amounts falling due 1-2 years | 5,859 | 5,726 | |
| Amounts falling due 2-5 years | 991 | 6,367 | |
| 12,564 | 17,678 |
Analysis of the maturity of other loans is given below:
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts falling due within one year | 14,186 | 14,442 |
The LLP holds money on behalf of clients. These funds are held separately from money belonging to the LLP and are subject to the client money rules prescribed by the Solicitors Regulation Authority. At no time does the LLP have any legal title to these monies. Accordingly they are not reflected in the LLP's balance sheet.
As at 30 June 2024 the balance held in client account was £561,210 (2023: £910,564).