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Company No: OC415513 (England and Wales)

WALKER THOMAS LLP

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

WALKER THOMAS LLP

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

WALKER THOMAS LLP

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
WALKER THOMAS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,531 6,237
2,531 6,237
Current assets
Debtors 4 689,996 770,709
Cash at bank and in hand 59,408 14,153
749,404 784,862
Creditors: amounts falling due within one year 5 ( 619,431) ( 739,018)
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 ( 6,850) ( 12,564)
Net assets attributable to members 125,654 39,517
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

For the financial year ending 30 June 2024 the LLP 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.

Members' responsibilities:

The financial statements of Walker Thomas LLP (registered number: OC415513) were approved and authorised for issue by the Board of Directors on 12 June 2025. They were signed on its behalf by:

A M Thomas
Designated member
WALKER THOMAS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 30 June 2024
WALKER THOMAS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 30 June 2024
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.

WALKER THOMAS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
WALKER THOMAS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of Value Added Tax.

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

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.

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment 3 years 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.

Borrowing costs

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

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.

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.

Impairment of assets

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.

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.

Financial instruments

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.

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 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 22 18

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 July 2023 11,228 11,228
At 30 June 2024 11,228 11,228
Accumulated depreciation
At 01 July 2023 4,991 4,991
Charge for the financial year 3,706 3,706
At 30 June 2024 8,697 8,697
Net book value
At 30 June 2024 2,531 2,531
At 30 June 2023 6,237 6,237

4. Debtors

2024 2023
£ £
Trade debtors 504,291 519,260
Amounts owed by members 0 11,000
Prepayments and accrued income 153,515 114,639
VAT recoverable 0 8,045
Other debtors 32,190 117,765
689,996 770,709

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,714 5,573
Trade creditors 432,155 543,592
Other loans 14,186 14,442
Accruals 57,277 66,703
Other taxation and social security 26,038 46,284
Other creditors 84,061 62,424
619,431 739,018

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,850 12,564

There are no amounts included above in respect of which any security has been given by the LLP.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 14,546 0

8. Related party transactions

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.

9. Loans

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

10. Client money

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).