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Registration number: OC429243

PHP Law LLP

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

PHP Law LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

PHP Law LLP

Limited liability partnership information

Designated members

A D Power

L J Partridge

R S Holland

J A Walker

J J Medforth
 

Registered office

Unit 3 The Brutus Centre
Station Road
Totnes
Devon
TQ9 5RW

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

PHP Law LLP

(Registration number: OC429243)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

41,553

42,005

Current assets

 

Debtors

5

228,995

295,545

Cash and short-term deposits

 

397,641

512,786

 

626,636

808,331

Creditors: Amounts falling due within one year

6

(88,987)

(102,698)

Net current assets

 

537,649

705,633

Net assets attributable to members

 

579,202

747,638

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

10,100

10,100

Other amounts

(368,129)

(473,210)

 

(358,029)

(463,110)

Members’ other interests

 

Other reserves

 

937,231

1,210,748

   

579,202

747,638

Total members' interests

 

Loans and other debts due to members

 

(358,029)

(463,110)

Equity

 

937,231

1,210,748

   

579,202

747,638

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

 

PHP Law LLP

(Registration number: OC429243)
Balance Sheet as at 31 March 2025

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of PHP Law LLP (registered number OC429243) were approved by the Board and authorised for issue on 17 June 2025. They were signed on behalf of the limited liability partnership by:

.........................................
A D Power
Designated member

 

PHP Law LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1

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.

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.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

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 PHP 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.

 

PHP Law LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Members' remuneration and division of profits

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.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. 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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the 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.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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:

 

PHP Law LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Asset class

Depreciation method and rate

Short Leasehold land and buildings

Straight line over the life of the lease

Fixtures and fittings

10% reducing balance

Motor vehicles

20% straight line

Computer equipment

25% straight Line

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

PHP Law LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation costs

15,493

14,093

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 14 (2024 - 11).

4

Tangible fixed assets

Short leasehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 April 2024

31,914

8,816

16,070

18,322

75,122

Additions

9,801

965

-

4,275

15,041

At 31 March 2025

41,715

9,781

16,070

22,597

90,163

Depreciation

At 1 April 2024

11,968

2,130

11,232

7,787

33,117

Charge for the year

6,739

730

3,214

4,810

15,493

At 31 March 2025

18,707

2,860

14,446

12,597

48,610

Net book value

At 31 March 2025

23,008

6,921

1,624

10,000

41,553

At 31 March 2024

19,946

6,686

4,838

10,535

42,005

5

Debtors

2025
£

2024
£

Trade debtors

206,911

277,248

Other debtors

3,550

3,515

Prepayments and accrued income

18,534

14,782

Total current trade and other debtors

228,995

295,545

 

PHP Law LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Creditors: Amounts falling due within one year

2025
£

2024
£

Trade creditors

1,039

11,972

Other creditors

6

8,151

Accruals and deferred income

5,635

6,654

Taxation and social security

82,307

75,921

88,987

102,698

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2025
£

2024
£

Obligations under finance lease and hire purchase contracts

-

8,151

7

Loans and other debts due to members

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

8

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases. The total amount of financial commitments not included in the balance sheet is £20,675 (2024 - £33,475), of which £12,800 (2023 - £12,800) is due within 1 year.