Cartridges Law LLP
Annual Report and
Unaudited
Financial Statements
Period Ended 31 March 2025
Registration number: OC442385
Cartridges Law LLP
Contents
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Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Cartridges Law LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Accountants |
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Cartridges Law LLP
Balance Sheet
31 March 2025
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Note |
2025 |
Proforma |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
154,484 |
385,184 |
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154,484 |
385,184 |
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Total members' interests |
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Loans and other debts due to members |
154,484 |
385,184 |
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154,484 |
385,184 |
For the period ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to Limited Liability Partnerships. The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (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.
Cartridges Law LLP
Balance Sheet
31 March 2025
The members acknowledge their responsibilities for
(a) ensuring that the LLP keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups Regulations 2018.
(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 period and of its profit or loss for the financial period in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups Regulations 2016 relating to financial statement, so far applicable to the LLP.
These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.
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 Cartridges Law LLP (registered number OC442385) were approved by the Board and authorised for issue on
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Registration number: OC442385
Cartridges Law LLP
Notes to the Financial Statements
Period Ended 31 March 2025
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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 periods presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102- 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2021. There are no material departures from FRS102.
General information and basis of accounting
The limited liability partnership is incorporated in England & Wales 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.
On 1 October 2024, the business previously carried on by Cartridges Law was transferred to Cartridges Law LLP. The transfer of the business previously carried on by Cartridges Law has been accounted for in accordance with the principles of merger accounting. The assets and liabilities of the former partnership have therefore been brought into these accounts at their book values.
In accordance with SORP 2018, these accounts also disclose the performance and results of the business for the full year of trading to 31 March 2025 and 31 March 2024.
The functional currency of Cartridges 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.
Revenue recognition
Turnover represents the value of services rendered during the period (excluding VAT) and comprises both completed work (gross fees billed) and incomplete unbilled work (accrued income and work in progress).
Gross fees billed represents the amounts (excluding VAT) derived from the provision of completed work for the clients during the period. In addition, the movement in accrued income and work in progress has been shown as turnover for the period.
Accrued income in respect of matters of a non-contingent nature is calculated based upon the value of work done but not billed at the period end. The value represents the time spent on matters in progress at the firm's billing rates, recognised at a realisable value.
Cartridges Law LLP
Notes to the Financial Statements
Period Ended 31 March 2025
Members' interests
Members' capital is repayable on retirement of the member and is therefore classified as a liability. Members may not retire with less than eighteen month's notice, therefore members' capital is shown as being due beyond one year.
Members' remuneration and division of profits
Profits are automatically allocated to members. They are therefore shown as ''Members' remuneration charged as an expense'' in the Profit and Loss Account in the relevant period.To the extent that they remain unpaid at the period end, they are included within "loans and other debts due to members" in the Balance Sheet.
Taxation
The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP 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 stated at cost or valuation, net of depreciation and any provision for impairment.
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:
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Asset class |
Depreciation method and rate |
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Computer equipment |
25% reducing balance |
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Office equipment |
15% reducing balance |
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Furniture and fittings |
15% reducing balance |
Provisions
Provisions are recognised when the firm has an obligation at the reporting date as a result of a past
event, it is probable that the firm will be required to settle that obligation and a reliable estimate can be
made of the amount of the obligation.
Cartridges Law LLP
Notes to the Financial Statements
Period Ended 31 March 2025
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the partnership, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the Statement of Financial Activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Pensions and other post retirement obligations
The business operates a defined contribution pension scheme. Contributions payable for the period are charged in the Profit and Loss Account.
Financial instruments
Classification
Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the asset expire or substantially all risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.
Recognition and Measurement
The LLP holds the following financial instruments, all of which meet the conditions to be classified as
basic instruments:
Short term debtors and creditors
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.
Loans
Loans which meet the criteria under FRS 102 to be classed as 'basic financial instruments' are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.
Cartridges Law LLP
Notes to the Financial Statements
Period Ended 31 March 2025
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Critical accounting judgements and key sources of estimation uncertainty |
In applying the LLP's accounting policies, which are described above, the designated members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The following are the critical judgements, estimates and assumptions that the designated members have made in the process of applying the LLP's accounting policies.
Revenue recognition
Revenue in relation to unbilled time, excluding contingent fee matters, is recognised in the accounts based upon the judgement of the designated members in respect of expected ultimate recoverability. In undertaking this assessment the designated members consider a range of factors including historical recovery rates and contractual terms.
In respect of contingent work judgement is exercised in determining whether revenue should be recognised in respect of work of a contingent nature. In making this judgement, the designated members have considered the nature of the work undertaken, this historic success rate for that type of
work, as well as the specific circumstances of the matters up to the point of signing the accounts. Where the liability has been agreed the unbilled time for the matter is accrued but where the outcome is still uncertain a proportion of revenue is recognised in the accounts depending on historic success rates.
In total the carrying value of accrued income at the balance sheet date was £429,239.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Cartridges Law LLP
Notes to the Financial Statements
Period Ended 31 March 2025
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Tangible fixed assets |
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Computer Equipment |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 April 2024 |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Net book value |
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At 31 March 2025 |
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At 31 March 2024 |
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Debtors |
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2025 |
Proforma |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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582,623 |
595,396 |
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Creditors: Amounts falling due within one year |
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2025 |
Proforma |
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Bank loans and overdrafts |
101,175 |
83,813 |
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Trade creditors |
29,693 |
32,224 |
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Taxation and social security |
60,353 |
55,994 |
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Other creditors |
122,906 |
22,840 |
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Accruals and deferred income |
26,542 |
23,740 |
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340,669 |
218,611 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Cartridges Law LLP
Notes to the Financial Statements
Period Ended 31 March 2025
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
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2025 |
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Bank Loan |
19,971 |
The bank loan is secured by a debenture dated 25th September 2024 incorporating a fixed and floating charge on the company's assets, and a charge over a partner's personal property.
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Creditors: Amounts falling due after more than one year |
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2025 |
Proforma |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
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2025 |
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Bank Loan |
79,639 |
The bank loan is secured by a debenture dated 25th September 2024 incorporating a fixed and floating charge on the company's assets, and a charge over a partner's personal property.
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Related party transactions |
Summary of transactions with other related parties
The LLP has an outstanding loan of £49,875 with Perriams Property Ltd, a company in which one of the LLP's members also serves as a director. Rent of £25,000 was charged in the year and was fully paid. The loan is repayable on demand.
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £4,779 (2024 - £-).