Hanne & Co Solicitors LLP
Annual Report and Unaudited Financial Statements
For filing with the Registrar
For the year ended 31 March 2025
Limited Liability Partnership Registration No. OC422012 (England and Wales)
Hanne & Co Solicitors LLP
Limited Liability Partnership Information
Designated members
C L Martin
M Stewart
V Copeman
Limited liability partnership number
OC422012
Registered office
The Candle Factory
112 York Road
Battersea
London
United Kingdom
SW11 3RS
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Hanne & Co Solicitors LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Hanne & Co Solicitors LLP
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,572
16,080
Current assets
Debtors
5
1,989,393
2,393,422
Cash and cash equivalents
45,000
10,000
2,034,393
2,403,422
Creditors: amounts falling due within one year
6
(878,574)
(1,187,190)
Net current assets
1,155,819
1,216,232
Total assets less current liabilities
1,168,391
1,232,312
Creditors: amounts falling due after more than one year
7
(44,625)
(117,647)
Provisions for liabilities
8
(10,000)
(15,000)
Net assets attributable to members
1,113,766
1,099,665
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
210,000
280,000
Other amounts
431,766
347,665
641,766
627,665
Members' other interests
Members' capital classified as equity
472,000
472,000
1,113,766
1,099,665
Total members' interests
Loans and other debts due to members
641,766
627,665
Members' other interests
472,000
472,000
1,113,766
1,099,665

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Hanne & Co Solicitors LLP
Balance Sheet (Continued)
As at 31 March 2025
Page 2

For the financial year ended 31 March 2025 the limited liability partnership 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).

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

The financial statements were approved by the members and authorised for issue on 7 August 2025 and are signed on their behalf by:
07 August 2025
C L Martin
Designated member
Limited Liability Partnership Registration No. OC422012
Hanne & Co Solicitors LLP
Notes to the Financial Statements
For the year ended 31 March 2025
Page 3
1
Accounting policies
Limited liability partnership information

Hanne & Co Solicitors LLP is a limited liability partnership domiciled and incorporated in England and Wales. The registered office is The Candle Factory, 112 York Road, Battersea, London, United Kingdom, SW11 3RS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

The members’ agree that one tranche of the profit is to be split equally amongst them.  The remaining tranche of profit shall be agreed after the year end and will be split according to the agreed criteria noted in the LLP agreement. 

 

Drawings are treated as payments on account of profit allocation and will not be repayable unless a member has insufficient amounts held to the credit of individual partners.  Any drawings in excess of total amounts held would be included within “amounts due from members’” within debtors.

 

The capital requirements of the partnership are determined by the members and are reviewed regularly.  Each member is required to subscribe a proportion of this capital.  The amount of capital subscribed by each member is determined by the partnership from time to time.     On leaving the partnership a members’ capital classified as debt is usually repaid over 5 years.

Hanne & Co Solicitors LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% per annum on a straight line basis
Plant and equipment
20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Basic financial instruments are measured at amortised cost. The limited liability partnership has no other financial instruments or basic financial instruments measured at fair value.

1.9
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 

The provision made for dilapidations is in respect of property leases which contain requirements for the premises to be returned to their original state prior to conclusion of the lease term. The provision for claims represents the estimated cost to the firm of defending and settling claims where a liability is considered by the members to be probable, after allowing for recoveries under insurance policies.

Hanne & Co Solicitors LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Accrued Income

Some elements of accrued income in these financial statements are estimated.  This estimate is necessary as it is not possible to determine the remaining accrued income amount directly from the accounting system.  The estimate is calculated and reviewed by management each year before the financial statements are prepared.  A combination of factors is considered, including the age of the WIP, the overall value of the case and the previous payment on account that has been received. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.       

 

 

Hanne & Co Solicitors LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 6
3
Employees

The average number of persons (excluding members) employed by the partnership during the year was 58 (2024 - 55).

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
41,527
90,717
132,244
Additions
-
4,515
4,515
At 31 March 2025
41,527
95,232
136,759
Depreciation and impairment
At 1 April 2024
41,527
74,637
116,164
Depreciation charged in the year
-
8,023
8,023
At 31 March 2025
41,527
82,660
124,187
Carrying amount
At 31 March 2025
-
12,572
12,572
At 31 March 2024
-
16,080
16,080
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Work in progress
980,767
947,815
Trade debtors
928,154
1,150,776
Other debtors
23,506
23,506
Prepayments and accrued income
56,966
271,325
1,989,393
2,393,422
Hanne & Co Solicitors LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 7
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
160,119
318,849
Trade creditors
86,360
151,763
Other taxation and social security
357,021
298,183
Other creditors
275,074
418,395
878,574
1,187,190

The LLP's bank overdraft is secured by a debenture and floating charge over the assets of the LLP. The designated members have provided personal guarantees to the firm's banker in respect of the overdrafts, such guarantee being limited to £199,998, being £66,666 per member. As at 31 March 2025, there was a bank overdraft of £18,408 (2024: £233,759).

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
44,625
117,647

 

8
Provisions for liabilities
2025
2024
£
£
Dilapidations
5,000
5,000
Professional indemnity
5,000
10,000
10,000
15,000
Movements on provisions:
Dilapidations
Professional Indemnity
Total
£
£
£
At 1 April 2024
5,000
10,000
15,000
Utilisation of provision
-
(5,000)
(5,000)
At 31 March 2025
5,000
5,000
10,000
Hanne & Co Solicitors LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 8
9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
51,794
165,184
Between two and five years
-
51,794
51,794
216,978
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