ACCOUNTS - Final Accounts preparation

Registered number: OC358286

STREATHERS HIGHGATE LLP

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 10 MONTHS ENDED 31 MARCH 2025

STREATHERS HIGHGATE LLP

REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STREATHERS HIGHGATE LLP
FOR THE 10 MONTHS ENDED 31 MARCH 2025

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Streathers Highgate LLP for the 10 months ended 31 March 2025 which comprise the Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

It is your duty to ensure that Streathers Highgate LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Streathers Highgate LLP. You consider that Streathers Highgate LLP is exempt from the statutory audit requirement for the 10 months.

We have not been instructed to carry out an audit or review of the financial statements of Streathers Highgate LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gilchrists AB LLP

Grove House

2 Woodberry Grove

London

N12 0DR

11 September 2025

Page 1

STREATHERS HIGHGATE LLP

REGISTERED NUMBER: OC358286

BALANCE SHEET

AS AT 31 MARCH 2025

		31 March		31 May
		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		1,036,856		973,979
			1,036,856		973,979
Current assets
Stocks	6	296,432		302,150
Debtors: amounts falling due after more than one year	7	11,305		-
Debtors: amounts falling due within one year	7	2,729,812		1,760,578
Cash at bank and in hand	8	673,681		539,648
		3,711,230		2,602,376
Creditors: Amounts Falling Due Within One Year	9	(1,574,667)		(1,303,685)
Net current assets			2,136,563		1,298,691
Total assets less current liabilities			3,173,419		2,272,670

Net assets			3,173,419		2,272,670

Represented by:
Loans and other debts due to members within one year
Other amounts	10		3,173,419		2,272,670
			3,173,419		2,272,670

			3,173,419		2,272,670

Total members' interests
Amounts due from members (included in debtors)	7		(239,265)		-
Loans and other debts due to members	10		3,173,419		2,272,670
			2,934,154		2,272,670

Page 2

STREATHERS HIGHGATE LLP

REGISTERED NUMBER: OC358286

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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 Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 11 September 2025.

___________________________

C M Daynes

Designated member

The notes on pages 5 to 11 form part of these financial statements.

Streathers Highgate LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 3


		STREATHERS HIGHGATE LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025


	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	Total	Other amounts	Total	Total
	£	£	£	£	£
Profit for the 10 months available for discretionary division among members	2,186,714	2,186,714	-	-	2,186,714
Members' interests after profit for the 10 months	2,186,714	2,186,714	1,936,996	1,936,996	4,123,710
Other division of profits	(2,186,714)	(2,186,714)	2,186,714	2,186,714	-
Drawings on account and distribution of profit	-	-	(1,955,253)	(1,955,253)	(1,955,253)
Amounts due to members			2,272,670	2,272,670
Amounts due from members			(104,214)	(104,214)
Balance at 31 May 2024	-	-	2,272,670	2,272,670	2,272,670
Profit for the 10 months available for discretionary division among members	3,306,482	3,306,482	-	-	3,306,482
Members' interests after profit for the 10 months	3,306,482	3,306,482	2,272,670	2,272,670	5,579,152
Other division of profits	(3,306,482)	(3,306,482)	3,306,482	3,306,482	-
Drawings on account and distribution of profit	-	-	(2,644,998)	(2,644,998)	(2,644,998)
Amounts due to members			3,173,419	3,173,419
Amounts due from members			(239,265)	(239,265)
Balance at 31 March 2025	-	-	2,934,154	2,934,154	2,934,154

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.

Page 4

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

1.	General information

The principal activity of the LLP in the period under review was that of solicitors providing legal services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the LLP will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating 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.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the 10 months in which they are incurred.

2.5

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 5

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

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 Balance Sheet, pending a discretionary decision to divide the profits.

2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

				Leasehold property improvements	-		50 year straight line basis
				Fixtures and fittings	-	20%
				Office equipment	-	20%
				Computer equipment	-	20%
				Other fixed assets	-	20%

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.

Page 6

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Work in progress

Provisions for work in progress is valued at the recoverable value of recorded service completion at the year end, recognising associated revenue in line with FRS102 section 23.

2.11

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.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

3.

Employees

The average monthly number of employees, including directors, during the 10 months was 56 (2024 - 50).

4.	Tangible fixed assets

		Leasehold property improvements	Fixtures and fittings	Office equipment	Other fixed assets	Total
		£	£	£	£	£
	Cost or valuation
	At 1 June 2024	806,769	185,810	328,725	7,720	1,329,024
	Additions	70,455	15,546	35,431	-	121,432
	At 31 March 2025	877,224	201,356	364,156	7,720	1,450,456
	Depreciation
	At 1 June 2024	45,430	126,296	176,609	6,709	355,044
	Charge for the period	14,620	12,509	31,258	169	58,556
	At 31 March 2025	60,050	138,805	207,867	6,878	413,600
	Net book value
	At 31 March 2025	817,174	62,551	156,289	842	1,036,856
	At 31 May 2024	761,338	59,514	152,115	1,012	973,979

Page 8

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

5.	Intangible assets

		Goodwill
		£
	Cost
	At 1 June 2024	100,000
	At 31 March 2025	100,000
	Amortisation
	At 1 June 2024	100,000
	At 31 March 2025	100,000
	Net book value
	At 31 March 2025	-
	At 31 May 2024	-

6.	Work in progress
					31 March	31 May
					2025	2024
					£	£

	Work in progress	296,432	302,150
		296,432	302,150

7.	Debtors
					31 March	31 May
					2025	2024
					£	£

	Due after more than one year
	Other debtors	11,305	-
		11,305	-

Page 9

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

7.Debtors (continued)

					31 March	31 May
					2025	2024
					£	£

	Due within one year
	Trade debtors	1,925,810	1,373,917
	Other debtors	112,684	39,751
	Prepayments and accrued income	452,053	242,696
	Amounts due from members	239,265	104,214
		2,729,812	1,760,578

8.	Cash and cash equivalents
					31 March	31 May
					2025	2024
					£	£

	Cash at bank and in hand	673,681	539,648
		673,681	539,648

9.	Creditors: Amounts falling due within one year
					31 March	31 May
					2025	2024
					£	£

	Bank loans	277,464	132,373
	Trade creditors	305,698	178,919
	Other taxation and social security	437,885	446,052
	Other creditors	11,983	9,064
	Accruals and deferred income	541,637	537,277
		1,574,667	1,303,685

Page 10

STREATHERS HIGHGATE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 10 MONTHS ENDED 31 MARCH 2025

10.	Loans and other debts due to members

					31 March	31 May
					2025	2024
					£	£


	Other amounts due to members	3,173,419	2,272,670
		3,173,419	2,272,670

Loans and other debts due to members may be further analysed as follows:

					31 March	31 May
					2025	2024
					£	£


	Falling due within one year	2,405,733	1,916,980
	Falling due after more than one year	767,686	355,690
		3,173,419	2,272,670

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

11.	Client money held in trust

As at the balance sheet date £42,223,910 (2024 - £29,380,096) was held by the LLP on behalf of clients.

Page 11