Direction Home (Law) LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Direction Home (Law) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC336192 . The Registered Office is First Floor, Brook House First Floor, Brook House, Reeves Way, Whitstable, Kent, CT5 3SS.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

2.2. Going Concern Disclosure

The members have a reasonable expectation that the LLP will continue in operational existence for the foreseeable future with their continued support. As a result of this the accounts are prepared on the going concern basis.

2.3. Significant judgements and estimations

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	Straight line over 3/5 years

2.6. Stocks and Work in Progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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Direction Home (Law) LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Cash and Cash Equivalents

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Direction Home (Law) LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Financial Instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2.9. Interest Receivable

Interest income is recognised in the Profit and loss account using the effective interest method.

2.10. Interest Payable

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11. Taxation

The taxation payable on the profits of the LLP is the personal liability of the individual Members and, as such, is not reflected in these financial statements.

2.12. Members

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.

The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

2.13. Pensions

The LLP operates a defined pension contribution scheme. Contributions are charged to the Profit and Loss Account as they become payable in accordance with the rules of the scheme.

2.14. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 17 (2024: 33)

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Direction Home (Law) LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	51,147	16,996	12,282	71,093	151,518
Disposals	-	(16,996 )	-	-	(16,996 )

As at 31 March 2025	51,147	-	12,282	71,093	134,522

Depreciation
As at 1 April 2024	44,483	9,826	7,100	61,431	122,840
Provided during the period	1,666	-	1,296	7,208	10,170
Disposals	-	(9,826 )	-	-	(9,826 )

As at 31 March 2025	46,149	-	8,396	68,639	123,184

Net Book Value
As at 31 March 2025	4,998	-	3,886	2,454	11,338

As at 1 April 2024	6,664	7,170	5,182	9,662	28,678

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	13,723	22,297
Prepayments and accrued income	24,450	40,066
Other debtors	537,893	558,533
Amounts due from members	691,337	993,935

	1,267,403	1,614,831

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	228	234
Bank loans and overdrafts	174,350	171,434
Other taxes and social security	24,329	113,367
VAT	221,738	143,387
Other creditors	248,328	246,288
Pension contributions due	1,490	1,630
Accruals and deferred income	13,470	13,470

	683,933	689,810

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Direction Home (Law) LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	337,555	510,124
Other creditors	71,958	107,938
Taxation and social security	328,621	539,215

	738,134	1,157,277

The LLP has received an unsecured loan under the UK Government Bounce Back Loan Scheme, which has the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. Repayments commenced in August 2021.

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	37,313	56,819
Later than one year and not later than five years	65,212	102,527

	102,525	159,346

The amount of non cancellable operating lease payments recognisable as an expense during the year was £228,756 (2024 - £221,955).

9. Pension Commitments

The LLP operates a defined contribution pension scheme. At the balance sheet date unpaid contributions of £1,490 (2024 - £1,631) were due to the fund. They are included in Other Creditors.

10. Related Party Disclosures

Shared Direction Conveyancing Limited

A Company which Mr W Moore-Read and Mr A Theoff are shareholders and directors.

During the year the LLP charged the company £935,522 (2024 -£514,726) in respect of consultancy services rendered, whilst the company charged the LLP £nil (2024 - 1,224,097) for legal services support.

At the year end the balance owed by the company to the LLP was £188,620 (2024 - £188,620).

Owen Paulo Limited

A Company which Mrs L Owen is a shareholder and director.

During the year the LLP charged the company £534,300 (2024 - £287,131) in respect of consultancy services rendered, whilst the company charged the LLP £nil (2024 - £588,563) for legal services support.

At the year end the balance owed by the company to the LLP was £196,220 (2024 - £196,220).

FST Developments Limited

A Company which Mr W Moore-Read and Mr A Theoff are shareholders and directors.

During the year the company charged the LLP £37,653 (2024 - £73,000) for legal services support. At the year end the balance owed by the LLP to the company was Nil (2024 - Nil).

11. Controlling Parties

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.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		11,338		28,678

			11,338		28,678
CURRENT ASSETS
Debtors	5	1,267,403		1,614,831
Cash at bank and in hand		143,326		203,578

		1,410,729		1,818,409
Creditors: Amounts Falling Due Within One Year	6	(683,933 )		(689,810 )

NET CURRENT ASSETS (LIABILITIES)			726,796		1,128,599

TOTAL ASSETS LESS CURRENT LIABILITIES			738,134		1,157,277

Creditors: Amounts Falling Due After More Than One Year	7		(738,134 )		(1,157,277 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			-		-

REPRESENTED BY:
TOTAL MEMBERS' INTEREST
Amounts due from members			(691,337)		(993,935)

			(691,337)		(993,935)