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Registered number: OC366572










VEDDER PRICE LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
VEDDER PRICE LLP
 

INFORMATION




Designated Members

Jonathan Maude
Vedder Price Holdings Limited

LLP registered number

OC366572

Registered office

4 Coleman Street
6th Floor
London
EC2R 5AR

Independent auditors

MHA
6th Floor
2 London Wall Place
London
EC2Y 5AU

Bankers

Barclays Bank PLC
1 Churchill Place
London
E14 5HP


 
VEDDER PRICE LLP
 

CONTENTS



Page
Members' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8 - 9
Reconciliation of Members' Interests
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 24


 
VEDDER PRICE LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Management Committee present their annual report together with the audited financial statements of Vedder Price LLP (the "LLP") for the ended 31 December 2024
 

Principal activities
 
 
The principal activity of the LLP is the provision of legal services.
 
 
Designated Members
 
 
Jonathan Maude and Vedder Price Holdings Limited were designated members of the LLP throughout the period.
Vedder Price Holdings Limited is the sole member of the Management Committee.
 

 
Profit allocation and members' drawing
 
 
Members are remunerated a share of profits of the LLP as agreed in writing between the LLP and each individual member (or, in the absence of or following the expiry of such an agreement, a share of the profits as the Management Committee may from time to time in its absolute discretion determine). Profit sharing ratios are determined by the Management Committee after assessing each Member's contribution. Members are personally responsible for funding pension and other benefits. The allocation of profits and drawings is detailed in note 2.6.
 
 
Each member may draw from the LLP each month amounts as agreed in writing between the LLP and the member or, in the absence of or following the expiry of such agreement, in amounts as may be notified to the member by the Management Committee.
 
 
Review of the business
 
 
The turnover for 2024 increased by £456,763 (or 2.9%) over the 2023 results.
The financial position of the LLP at the year end is shown in the Balance Sheet on pages 8 and 9
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
state whether applicable UK Accounting Standards have been followed, subject to any material departures
Page 1

 
VEDDER PRICE LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
 
 
disclosed and explained in the financial statements;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
The Management Committee are responsible for the maintenance and integrity of the LLP and financial information included on the LLP's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
 
 
Disclosure of information to auditors
 
 
Each of the persons who are Management Committee at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
The auditor, MHA, previously traded through the legal entity Maclntyre Hudson LLP. In response to regulatory changes, Maclntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit services LLP.
A resolution to re-appoint MHA as independent auditor will be proposed at the next Annual General Meeting.
 

This report was approved by the members and signed on their behalf by: 



................................................
Jonathan Maude
Designated member


Date: 30 September 2025

30 September 2025
Page 2

 
VEDDER PRICE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEDDER PRICE LLP
 

Opinion
 

We have audited the financial statements of Vedder Price LLP (the 'LLP') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

 
VEDDER PRICE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEDDER PRICE LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
VEDDER PRICE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEDDER PRICE LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Performing audit work over the risk of management override of controls, including testing of journal
   entries and other adjustments for appropriateness, evaluating the business rationale of significant
   transactions outside the normal course of business and review of accounting estimates for bias;
- Reviewing financial statement disclosures and testing supporting documentation to assess compliance
   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
VEDDER PRICE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEDDER PRICE LLP (CONTINUED)


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

30 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
Page 6

 
VEDDER PRICE LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Restated
2023
Note
£
£

  

Turnover
 4 
16,431,417
15,974,654

Gross profit
  
 
16,431,417
 
15,974,654

Administrative expenses
  
(9,683,407)
(9,515,303)

Operating profit
 5 
 
6,748,010
 
6,459,351

Interest receivable and similar income
 9 
157
-

Profit before tax
  
 
6,748,167
 
6,459,351

Profit for the year before members' remuneration and profit shares
  
 
6,748,167
 
6,459,351

Profit for the year before members' remuneration and profit shares
  
6,748,167
6,459,351

Members' remuneration charged as an expense
  
(4,553,772)
(4,779,434)

Profit for the financial year available for discretionary division among members
  
 
2,194,395
 
1,679,917

Other comprehensive income for the year
  

  

Total comprehensive income for the year
  
2,194,395
1,679,917

The notes on pages 12 to 24 form part of these financial statements.

Page 7

 
VEDDER PRICE LLP
REGISTERED NUMBER: OC366572

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
783,760
1,046,245

  
783,760
1,046,245

Current assets
  

Debtors: amounts falling due within one year
 11 
8,128,063
7,629,563

Cash at bank and in hand
 12 
841,809
523,589

  
8,969,872
8,153,152

Creditors: Amounts Falling Due Within One Year
 13 
(1,030,487)
(1,061,706)

Net current assets
  
 
 
7,939,385
 
 
7,091,446

Total assets less current liabilities
  
8,723,145
8,137,691

Creditors: amounts falling due after more than one year
 14 
(307,000)
(514,000)

  
8,416,145
7,623,691

Provisions for liabilities
  

Dilapidation provisions
 15 
(534,150)
(534,150)

  
 
 
(534,150)
 
 
(534,150)

Net assets
  
7,881,995
7,089,541


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
1,456,413
1,515,720

Other reserves classified as equity
  
6,425,582
5,573,821

  
 
7,881,995
 
7,089,541

  
7,881,995
7,089,541


Total members' interests
  

Members' other interests
  
7,881,995
7,089,541

  
7,881,995
7,089,541



 
Page 8

 
VEDDER PRICE LLP
REGISTERED NUMBER: OC366572
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 30 September 2025.




................................................
Jonathan Maude
Designated member

The notes on pages 12 to 24 form part of these financial statements.


Page 9

 
VEDDER PRICE LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Balance at 1 January 2023 
1,270,528
5,530,878
6,801,406
-
-
6,801,406

Members' remuneration charged as an expense
-
-
-
4,779,434
4,779,434
4,779,434

Profit for the year available for discretionary division among members (restated)
 
-
1,679,917
1,679,917
-
-
1,679,917

Members' interests after profit for the year
1,270,528
7,210,795
8,481,323
4,779,434
4,779,434
13,260,757

Other division of profits
-
(1,150,696)
(1,150,696)
1,150,696
1,150,696
-

Movement in reserves (restated)
-
(486,278)
(486,278)
-
-
(486,278)

Amounts introduced by members
245,192
-
245,192
-
-
245,192

Drawings on account and distribution of profit
-
-
-
(5,930,130)
(5,930,130)
(5,930,130)

Balance at 31 December 2023
1,515,720
5,573,821
7,089,541
-
-
7,089,541

Profit for the year available for discretionary division among members
 
-
2,194,395
2,194,395
-
-
2,194,395

Members' interests after profit for the year
1,515,720
7,768,216
9,283,936
-
-
9,283,936

Other division of profits
-
(817,634)
(817,634)
-
-
(817,634)

Movement in reserves
-
(525,000)
(525,000)
-
-
(525,000)

Amounts introduced by members
45,693
-
45,693
-
-
45,693

Repayment of capital
(105,000)
-
(105,000)
-
-
(105,000)

Balance at 31 December 2024 
1,456,413
6,425,582
7,881,995
-
-
7,881,995

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 10

 
VEDDER PRICE LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Restated 2023
£
£

Cash flows from operating activities

Profit for the financial year
2,194,395
1,679,917

Adjustments for:

Members' remuneration charged as an expense
4,553,772
4,779,434

Depreciation of tangible assets
342,202
361,519

Interest received
(157)
-

(Increase) in debtors
(1,104,762)
(137,839)

Decrease/(increase) in amounts owed by groups
606,262
(450,412)

(Decrease) in creditors
(173,913)
(212,879)

(Decrease) in amounts owed to groups
(64,306)
(151,663)

Increase in provisions
-
59,150

Corporation tax (paid)/received
(9,096)
-

Net cash generated from operating activities before transactions with members

6,344,397
5,927,227


Cash flows from investing activities

Purchase of tangible fixed assets
(79,717)
(122,112)

Interest received
157
-

Net cash from investing activities

(79,560)
(122,112)

Cash flows from financing activities

Members' capital contributed
45,693
345,192

Members' capital repaid
(105,000)
-

Drawings paid to members
(5,362,310)
(5,930,130)

Tax paid on behalf of members
(525,000)
(486,278)

Net cash used in financing activities
(5,946,617)
(6,071,216)

Net increase/(decrease) in cash and cash equivalents
318,220
(266,101)

Cash and cash equivalents at beginning of year
523,589
789,690

Cash and cash equivalents at the end of year
841,809
523,589


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
841,809
523,589

841,809
523,589

The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Vedder Price LLP (the "LLP") provides legal services to clients in the United Kingdom (UK), the United States of America (US), Europe and Asia. The LLP is incorporated and domiciled in England, UK. The address of its registered office is 4 Coleman Street, London, EC2R 5AR. The LLP's registered number is OC366572. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The financial statements are prepared in sterling, the functional currency, rounded to the nearest £1.
The financial statements for the year to 31 December 2024 reflect a prior year adjustment. See note 17. 

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The LLP operates a defined contribution pension 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 13

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Allocation of profits and drawings

During the year the Management Committee of the LLP sets the level of interim profit allocations, and members' monthly drawings after considering the LLP's working capital needs. Certain elements of the interim profit allocations are guaranteed and not dependent on profit achieved.

To the extent that interim profit allocations exceed drawings then the excess profit is included in the balance sheet under 'Loans and other debts due to members in under one year'. Members that retire during the year have remaining balances included under 'Amounts due to former members'. Where drawings exceed the allocated profits then the excess is included in 'Debtors'. The same treatment is used for members who retire duing the year.

The final allocation of profits and distribution to members is made by the Management Committee of the LLP. Unallocated profits, together with any other differences between allocated and accounting profits, are included within other reserves within 'Members' other interests'. In the event of a winding up or administration, loans and other debts due to members rank equally with other unsecured creditors. There are no restrictions or limitations on the ability of members to reduce the amount of members' other interests.

The LLP classifies distributions of profits as operating cash flows in the Statement of Cash Flows.

 
2.7

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10 years
Fittings, furnishings and equipment
-
3 to 7 years
Library
-
5 years
Computer equipment and software
-
3 to 5 years

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 14

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.10

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.

 
2.11

Provisions for liabilities

Dilapidations
Provisions for dilapidations are recognised where there is a present obligation, under a lease agreement, as a result of a past event and it is probable that there will be an outflow of economic benefits to settle the obligation. The amount provided is based on the best estimate of the likely committed outflow and the corresponding capitalised asset is depreciated over the term of the lease agreement. Where material, the estimated outflow is discounted to a net present value.
Professional indemnity claims
The LLP may be involved in disputes in the ordinary course of business, which may give rise to claims. The provision is made on a best estimate for all known claims where costs are likely to be incurred, and represents and assessment of the cost of defending and concluding claims. Where claims are covered by professional indemnity insurance, the net amount which may become payable by the LLP is provided for.
 


Page 15

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

  
2.13

Member's capital

The total amount of members' capital contributions is proposed to members by the Management Committee of the LLP, having regard to the requirements of the LLP. Individual members' capital contributions are set at fixed amounts and are repayable following the member's retirement as follows: typically payment of 50% of the balance on the 90th day following the retirement date, and the remainder on the first anniversary of the retirement date. The management committee may also elect to pay in four annual instalments commencing one year from the date of termination. Should the member continue to practice law after resigning from the LLP, capital contributions are repayable as follows: payment of 50% of the balance after one year and balance in four equal payments beginning one year from departure. Where members have retired or have given notice to retire at the date of the signing of the financial statements, the relevant amounts of capital would either be due within one year, or due after more than one year. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the LLP's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Amounts recoverable on contracts 
The LLP considers the recoverability of amounts recoverable on contracts to be an estimation uncertainty. When assessing for impairment, management considers factors including billable amounts, recoverability and client current status. The estimation of the recoverability is a source of esimation uncertainty.
Impairment of debtors
The LLP considers the recoverability of trade debtors to be an estimation uncertainty. When assessing impairment of trade debtors, management considers factors such as current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 16

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of legal services
16,431,417
15,974,654

16,431,417
15,974,654


2024
2023
£
£

United Kingdom
4,017,309
3,046,867

Europe
5,814,802
4,408,514

Other
631,847
1,226,343

USA
5,967,459
7,292,930

16,431,417
15,974,654



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of property, plant and equipment
342,202
361,519

Operating lease rentals - land and buildings
1,027,060
996,538

Foreign exchange differences
1,069,053
674,810


6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors and their associates:


2024
2023
£
£

Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements
50,500
47,250

Fees payable to the LLP's auditors and their associates in respect of:

Taxation compliance services
22,500
30,000

Other assurance services
21,900
20,475
Page 17

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,030,095
4,129,050

Social security costs
502,376
498,607

Cost of defined contribution pension scheme
239,090
227,969

4,771,561
4,855,626


The average monthly number of persons (including members) employed during the year was as follows:


        2024
        2023
            No.
            No.







Fee earners
31
31



Support staff
13
13

44
44


8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
9
9












9.


Interest receivable

2024
2023
£
£


Other interest receivable
157
-

157
-

Page 18

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Library
Computer equipment & Software
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
2,438,694
803,699
54,200
704,036
4,000,629


Additions
36,037
2,554
-
41,126
79,717



At 31 December 2024

2,474,731
806,253
54,200
745,162
4,080,346



Depreciation


At 1 January 2024
1,601,879
705,983
54,200
592,322
2,954,384


Charge for the year
264,789
24,559
-
52,854
342,202



At 31 December 2024

1,866,668
730,542
54,200
645,176
3,296,586



Net book value



At 31 December 2024
608,063
75,711
-
99,986
783,760



At 31 December 2023
836,815
97,716
-
111,714
1,046,245

There are no assets held under finance leases (2023: £nil). There are no capital commitments at 31 December 2024 (2023: £nil).

Page 19

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Debtors

2024
2023
£
£


Trade debtors
2,176,219
1,248,400

Amounts owed by related entities and parent entity
1,506,277
2,112,539

Other debtors
28,349
19,253

Prepayments and accrued income
318,642
307,285

Amounts recoverable on long-term contracts
4,098,576
3,942,086

8,128,063
7,629,563


Trade debtors are stated after provision for impairment of £nil (2023: nil).

Amounts due from parent undertaking are unsecured, do not bear interest and have no fixed date of repayment.

There is no difference between the fair value and carrying value of trade debtors and amounts recoverable on contracts


12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
841,809
523,589

841,809
523,589



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
204,692
86,027

Amounts owed to parent entity and related entities
428,726
493,032

Other taxation and social security
954
905

Other creditors
26,302
25,634

Accruals and deferred income
369,813
456,108

1,030,487
1,061,706


There is no material difference between the fair value and carrying value of trade creditors and other creditors.

Page 20

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
307,000
514,000

307,000
514,000


Of the accruals and deferred income £207,035 (2023: £207,035) is due in over one year but not more than two years, £99,965 (2023: £306,965) is due in over two years but not more than five years and £nil (2023: nil) is due in more than five years.

All creditors falling due after more than one year have not been discounted as the members are of the opinion that the difference to the figures presented above would not be material


15.


Provisions





Dilapidation provision

£





At 1 January 2024
534,150



At 31 December 2024
534,150

The provision is the estimated cost of repairs at the end of the tenancy of the LLP's current operating lease. The amount provided is based on the members' best estimate of the likely committed outflow. The members expect the provisions as at 31 December 2024 to be paid in the year ending 31 December 2027.

Page 21

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Analysis of net debt




At 1 January 2024
Arising from cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

523,589

318,220

841,809

Net debt (before members' debt)
523,589
318,220
841,809

Loans and other debts due to members




Members' capital

(1,515,720)

59,307

(1,456,413)

Net debt


(992,131)
377,527
(614,604)


17.


Prior year adjustment

The prior year financial statements have been restated to include a prior year adjustment to correct a material error noted by the members in the period. The error relates to exchange differences within the members' reserves at 31 December 2023 which had not been written off to the statement of comprehensive income. A prior year adjustment has been made amounting to £495,331 to write this amount of to the statement of comprehensive income in 2023.
The impact of the prior year adjustment reduces profit by £495,331 and net assets do not change as result of this entry.


18.


Contingent liabilities

In the normal course of business, the LLP may receive claims for alleged negligence. Professional indemnity cover is maintained in respect of professional negligence through both the commercial market and the firm's owned captive insurance company.


19.


Pension commitments

The LLP contributes monthy to a pension scheme for all employees equal to 6% of each employee's salary. The individual employee's pension scheme account is controlled by the individual employee and not the LLP. Total contributions made by the LLP for the year ended 31 December 2024, were £239,090 (2023: £227,969). Of these contributions £nil (2023: £nil) were unpaid at the year end.

Page 22

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Commitments under operating leases

At 31 December 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
652,776
652,776

Later than 1 year and not later than 5 years
1,631,938
2,284,714

2,284,714
2,937,490


21.


Financial risk management

The LLP is exposed to certain risks that are associated with its financial assets and financial liabilities. The main financial risks for the LLP are credit risk, currency risk and liquidity risk.
Credit risk is the risk that counterparties fail to fulfil their obligations and the collateral is not sufficient to cover the exposure. The LLP manages the risk that a counterparty will be unable to pay amounts in full when due by a combination of active credit control and client diversification.
The LLP is exposed to currency risk in respect of assets, liabilities, revenues and expenses denominated in currencies other than Pound Sterling. The most significant currencies to which the LLP is exposed are the US Dollar and the Euro. The LLP does not use forward exchange to hedge exposure risk in respect of asset and liability balances as management do not believe there to be a significant exposure to currency risk. The LLP reviews any potential impacts related to currency risks and the policies it should implement to manage this.
The LLP will be exposed to liquidity risk if it encounters difficulties meeting its obligations with respect to financial liabilities. The LLP maintains a sufficient amount of cash with its banks in order to minimise its liquidity risk.

Page 23

 
VEDDER PRICE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Related party transactions, parent entity and controlling parties

Vedder Price P.C. is related to the LLP by virtue of direct ownership by the partners of Vedder Price Holdings Limited (as Bare Trustee). and representation through the Management Committee. 
During the year, the operations of the LLP were funded by Vedder Price P.C., and in addition, the LLP paid Vedder Price P.C. for administration and support services. Fee notes and payments were exchanged between the two entities in the normal course of business. The Vedder Price Singapore entity also had material transactions with Vedder Price LLP, which were carried out on an arm's length basis. Other transactions with additional Vedder Price group entities were immaterial and similarly conducted in the normal course of business, also adhering to arm's length principles.

During the financial year ended 31 December 2024, the total transactions with Vedder Price P.C had a net movement of £487,897 (2023: £450,412). At 31 December 2024 the amount of £1,624,532 (2023: £2,112,539) due to the LLP. This amount is net as the right to offset has been applied as been agreed with the parent undertaking.

During the financial year ended 31 December 2024, the total transactions with Vedder Price Singapore had a net movement of £369,393 (2023: £151,663). At 31 December 2024 the amount of £369,503 (2023: £493,032) due from the Singapore office.
The members consider that the ultimate controlling parties are the members of Vedder Price P.C.


23.


Post balance sheet events

The LLP has evaluated post balance sheet events through to the date on which these financial statements were issued, and has determined there are no material subsequent events to disclose.

 
Page 24