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Williamsons Craig LLP
Annual Report and Unaudited Financial Statements
Year Ended 31 March 2025

Registration number: OC412482

Williamsons Craig LLP

Contents

Limited liability partnership information | 1
Financial Statements | 2 to 7
Balance Sheet | 2
Notes to the Financial Statements | 4

Williamsons Craig LLP

Limited liability partnership information

Designated members | F Lukins K M Lukins

Registered office | 40 Priestpopple Hexham Northumberland NE46 1PQ

Accountants | Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Williamsons Craig LLP

Balance Sheet

31 March 2025

| Note | 31 March 2025 £ | 31 March 2024 £
Fixed assets |  |  |
Tangible assets | 3 | 4,868 | 5,447
Current assets |  |  |
Debtors | 4 | 117,172 | 110,986
Cash and short-term deposits |  | 152,633 | 125,097
|  | 269,805 | 236,083
Creditors: Amounts falling due within one year | 5 | (64,744) | (43,117)
Net current assets |  | 205,061 | 192,966
Net assets attributable to members |  | 209,929 | 198,413
Represented by: |  |  |
Loans and other debts due to members |  |  |
Members' capital classified as a liability |  | 95,000 | 125,000
Other amounts |  | 114,929 | 73,413
|  | 209,929 | 198,413
|  | 209,929 | 198,413
Total members' interests |  |  |
Loans and other debts due to members |  | 209,929 | 198,413
|  | 209,929 | 198,413

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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
(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.
(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 accorance 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 statements, so far as applicable to the LLP.

Williamsons Craig LLP

Balance Sheet

31 March 2025

The financial statements of Williamsons Craig LLP (registered number OC412482) were approved by the members and authorised for issue on 3 November 2025. They were signed on behalf of the limited liability partnership by:

......................................... F Lukins Designated member
......................................... K M Lukins Designated member

Williamsons Craig LLP

Notes to the Financial Statements

Year Ended 31 March 2025

1 | 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 years 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.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom 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.
The functional currency of Williamsons Craig LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Turnover represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.

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 year. To the extent that they
remain unpaid at the year end, they are included within "loans and other debts due to members" in the
Balance Sheet.

Williamsons Craig LLP

Notes to the Financial Statements

Year Ended 31 March 2025

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership 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 as 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:

Asset class | Depreciation method and rate
Fixtures & fittings | 25% reducing balance

Financial instruments

Classification

The LLP has chosen to apply the recognition and measurement principles in FRS102.
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 assets expire or substantially all the 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.
The LLP holds the following financial instruments:
- Basic financial assets comprise short term trade and other debtors and cash and bank balances.
- Basic financial liabilities comprise short term trade and other 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 adjustments.

Changes in accounting period

The prior accounting period was extended by six months to 31 March 2024 to align with the tax year end. Due to this, the amounts presented in the profit and loss for the year to 31 March 2025 are not directly comparable with the prior year figures.

Williamsons Craig LLP

Notes to the Financial Statements

Year Ended 31 March 2025

2 | Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 7 (2024 - 6).

3 | Tangible fixed assets

| Fixtures and fittings £ | Total £
Cost |  |
At 1 April 2024 | 11,318 | 11,318
Additions | 1,047 | 1,047
At 31 March 2025 | 12,365 | 12,365
Depreciation |  |
At 1 April 2024 | 5,871 | 5,871
Charge for the year | 1,626 | 1,626
At 31 March 2025 | 7,497 | 7,497
Net book value |  |
At 31 March 2025 | 4,868 | 4,868
At 31 March 2024 | 5,447 | 5,447

4 | Debtors

| 31 March 2025 £ | 31 March 2024 £
Trade debtors | 28,180 | 19,203
Prepayments and accrued income | 88,992 | 91,783
| 117,172 | 110,986

Williamsons Craig LLP

Notes to the Financial Statements

Year Ended 31 March 2025

5 | Creditors: Amounts falling due within one year

| 31 March 2025 £ | 31 March 2024 £
Trade creditors | 510 | 511
Taxation and social security | 40,985 | 25,967
Other creditors | 2,107 | 1,775
Accruals and deferred income | 21,142 | 14,864
| 64,744 | 43,117

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.

6 | Control

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.

7 | 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 £79,750 (2024 - £6,375).