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Registration number: OC453302

Powellslaw LLP
Unaudited Filleted Financial Statements
for the period from 7 August 2024 to 31 March 2025

Powellslaw LLP

Contents

Limited liability partnership information | 1
Financial Statements | 2 to 9
Balance Sheet | 2
Notes to the Financial Statements | 4

Powellslaw LLP

Limited liability partnership information

Designated members | Mr P R Addison Mrs J H King Mrs R A Ferrari Mr S J Soper

Registered office | 7-13 Oxford Street Weston-super-Mare North Somerset BS23 1TD

Accountants | Westcotts Tallford House 38 Walliscote Road Weston-super-Mare North Somerset BS23 1LP

Powellslaw LLP

(Registration number: OC453302)
Balance Sheet as at 31 March 2025

| Note | 2025 £
Fixed assets |  |
Tangible assets | 3 | 78,249
Current assets |  |
Debtors | 5 | 833,133
Cash and short-term deposits |  | 463,751
|  | 1,296,884
Creditors: Amounts falling due within one year | 6 | (205,320)
Net current assets |  | 1,091,564
Total assets less current liabilities |  | 1,169,813
Creditors: Amounts falling due after more than one year | 7 | (160,076)
Net assets attributable to members |  | 1,009,737
Represented by: |  |
Loans and other debts due to members |  |
Members' capital classified as a liability |  | 1,009,737
|  | 1,009,737
Total members' interests |  |
Loans and other debts due to members |  | 1,009,737
|  | 1,009,737

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 provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

Powellslaw LLP

(Registration number: OC453302)
Balance Sheet as at 31 March 2025

The financial statements of Powellslaw LLP (registered number OC453302) were approved by the Board and authorised for issue on 23 September 2025. They were signed on behalf of the limited liability partnership by:

......................................... Mr P R Addison Designated member
......................................... Mr S J Soper Designated member

Powellslaw LLP

Notes to the Financial Statements for the Period from 7 August 2024 to 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales 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 Powellslaw 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.
The LLP commenced to trade on 1 January 2025 following conversion of the Powells with Chawner Grey partnership to Powellslaw LLP on that date.

Revenue recognition

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, net of value added taxes, discounts, rebates and other sales tax or duty.

Members' remuneration and division of profits

Fixed share members' share of profits 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.
Equity members' share of profits and interest earned on members' balances are automatically allocated in accordance with the LLP Members Agreement and are treated as members' remuneration charged as an expense to the profit and loss account.

Powellslaw LLP

Notes to the Financial Statements for the Period from 7 August 2024 to 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 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

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
Office equipment, fixtures and fittings | 18% of net book value. Computer equipment 4-10 years.
Leasehold improvements | Over the remaining term of the lease

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.

Debtors

Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Work in progress and accrued income
The LLP's policy for work in progress and accrued income is to not carry any value which is unrecoverable, as such management review the work in progress regularly, and irrecoverable work is written off. If the recoverability of work is doubtful, a provision will be included in the financial statements. Recoverability is subjective, based on the knowledge of the client and the details of the client assignment.
The value of accrued income is determined by valuing unbilled work with reference to standard values at the annual average rolling recovery rate.

Powellslaw LLP

Notes to the Financial Statements for the Period from 7 August 2024 to 31 March 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors and other financial liabilities, including bank loans, are measured at the transaction price.

Members' interests

Members' capital is repayable on retirement of the member and is therefore classified as a liability.

Financial instruments

Classification

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Recognition and Measurement

Instruments which are wholly payable or receivable within one year are measured at transaction price, less (in the case of debtors) any impairment.
Instruments which are repayable or receivable, in whole or in part, over more than one year are initially measured at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.

2 | Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 27.

Powellslaw LLP

Notes to the Financial Statements for the Period from 7 August 2024 to 31 March 2025

3 | Tangible fixed assets

| Short leasehold land and buildings £ | Office equipment, fixtures and fittings £ | Total £
Cost |  |  |
Additions | 45,422 | 34,845 | 80,267
At 31 March 2025 | 45,422 | 34,845 | 80,267
Depreciation |  |  |
Charge for the year | 841 | 1,177 | 2,018
At 31 March 2025 | 841 | 1,177 | 2,018
Net book value |  |  |
At 31 March 2025 | 44,581 | 33,668 | 78,249

4 | Business combinations

On 1 January 2025, Powellslaw LLP acquired 100% of the business of Powells with Chawner Grey, trading as PowellsLaw, an unincorporated partnership, obtaining control. Acquisition accounting has been adopted, however, no goodwill is deemed to be created at the date of acquisition. The consideration for the transfer of the business to the LLP was equal to the net asset value of the business. All partners became members of the LLP and each member's proportionate interest in the LLP, which was received on becoming a member of the LLP, was equal to the partner's proportionate interest in the partnership.

Powellslaw LLP

Notes to the Financial Statements for the Period from 7 August 2024 to 31 March 2025

5 | Debtors

| 2025 £
Trade debtors | 265,801
Prepayments and accrued income | 567,332
Total current trade and other debtors | 833,133

6 | Creditors: Amounts falling due within one year

| 2025 £
Bank loans and overdrafts | 78,806
Trade creditors | 13,086
Accruals and deferred income | 57,187
Taxation and social security | 56,241
| 205,320

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

| 2025 £
Bank loan | 34,316

The bank loan is secured by a fixed and floating charge over the assets of the LLP.

7 | Creditors: Amounts falling due after more than one year

| 2025 £
Bank loans and overdrafts | 160,076

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

| 2025 £
Bank loan | 160,076

The bank loan is secured by a fixed and floating charge over the assets of the LLP.

Powellslaw LLP

Notes to the Financial Statements for the Period from 7 August 2024 to 31 March 2025

8 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £
Not later than one year | 92,197
Later than one year and not later than five years | 338,337
Later than five years | 437,500
| 868,034

9 | Control

The LLP is controlled by the equity members. No single member has overall control of the LLP.