Limited Liability Partnership Registration No. OC334768 (England and Wales)
KUIT STEINART LEVY LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2025
30 April 2025
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
KUIT STEINART LEVY LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr S P Eccleston
Mr R A Levy
LLP registration number
OC334768
Registered office
3 St Mary's Parsonage
Manchester
M3 2RD
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
KUIT STEINART LEVY LLP
CONTENTS
Page
Members' report
1 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 23
KUIT STEINART LEVY LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The members present their annual report and financial statements for the year ended 30 April 2025.

Principal activities and business review

The principal activity of the limited liability partnership continued to be the provision of legal services.

The members are satisfied with the firm’s performance during the year having achieved significant growth, meeting and surpassing its targeted goals for 2025. This growth has been evident across all core business areas, contributing to an overall increase in turnover of more than 16%. In addition the firm increased profit, dealt with the changes in partnership taxation , improved its cash position and reduced lockup.

The challenges presented by the cyber incident in 2023-2024, and the manner in which they were dealt with influenced and contributed to this growth trajectory.

In line with its historic conservative business-first approach, the partners also thoroughly reviewed the firm's debt position prior to year end. Following this review substantial provisions have been made to address historic debts and manage the growth in lock-up resulting from the cyber incident. The conscious efforts to reduce debtors have proven to be successful, further strengthening the businesses financial standing.

The partners remain committed to maintaining a flexible and supportive culture for the firms’ members and employees. Some concerns have arisen regarding the ongoing pressure of work upon employees. To address this, the firm intends (during the 25/26 year) to increase efforts relating to the fostering of its positive culture and teamwork.

The businesses dedication to having a broader environmental and societal impact remains unwavering, as does its focus on investing in people to support mid to long-term growth.

The leadership team continuously review actions to ensure controlled growth, high-quality service, and prudent financial management, balancing immediate and long-term interests. This includes teams reviewing the firm position to ensure a balance between business investment, increasing returns, and retaining a healthy work-life balance for all.

As in previous years, future strategy will continue to prioritise growth in business and its people's abilities while supporting regional development.

The firm intends maintaining a demanding and supportive environment for members and staff, serving the legal needs of businesses, business owners, and high-net-worth individuals particularly based or connected to the Greater Manchester region.

The business believes it can advance its growth targets via increased focus on high-value, complex higher value work also increasing margins. It is appreciated that this change may involve reducing low-value, straightforward activities. The members believe any reduction in revenue from low value matters will be more than compensated by the returns from more complex advisory work.

The members of the business are committed to continuous improvement in expertise and service levels for clients, with increased adoption of technology central to it 's strategy.

The members remain devoted to the long-term prosperity of the business, prioritising sustained investment in people, skills, infrastructure, and systems over short-term profit increases.

Members' capital and interests

Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

Details of changes in members' capital in the year ended 30 April 2025 are set out in the Reconciliation of Members' Interests.

KUIT STEINART LEVY LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Members' drawings, contributions and repayments

During the year, the members receive monthly drawing and additional profit distributions. The level and timing of the additional profit distributions is decided by the members after taking into account the partnership's cash requirements for operating and investment activities. The monthly drawings and profit distributions are automatically allocated and are reclaimable from members until profits have been allocated. Any over distribution of profits during the year is also recoverable from members.

The Limited Liability Partnership Agreement provides that upon approval of the accounts in respect of any financial period, the profits are allocated in full to the Members. Accordingly all profits relating to the LLP are shown as Members' remuneration charged as an expense in the statement of comprehensive income.

The capital requirements of the partnership are determined by the members and are reviewed regularly. Each member is required to subscribe a proportion of this capital. The amount of capital subscribed by each member is usually linked to the earnings allocated to that member. Interest paid on the members capital is determined by the management committee. On leaving the partnership, a member's capital is repaid on termination and attracts interest if not paid.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S P Eccleston
Mr R A Levy
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of members' responsibilities

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The members' are responsible for the maintenance and integrity of the limited liability partnership website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

KUIT STEINART LEVY LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Approved by the members on 14 November 2025 and signed on behalf by:
14 November 2025
Mr S P Eccleston
Designated Member
KUIT STEINART LEVY LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KUIT STEINART LEVY LLP
- 4 -
Opinion

We have audited the financial statements of Kuit Steinart Levy LLP (the limited liability partnership, the 'LLP') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 30 April 2025 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 LLP's 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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

KUIT STEINART LEVY LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KUIT STEINART LEVY LLP
- 5 -
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 LLPs 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, 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.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

KUIT STEINART LEVY LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KUIT STEINART LEVY LLP
- 6 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the LLP's remuneration policies, key drivers for members’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- the matters discussed among the audit engagement team and relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- a ny matters we identified having obtained and reviewed the LLP's documentation of their policies and procedures relating to:

  - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the LLP's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the LLP operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

KUIT STEINART LEVY LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KUIT STEINART LEVY LLP
- 7 -

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC and the SRA; and

- in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our 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 auditor's 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.

Miss Helen Louise Clayton BSc FCA
Senior Statutory Auditor
For and on behalf of PM+M Solutions for Business LLP
14 November 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
KUIT STEINART LEVY LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
Turnover
7
19,005,673
15,859,506
Other operating income
148,876
142,397
19,154,549
16,001,903
Staff costs
5
(8,316,055)
(7,517,290)
Depreciation
3
(221,529)
(219,336)
Other operating expenses
(5,322,276)
(3,760,258)
Operating profit
3
5,294,689
4,505,019
Interest receivable and similar income
602,762
577,364
Interest payable and similar expenses
8
(95,468)
(85,506)
Profit for the financial year before members' remuneration and profit shares
5,801,983
4,996,877
Members' remuneration charged as an expense
6
(5,801,983)
(4,996,877)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

KUIT STEINART LEVY LLP
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
257,317
399,897
Current assets
Debtors
10
6,956,488
7,021,181
Cash at bank and in hand
1,900,534
1,674,752
8,857,022
8,695,933
Creditors: amounts falling due within one year
11
(3,671,343)
(3,033,525)
Net current assets
5,185,679
5,662,408
Total assets less current liabilities
5,442,996
6,062,305
Creditors: amounts falling due after more than one year
12
(163,334)
(443,333)
Net assets attributable to members
5,279,662
5,618,972
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
1,740,000
1,755,000
Other amounts
3,539,662
3,863,972
5,279,662
5,618,972
The financial statements were approved by the members and authorised for issue on 14 November 2025 and are signed on their behalf by:
14 November 2025
Mr S P Eccleston
Designated member
Limited Liability Partnership registration number OC334768 (England and Wales)
KUIT STEINART LEVY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
Current financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2025
£
£
£
Members' interests at 1 May 2024
1,755,000
3,863,972
5,618,972
5,618,972
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
5,801,983
5,801,983
5,801,983
Result for the financial year available for discretionary division among members
-
-
-
-
Members interests after profit and remuneration for the year
1,755,000
9,665,955
11,420,955
11,420,955
Reclassification on retirement of former members
17,181
17,181
17,181
Drawings on account and distributions of profit
-
(6,158,474)
(6,158,474)
(6,158,474)
Transfers of members' interests
(15,000)
15,000
-
-
Members' interests at 30 April 2025
1,740,000
3,539,662
5,279,662
5,279,662
KUIT STEINART LEVY LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Prior financial year
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 May 2023
1,730,000
3,845,145
5,575,145
5,575,145
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
4,996,877
4,996,877
4,996,877
Result for the financial year available for discretionary division among members
-
-
-
-
Members interests after profit and remuneration for the year
1,730,000
8,842,022
10,572,022
10,572,022
Introduced by members
75,000
-
75,000
75,000
Transfer of members' interests
(50,000)
50,000
-
-
Drawings on account and distributions of profit
-
(5,028,050)
(5,028,050)
(5,028,050)
Members' interests at 30 April 2024
1,755,000
3,863,972
5,618,972
5,618,972
KUIT STEINART LEVY LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
5,821,266
4,070,888
Investing activities
Purchase of tangible fixed assets
(123,947)
(188,995)
Proceeds from disposal of tangible fixed assets
44,998
24,820
Interest received
602,762
577,364
Net cash generated from investing activities
523,813
413,189
Financing activities
Capital introduced by members (classified as debt or equity)
-
75,000
Payments to members
(6,158,474)
(5,028,050)
Proceeds from new bank loans
3,383,187
2,560,972
Repayment of bank loans
(3,248,542)
(2,597,312)
Interest paid
(95,468)
(85,506)
Net cash used in financing activities
(6,119,297)
(5,074,896)
Net increase/(decrease) in cash and cash equivalents
225,782
(590,819)
Cash and cash equivalents at beginning of year
1,674,752
2,265,571
Cash and cash equivalents at end of year
1,900,534
1,674,752
KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Limited liability partnership information

Kuit Steinart Levy LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 St Mary's Parsonage, Manchester, M3 2RD.

The LLP's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Report 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" issued in 2018. There were no material departures from that standard.

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

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

T he principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for services provided to clients in the normal course of business, and is shown net of VAT and disbursements.

Amounts recoverable on contracts

Services provided to client during the year, which at the date of the Statement of financial position have not been billed to clients, have been recognised as turnover in accordance with FRS 102. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the date of the Statement of financial position as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included as "Amounts recoverable on contracts".

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse paymen t.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computer equipment
33% straight line
Motor vehicles
33% reducing balance
Office equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, an assessment for impairment of fixed assets is conducted. The r ecoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

Amounts retained for tax are treated in the same way as other profits of the partnership and are so included in "Members' interests" or in "Loans and other debts due to members'" as appropriate.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.12

Taxation

The taxation payable on the LLP's profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the LLP are accounted for in these financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The members do not consider there are any critical judgements in relation to the application of accounting policies within the financial statements.

KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for irrecoverable trade debtors

Management assess the recoverability of trade receivables on an ongoing basis and recognise provisions where there is objective evidence that balances may not be fully recoverable. This includes consideration of the customer’s financial position, specific circumstances, and the ageing profile of the debt. Older receivables are assessed as having a higher likelihood of non-recovery. Judgement is required in determining the amount and timing of any expected credit losses.

Amounts recoverable on long term contracts

Amounts recoverable on long-term contracts represent unbilled revenue relating to time incurred on ongoing matters. These balances are reviewed for recoverability at each reporting date. Provisions are made where the value of time incurred exceeds agreed or expected fees, or where the stage or circumstances of a matter indicate that billing or recovery is unlikely. The assessment includes consideration of billing history, contractual terms, expected recoveries, and matter-specific factors. Significant judgement is applied in determining the extent to which unbilled time and costs are expected to be invoiced and recovered.

3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
252,679
224,897
Profit on disposal of tangible fixed assets
(31,150)
(5,561)
Operating lease charges
406,964
409,429
4
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
25,550
24,000
For other services
SRA Accounts rules compliance and reporting
16,450
15,500
KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
5
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Designated members
2
2
Members
17
17
Salaried members
18
14
Fee earners
97
93
Administration staff
77
74
Total
211
200

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,956,312
6,320,548
Social security costs
752,802
648,544
Pension costs
606,941
548,198
8,316,055
7,517,290

Total staff costs including salaried members' remuneration totalled £10,137,241 (2024: £8,888,870).

Key management personnel are defined as the members and the senior management team of the LLP. Members' remuneration is disclosed below.

The total emoluments of key management personnel including pension costs were £2,910,365 (2024: £2,991,205).

6
Members' remuneration
2025
2024
Number
Number
Average number of members during the year
37
33
2025
2024
£
£
Profit attributable to the member with the highest entitlement
475,905
435,321
KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
6
Members' remuneration
(Continued)
- 19 -
2025
2024
Members' remuneration comprises:
£
£
Remuneration paid under an employment contract
1,821,186
1,369,955
Remuneration under participation rights
3,980,797
3,626,922
5,801,983
4,996,877
7
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Provision of legal services
19,005,673
15,859,506
2025
2024
£
£
Other significant revenue
Interest income
602,762
577,364
Other operating income
148,876
142,397

All turnover arose within the United Kingdom.

Other operating income relates to out of pocket expenses and disbursements recharged to clients during the year, excluding VAT.

8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
95,468
85,506
KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
9
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 May 2024
539,512
608,744
202,372
215,274
1,565,902
Additions
1,663
18,382
103,048
854
123,947
Disposals
-
-
(133,781)
-
(133,781)
At 30 April 2025
541,175
627,126
171,639
216,128
1,556,068
Depreciation and impairment
At 1 May 2024
416,846
440,843
143,765
164,551
1,166,005
Depreciation charged in the year
81,882
96,924
39,377
34,496
252,679
Eliminated in respect of disposals
-
-
(119,933)
-
(119,933)
At 30 April 2025
498,728
537,767
63,209
199,047
1,298,751
Carrying amount
At 30 April 2025
42,447
89,359
108,430
17,081
257,317
At 30 April 2024
122,666
167,901
58,607
50,723
399,897
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,372,731
4,097,561
Gross amounts owed by contract customers
2,386,964
1,976,434
Other debtors
20,372
5,878
Prepayments and accrued income
1,176,421
941,308
6,956,488
7,021,181
11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
13
1,461,638
1,046,994
Trade creditors
548,426
375,042
Other taxation and social security
289,135
352,120
Other creditors
81,427
63,823
Accruals and deferred income
1,290,717
1,195,546
3,671,343
3,033,525
KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
12
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
163,334
443,333
13
Loans and overdrafts
2025
2024
£
£
Bank loans
1,624,972
1,490,327
Payable within one year
1,461,638
1,046,994
Payable after one year
163,334
443,333

The CBIL bank loan of £443,333 (202 4: £723,333) is secured by a debenture giving a fixed and floating charge over the LLP's assets. The loan is repayable in monthly instalments until 30 November 2026 and bears a 3.1% fixed rate of interest.

Short-term bank loans of £1,181,639 (2024: £766,994) comprise two separate facilities. One loan of £600,712 is repayable in monthly instalments by July 2025 and carries a fixed interest rate of 5.87%. The second loan of £580,927 is repayable in monthly instalments by September 2025 and carries a fixed interest rate of 6.16%. In the prior year, short-term borrowings totalled £766,994 and bore a fixed interest rate of 5.00%.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
606,941
548,198

The LLP operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

At the balance sheet date, these contributions outstanding totalled £64,154 (20 2 4: £56,410).

15
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Member capital treated as debt
1,740,000
1,755,000
Amounts due to members
3,539,662
3,863,972
5,279,662
5,618,972

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
16
Operating lease commitments
Lessee

At the reporting end date the LLP had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
399,259
417,015
Between two and five years
111,522
412,435
510,781
829,450
17
Related party transactions

In the opinion of the members there is no controlling party as defined by Financial Reporting Standard 102.

During the year, rent of £187,500 (2024: £187,500) was paid to Pearlchoice Limited and Pearlchoice 2 Limited, companies owned by certain current and former members of Kuit Steinart Levy LLP. At the year end £Nil was outstanding (2024: £Nil) to Pearlchoice Limited and Pearlchoice 2 Limited.

18
Cash generated from operations
2025
2024
£
£
Profit after taxation
5,801,983
4,996,877
Adjustments for:
Finance costs recognised in profit or loss
95,468
85,506
Investment income recognised in profit or loss
(602,762)
(577,364)
Profit on disposal of tangible fixed assets
(31,150)
(5,561)
Depreciation and impairment of tangible fixed assets
252,679
224,897
Movements in working capital:
Decrease/(increase) in debtors
81,874
(467,034)
Increase/(decrease) in creditors
223,174
(186,433)
Cash generated from operations
5,821,266
4,070,888
KUIT STEINART LEVY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
19
Analysis of changes in net funds
1 May 2024
Cash flows
Other non-cash changes
30 April 2025
£
£
£
£
Cash at bank and in hand
1,674,752
225,782
-
1,900,534
Borrowings excluding overdrafts
(1,490,327)
(134,645)
-
(1,624,972)
Balances before members' debt
184,425
91,137
-
275,562
Loans and other debts due to members:
- Members' capital
(1,755,000)
-
15,000
(1,740,000)
- Other amounts due to members
(3,863,972)
6,158,474
(5,834,164)
(3,539,662)
Balances including members' debt
(5,434,547)
6,249,611
(5,819,164)
(5,004,100)
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