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Company registration number: OC328687
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 OCTOBER 2024
| PRODDOW MACKAY SOLICITORS LLP
PRODDOW MACKAY SOLICITORS LLP |  |
CONTENTS
| Page
Statement of Financial Position | 2 - 3
Notes to the Financial Statements | 4 - 11
PRODDOW MACKAY SOLICITORS LLP |  |
INFORMATION Designated Members D J Mackay S K Proddow
LLP registered number OC328687
Registered office PM House, 250 Shepcote Lane, Sheffield, South Yorkshire, S9 1TP
Accountants Menzies LLP, 2nd Floor, Midas House, 62 Goldsworth Road, Woking, Surrey, GU21 6LQ
Page 1
PRODDOW MACKAY SOLICITORS LLP REGISTERED NUMBER:OC328687 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 711,389 |  | 322,582
Investments | 5 |  | 856,509 |  | 856,509
|  |  | 1,567,898 |  | 1,179,091
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 8,877,736 |  | 7,619,520 |
Cash at bank and in hand |  | 531,859 |  | - |
|  | 9,409,595 |  | 7,619,520 |
Creditors: Amounts Falling Due Within One Year | 7 | (7,581,417) |  | (5,804,680) |
Net current assets |  |  | 1,828,178 |  | 1,814,840
Total assets less current liabilities |  |  | 3,396,076 |  | 2,993,931
Creditors: amounts falling due after more than one year | 8 |  | (3,552,733) |  | (3,280,113)
|  |  | (156,657) |  | (286,182)
Provisions for liabilities |  |  |  |  |
Other provisions | 10 | (330,154) |  | (418,856) |
|  |  | (330,154) |  | (418,856)
Net liabilities |  |  | (486,811) |  | (705,038)
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts |  |  | (486,811) |  | -
|  |  | (486,811) |  | -
Members' other interests |  |  |  |  |
Other reserves classified as equity |  | - |  | (705,038) |
|  |  | - |  | (705,038)
|  |  | (486,811) |  | (705,038)
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 6 |  | (4,399,624) |  | (4,178,878)
Loans and other debts due to members |  |  | (486,811) |  | -
Members' other interests |  |  | - |  | (705,038)
|  |  | (4,886,435) |  | (4,883,916)
Page 2
PRODDOW MACKAY SOLICITORS LLP REGISTERED NUMBER:OC328687 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2024 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf on 20 November 2025.
................................................ D J Mackay
Designated member
The notes on pages 4 to 11 form part of these financial statements. Proddow Mackay Solicitors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity. Page 3
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1. | General information
The entity is a limited liability partnership, incorporated and domiciled in England. The company is a tax resident in England. Proddow Mackay Solicitors LLP operates from its registered office of PM House, 250 Shepcote Lane, Sheffield, S9 1TP with registered number OC328687. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 following principal accounting policies have been applied:
| 2.2 | Going concern
At 31 October 2024 the LLP had net liabilities of £486,811 (2023 as restated - £705,038). However, based on financial projections prepared by the members, which take account of the continuing financial support of the LLP's bankers and related parties the members consider that it is appropriate to prepare the financial statements on a going concern basis. The Members have considered the impact of different scenarios on the finanical position, results of operations and cash flows for the future. After considering these, the Members expect that the LLP has adequate resources to operate within the level of its current facilities and continue in operational existance for the foreseeable future.
| 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. Page 4
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The LLP operates a defined contribution 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 Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.
| 2.8 | Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time,whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making. The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable. Page 5
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.9 | 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:
|  |  |  | Plant and machinery | - | 20%
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.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.11 | 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.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | 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. Page 6
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.14 | Transfer of members' interests
During the year £(705,038) was transferred from members' capital interests to debts due to members.
3. | Employees
| The average monthly number of persons (excluding memebers) employed during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 65 | 46
4. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 November 2023 | 1,888,736
| Additions | 548,846
| At 31 October 2024 | 2,437,582
| Depreciation |
| At 1 November 2023 | 1,566,154
| Charge for the year on owned assets | 160,039
| At 31 October 2024 | 1,726,193
| Net book value |
| At 31 October 2024 | 711,389
| At 31 October 2023 | 322,582
Page 7
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2023 | 856,509
| At 31 October 2024 | 856,509
6. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 272,308 | 349,546
| Other debtors | 3,242,961 | 2,585,619
| Prepayments and accrued income | 962,843 | 505,477
| Amounts due from members | 4,399,624 | 4,178,878
|  | 8,877,736 | 7,619,520
7. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | - | 7,148
| Bank loans | 2,190,238 | 2,210,141
| Trade creditors | 440,483 | 157,102
| Other taxation and social security | 1,497,502 | 1,131,813
| Obligations under finance lease and hire purchase contracts | 35,774 | 32,092
| Other creditors | 2,982,957 | 2,166,470
| Accruals and deferred income | 434,463 | 99,914
|  | 7,581,417 | 5,804,680
| Bank loans and net obligations under finance leases and hire purchase contracts are secured by a fixed and floating charge over all of the current and future property and assets, including debts and fixed assets.
Page 8
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 3,426,069 | 3,256,300
| Net obligations under finance leases and hire purchase contracts | 126,664 | 23,813
|  | 3,552,733 | 3,280,113
| Bank loans and net obligations under finance leases and hire purchase contracts are secured by a fixed and floating charge over all of the current and future property and assets, including debts and fixed assets.
9. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 35,774 | 32,092
| Between 1-5 years | 126,664 | 23,813
|  | 162,438 | 55,905
10. | Provisions
|  | Dilapidation provision | PI provision | Total
|  | £ | £ | £
| At 1 November 2023 | 418,856 | - | 418,856
| Charged to profit or loss | (231,702) | 143,000 | (88,702)
| At 31 October 2024 | 187,154 | 143,000 | 330,154
Page 9
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
11. | Prior year adjustment
The prior year adjustments have resulted in a £157,505 decrease in the profit for the year ended 31 October 2023 and a £157,505 decrease in the net assets as at 31 October 2023. The breakdown of the prior year adjustment are shown as follows: An adjustment was made to increase the loss totalling £157,505 by correcting various administrative expenditure incorrectly disclosed as debtors, and now recognised within the profit and loss account. An adjustment that has resulted in no effect on the profit, is a decrease to salaries costs by £364,857 to ensure that employee costs are correctly reflected in the company in which the employees carry out their duties. An adjustment has been made to increase managment charges received from PM Law Limited by £308,799. An adjustment has been made to increase managment charges received from Lexelle Limited by £56,058.
12. | Contingent liabilities
The company is part of a VAT group in which all members are jointly and severally liable for any VAT the group owes to HMRC. At 31 October 2024 the overall liability held by this company totals £1,435,017 (2023 - £1,086,681).
13. | Commitments under operating leases
| At 31 October 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 | 393,922 | 74,564
| Later than 1 year and not later than 5 years | 1,300,120 | 119,448
| Later than 5 years | 739,200 | -
|  | 2,433,242 | 194,012
Page 10
PRODDOW MACKAY SOLICITORS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
14. | Description of nature of transactions and balances with related parties
At the year end date, Proddow Mackay Solicitors LLP ("The company") had the following transactions: The company was owed £495,132 by Proddow Mackay Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company was owed £158,864 by Proddow Mackay Legal Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company was owed £131,107 by The Legal Alliance Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company was owed £99,007 by Proddow Mackay (Conveyancing) Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company was owed £1,734,091 by Lexelle Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company was owed £605,231 by 3M Law Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £1,911,750 to PM Law Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £17,501 to Valerie Holmes Law Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £570,702 to John M Lewis & Co Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £37,602 to D J Mackay and Partners LLP. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £185,065 to Butterworths Law Limited. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £3,540 to WB Pennine Solicitors LLP. The loan is interest free and is repayable on demand. The entity is under common control. The company owed £11,858 to PLA Law Limited. The loan is interest free and is repayable on demand. The entity is under common control. Motor vehicle operating leases in the name of PM Law Limited (an associated company under common control) are paid for and used by Proddow Mackay Solicitors LLP and are included as an expense in this entity’s income statement to represent the economic substance of and the benefit received of these transactions. A bank loan with Clydesdale Bank PLC in the name of PM Law Limited (an associated company under common control) was received into and loan instalments repaid by Proddow Mackay Solicitors LLP to represent the economic substance of the transaction, in respect of which the directors have obtained legal opinion.
Page 11