IRIS Accounts Production v25.4.0.155 OC356937 designated member designated member 1.4.24 31.3.25 31.3.25 false true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh OC356937 2024-03-31 OC356937 2025-03-31 OC356937 2024-04-01 2025-03-31 OC356937 2022-12-31 OC356937 2023-01-01 2024-03-31 OC356937 2024-03-31 OC356937 ns15:EnglandWales 2024-04-01 2025-03-31 OC356937 ns14:PoundSterling 2024-04-01 2025-03-31 OC356937 ns10:PartnerLLP1 2024-04-01 2025-03-31 OC356937 ns10:PartnerLLP2 2024-04-01 2025-03-31 OC356937 ns10:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC356937 ns10:SmallEntities 2024-04-01 2025-03-31 OC356937 ns10:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 OC356937 ns10:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC356937 ns10:LimitedLiabilityPartnershipsSORP 2024-04-01 2025-03-31 OC356937 ns10:FullAccounts 2024-04-01 2025-03-31 OC356937 1 2024-04-01 2025-03-31 OC356937 ns10:PartnerLLP3 2024-04-01 2025-03-31 OC356937 ns10:PartnerLLP4 2024-04-01 2025-03-31 OC356937 ns10:PartnerLLP5 2024-04-01 2025-03-31 OC356937 ns10:RegisteredOffice 2024-04-01 2025-03-31 OC356937 ns5:CurrentFinancialInstruments 2025-03-31 OC356937 ns5:CurrentFinancialInstruments 2024-03-31 OC356937 ns5:NetGoodwill 2024-04-01 2025-03-31 OC356937 ns5:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 OC356937 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 OC356937 ns5:LeaseholdImprovements 2024-04-01 2025-03-31 OC356937 ns5:FurnitureFittings 2024-04-01 2025-03-31 OC356937 ns5:ComputerEquipment 2024-04-01 2025-03-31 OC356937 ns5:NetGoodwill 2024-03-31 OC356937 ns5:IntangibleAssetsOtherThanGoodwill 2024-03-31 OC356937 ns5:NetGoodwill 2025-03-31 OC356937 ns5:IntangibleAssetsOtherThanGoodwill 2025-03-31 OC356937 ns5:NetGoodwill 2024-03-31 OC356937 ns5:IntangibleAssetsOtherThanGoodwill 2024-03-31 OC356937 ns5:LeaseholdImprovements 2024-03-31 OC356937 ns5:FurnitureFittings 2024-03-31 OC356937 ns5:ComputerEquipment 2024-03-31 OC356937 ns5:LeaseholdImprovements 2025-03-31 OC356937 ns5:FurnitureFittings 2025-03-31 OC356937 ns5:ComputerEquipment 2025-03-31 OC356937 ns5:LeaseholdImprovements 2024-03-31 OC356937 ns5:FurnitureFittings 2024-03-31 OC356937 ns5:ComputerEquipment 2024-03-31 OC356937 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 OC356937 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 OC356937 ns5:WithinOneYear 2025-03-31 OC356937 ns5:WithinOneYear 2024-03-31 OC356937 ns5:BetweenOneFiveYears 2025-03-31 OC356937 ns5:BetweenOneFiveYears 2024-03-31 OC356937 ns5:MoreThanFiveYears 2025-03-31 OC356937 ns5:MoreThanFiveYears 2024-03-31 OC356937 ns5:AllPeriods 2025-03-31 OC356937 ns5:AllPeriods 2024-03-31 OC356937 ns5:Secured 2025-03-31 OC356937 ns5:Secured 2024-03-31

REGISTERED NUMBER: OC356937 (England and Wales)

| Report of the Members and |

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Penmans Solicitors LLP |

| Penmans Solicitors LLP (Registered number: OC356937) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| General Information | 1 |

| Report of the Members | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 5 |

| Penmans Solicitors LLP |

General Information

for the Year Ended 31 March 2025

| DESIGNATED MEMBERS: | D W Latham

| E L Wyatt

| D A Davenport

| C E McGinnity

| J L Wilson

| REGISTERED OFFICE: | 17a Queens Road

| Coventry

| West Midlands

| CV1 3DH

| REGISTERED NUMBER: | OC356937 (England and Wales)

| ACCOUNTANTS: | Leigh Christou Ltd

| Chartered Certified Accountants

| Leofric House

| Binley Road

| Coventry

| CV3 1JN

| Penmans Solicitors LLP (Registered number: OC356937) |

Report of the Members

for the Year Ended 31 March 2025

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of the provision of legal services.

DESIGNATED MEMBERS

The designated members during the year under review were:

D W Latham

E L Wyatt

D A Davenport

C E McGinnity

J L Wilson

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £872,551 (2024 - £693,570 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

E L Wyatt - Designated member

25 November 2025

| Penmans Solicitors LLP (Registered number: OC356937) |

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 137,500 |  | 137,500 |  |

Tangible assets | 5 | 11,742 |  | 20,917 |  |

149,242 |  | 158,417 |  |

CURRENT ASSETS

Debtors | 6 | 904,915 |  | 765,859 |  |

Cash in hand | 401 |  | 328 |  |

905,316 |  | 766,187 |  |

CREDITORS

Amounts falling due within one year | 7 | 381,778 |  | 547,500 |  |

NET CURRENT ASSETS | 523,538 |  | 218,687 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | 672,780 |  | 377,104 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 672,780 |  | 377,104 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 672,780 |  | 377,104 |  |

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(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 year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

| Penmans Solicitors LLP (Registered number: OC356937) |

Balance Sheet - continued

31 March 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 25 November 2025 and were signed by:

E L Wyatt - Designated member

D W Latham - Designated member

| Penmans Solicitors LLP (Registered number: OC356937) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Penmans Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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 the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover represents the value of services provided during the year. This value represents the amounts expected to be recovered from clients based upon time spent and expenses incurred excluding VAT. Fee income is recognised as the service provided progresses and the right to consideration is secured, except in respect of certain services whereby the final outcome cannot be assessed with reasonable certainty.

| Fee income in respect of contingent fee services is recognised in the period when the contingent service occurs and collectability of the fee is assured.

| Unbilled fee income for services provided is included as work in progress within other debtors.

| Unrecovered fee income over 120 days old is recognised as a bad debt expense.

| Amortisation of goodwill

| In accordance with the established accounting policy of the predecessor firm, Penmans Solicitors, goodwill is not amortised on the basis that the members believe that the market value of the underlying goodwill is considerably greater than the current carrying value.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of nil years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | Period of lease

| Fixtures and fittings | - | 15% on reducing balance

| Computer equipment | - | Straight line over 3 years

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

| Disbursements

| Disbursements are not included within fee income or expenses, but are netted off against each other.

| Penmans Solicitors LLP (Registered number: OC356937) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Members' remuneration

| The profits of the Limited Liability Partnership are divided among the members in accordance with the agreed profit sharing arrangements.

| A member's share of the profit or loss for the year is accounted for as an allocation of profits.

| The firm's drawings policy entitles each member to draw a proportion of their share of profits in monthly instalments subject to the cash requirements of the business. The balance of profits is shared among the members and made available for drawing (subject to the cash requirements of the business) in the proportions determined by the members' agreement.

3. | EMPLOYEE INFORMATION

| The average number of employees during the year was 48 (2024 - 46 ) .

4. | INTANGIBLE FIXED ASSETS

| Other |

| intangible |

| Goodwill |  | assets |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 120,000 |  | 17,500 |  | 137,500 |  |

| NET BOOK VALUE

| At 31 March 2025 | 120,000 |  | 17,500 |  | 137,500 |  |

| At 31 March 2024 | 120,000 |  | 17,500 |  | 137,500 |  |

5. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 6,825 |  | 46,477 |  | 313,311 |  | 366,613 |  |

| DEPRECIATION

| At 1 April 2024 | 6,825 |  | 38,543 |  | 300,328 |  | 345,696 |  |

| Charge for year | - |  | 1,189 |  | 7,986 |  | 9,175 |  |

| At 31 March 2025 | 6,825 |  | 39,732 |  | 308,314 |  | 354,871 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 6,745 |  | 4,997 |  | 11,742 |  |

| At 31 March 2024 | - |  | 7,934 |  | 12,983 |  | 20,917 |  |

| Penmans Solicitors LLP (Registered number: OC356937) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 465,560 |  | 314,735 |  |

| Other debtors | 439,355 |  | 451,124 |  |

904,915 |  | 765,859 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans (see note 8) | 154,326 |  | 283,691 |  |

| Trade creditors | 68,424 |  | 61,200 |  |

| Taxation and social security | 134,283 |  | 110,879 |  |

| Other creditors | 24,745 |  | 91,730 |  |

381,778 |  | 547,500 |  |

8. | LOANS

| An analysis of the maturity of loans is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 49,890 |  | 241,582 |  |

| Bank loans - less than 1 yr | 104,436 |  | 42,109 |  |

154,326 |  | 283,691 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 116,748 |  | 52,898 |  |

| Between one and five years | 237,300 |  | 183,897 |  |

| In more than five years | 34,313 |  | 80,063 |  |

388,361 |  | 316,858 |  |

| Penmans Solicitors LLP (Registered number: OC356937) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank overdrafts | 49,890 |  | 241,582 |  |

| Bank loans | 104,436 |  | 42,109 |  |

154,326 |  | 283,691 |  |

| The bank borrowing facilities are secured by a debenture incorporating a legal charge dated 22 December 2010, together with the individual personal guarantees of the members, restricted to a maximum of £44,000 each.

11. | RELATED PARTY DISCLOSURES

| Included within other creditors at 31st March 2025 is £NIL (2024: £49,884) due to a former member Mr P Jones following his retirement from the LLP at 31st December 2023.

| The LLP paid rent on an open market basis totalling £36,000 (2024 - £45,000) in respect of office premises owned by the Penmans Property Partnership, a business in which certain of the current designated members have an interest. The balance due to the Penmans Property Partnership as at 31 March 2025 in respect of these transactions, was £NIL (2024 - £NIL).

12. | ULTIMATE CONTROLLING PARTY

| The LLP is controlled by the members.