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

Page

General Information

1

Report of the Members

2

Balance Sheet

3

Notes to the Financial Statements

5

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

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

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.

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

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.

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

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

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.