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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Discreet Law LLP is a limited liability partnership incorporated in England and Wales with its business and registered office address at 17a - 19 Harcourt Street, London, W1F 4HF.
The principal activity of the LLP is to provide non-SRA regulated legal services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The LLP's activities are funded by a loan from the members, and the members are satisfied that such finance as may be required to enable the LLP to meet all of its liabilities as they fall due will continue to be made available for at least 12 months from the date of approval of these financial statements
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover represents the value of services provided to client during the year exclusive of Value Added Tax. Revenue represents the fees earned by the company for acting as an agent or intermediary in transactions between third parties, and is included in turnover. Commission income is recognised when the performance obligation is satisfied, which generally occurs when the underlying transaction is complete, the amount is reliably measurable, and collectability is reasonably assured.
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