Registered No. OC354056 (England and Wales)
Baileys Law LLP
Unaudited accounts
for the year ended 31 March 2025
Baileys Law LLP
LLP Information
for the year ended 31 March 2025
Designated members
Baileys Law Legal Services Ltd
Registered Number
OC354056 (England and Wales)
Registered Office
19g Normandy Way
Bodmin
Cornwall
PL31 1RB
England
Accountants
Callywith Accountants
70 Castle Street
Bodmin
Cornwall
PL31 2DY
Baileys Law LLP
Statement of financial position
as at 31 March 2025
Tangible assets
16,122
15,061
Cash at bank and in hand
31,982
95,741
Creditors: amounts falling due within one year
(123,237)
(109,561)
Net current assets
589
77,400
Total assets less current liabilities
16,711
92,461
Creditors: amounts falling due after more than one year
(1,667)
(11,667)
Net assets attributable to members
15,044
80,794
Loans and other debts due to members
7,544
73,294
Members' capital classified as equity
7,500
7,500
Loans and other debts due to members
7,544
73,294
Members' other interests
7,500
7,500
For the year ending 31 March 2025 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 17 December 2025.
Ms Nicola Chandler
Designated member
Limited Liability Partnership Registration No. OC354056
Baileys Law LLP
Notes to the Accounts
for the year ended 31 March 2025
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
Turnover represents the amounts (excluding value added tax) derived from the prpvision of services to clients during the period.
Tangible fixed assets policy
Fixed assets are carried in the balance sheet at cost less accumulated depreciation.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful live as follows:
Fixtures & fittings
15% straight line
Computer equipment
25% straight line
Work in progress is valued based on time incurred on the work undertaken for clients in accordance with recoverable Legal Services Commission rates.
Members' shares in the profit or loss for the year are accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital, even if that obligation is conditional.
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Baileys Law LLP is a limited liability partnership, incorporated in England and Wales, registration number OC354056. Its registered office is 19g Normandy Way, Bodmin, Cornwall, PL31 1RB, England.
Baileys Law LLP
Notes to the Accounts
for the year ended 31 March 2025
3
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2024
22,531
18,688
41,219
Additions
2,862
1,020
3,882
At 31 March 2025
25,393
19,708
45,101
At 1 April 2024
11,039
15,119
26,158
Charge for the year
2,153
668
2,821
At 31 March 2025
13,192
15,787
28,979
At 31 March 2025
12,201
3,921
16,122
At 31 March 2024
11,492
3,569
15,061
4
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
10,000
10,000
Trade creditors
41,316
39,896
Taxes and social security costs
65,460
53,224
Other creditors
4,866
4,866
5
Creditors: amounts falling due after more than one year
2025
2024
6
Loans and other debts due to members
2025
2024
Loans from members
53,987
27,845
Amounts due to members in respect of profits
(46,443)
45,449
Amounts falling due within one year
7,544
73,294
Loans and other debts due to members rank equally with debts due to other unsecured creditors in a winding up.
7
Average number of employees
During the year the average number of employees was 3 (2024: 6).