V&S Solicitors LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC344486 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

V&S SOLICITORS LLP

Page

General Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

Mrs S Vento

Mr C Vento

REGISTERED OFFICE:

Central House

1 Ballards Lane

Finchley

London

N3 1LQ

REGISTERED NUMBER:

OC344486 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of V&S Solicitors LLP for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of V&S Solicitors LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of V&S Solicitors LLP and state those matters that we have agreed to state to the members of V&S Solicitors LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than V&S Solicitors LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that V&S Solicitors LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of V&S Solicitors LLP. You consider that V&S Solicitors LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of V&S Solicitors LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

23 December 2025

FIXED ASSETS

Tangible assets

4

1,647

-

CURRENT ASSETS

Debtors

5

35,367

10,681

Cash at bank and in hand

1,986

33,603

37,353

44,284

CREDITORS

Amounts falling due within one year

6

23,744

18,673

NET CURRENT ASSETS

13,609

25,611

TOTAL ASSETS LESS CURRENT
LIABILITIES

15,256

25,611

CREDITORS

Amounts falling due after more than one
year

7

5,256

10,379

NET ASSETS ATTRIBUTABLE TO
MEMBERS

10,000

15,232

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

-

5,232

MEMBERS' OTHER INTERESTS

Capital accounts

10,000

15,232

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

-

5,232

Members' other interests

10,000

Amounts due from members

5

(25,430

)

-

(15,430

)

15,232

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 22 December 2025 and were signed by:

Mr C Vento - Designated member

1.	STATUTORY INFORMATION

V & S Solicitors LLP is registered in England and Wales. The LLP's registered number is OC344486 and its registered office is Central House, 1 Ballards Lane, Finchley, London, N3 1LQ.

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.

These financial statements are prepared on a going concern basis.

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reports for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

There are no judgements or estimates that can be considered significant.

Turnover

Turnover is recognised as revenue is earned, under a wide variety of contracts to provide professional services, when and to the extent the LLP obtains the right to consideration in exchange for its performance under the contracts. It is measured at the fair value of the right to consideration, including expenses and disbursements, but excluding VAT.

Turnover that has been earned but not been billed to clients is included within debtors, and amounts billed in excess of revenue recognised are included in creditors.

Costs in respect of contingency fee assignments are written off to the profit and loss account as incurred until the contingent event occurs and collectability is assured.

Tangible fixed assets

All fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and machinery

- 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

Financial instruments

The LLP only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Finance Costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate 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.

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

2,470

At 31 March 2025

2,470

DEPRECIATION

Charge for year

823

At 31 March 2025

823

NET BOOK VALUE

At 31 March 2025

1,647

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

3,068

1,123

Amounts due from members

25,430

-

Prepayments and accrued income

6,869

9,558

35,367

10,681

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

13,282

4,997

Trade creditors

2,032

400

VAT

1,507

7,321

Other creditors

147

95

Accruals and deferred income

6,776

5,860

23,744

18,673

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans - 1-2 years

5,256

5,125

Bank loans - 2-5 years

-

5,254

5,256

10,379

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

During the year the Management Board sets the level of interim profit allocations and members' monthly drawings after considering the working capital and funding needs of the partnership. To the extent that interim profit allocations exceed drawings then the excess profit is included in the balance sheet under trade and other payables. Where drawings exceed the allocated profits then the excess is included in trade and other receivables. Unallocated profits are included in Reserves within Members' equity.

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. There are no restrictions or limitations on the ability of the members to reduce the amount of Members' other interests'.