| REGISTERED NUMBER: |
| Report of the Members and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Cannons Law Practice LLP |
| REGISTERED NUMBER: |
| Report of the Members and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Cannons Law Practice LLP |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Cannons Law Practice LLP |
| General Information |
| for the Year Ended 31 March 2025 |
| DESIGNATED MEMBERS: |
| Mr Derrick Trainer |
| Tobermory Hotel Limited |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 25 Sandyford Place |
| Glasgow |
| G3 7NG |
| Cannons Law Practice LLP (Registered number: SO303436) |
| 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 solicitors. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| Mr Derrick Trainer |
| Tobermory Hotel Limited (from 31.3.25) |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The profit for the year before members' remuneration and profit shares was £83,727 (2024 - £26,484 profit). |
| MEMBERS' INTERESTS |
| ON BEHALF OF THE MEMBERS: |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Income Statement |
| for the Year Ended 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 85,768 | 27,217 |
| Interest payable and similar expenses | 5 |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
26,153 |
9,420 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
26,153 |
9,420 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 10 | 26,153 | 9,420 |
| 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. |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Cannons Law Practice LLP is registered in Scotland. 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 (£). |
| The principal activity of the LLP in the year under review was that of solicitors. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Fittings and equipment | - |
| Computer equipment | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| 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. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2025 | 2024 |
| £ | £ |
| Depreciation - owned assets |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Bank interest |
| Interest on VAT paid late |
| 6. | TANGIBLE FIXED ASSETS |
| Fittings |
| and | Computer |
| equipment | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Cannons Law Practice LLP (Registered number: SO303436) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| 10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| Loans and other debts due to members rank after other creditors. |