Loney Stewart Holland LLP
for the Year Ended 31 March 2025
Loney Stewart Holland LLP
Contents
|
Limited liability partnership information |
|
|
Financial Statements |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
Loney Stewart Holland LLP
Limited liability partnership information
|
Designated members |
|
|
Registered office |
|
|
Registered number |
|
|
Accountants |
|
Loney Stewart Holland LLP
(Registration number: OC404601)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets attributable to members |
|
|
|
|
Represented by: |
|||
|
Loans and other debts due to members |
1,536,871 |
1,034,975 |
|
|
Members' other interests |
|||
|
Capital accounts |
40,000 |
40,000 |
|
|
1,576,871 |
1,074,975 |
||
|
Total members' interests |
|||
|
Loans and other debts due to members |
1,536,871 |
1,034,975 |
|
|
Members' other interests |
|
|
|
|
1,576,871 |
1,074,975 |
Loney Stewart Holland LLP
(Registration number: OC404601)
Balance Sheet as at 31 March 2025
For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and 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.
The financial statements of Loney Stewart Holland LLP (registered number OC404601) were approved by the
|
......................................... |
|
......................................... |
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
Loney Stewart Holland LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the limited liability partnership information page.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). There have been no material departures from the Financial Reporting Standard 102 1A.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in Pounds Sterling (£), and are rounded to the nearest pound.
Revenue recognition
Turnover represents fee income chargeable to clients for professional services provided during the period inclusive of direct expenses incurred on the client assignments but excluding VAT. Turnover is recognised to the extent that the LLP obtains the right to consideration received or receivable, excluding discounts and rebates.
Legal services provided to the clients during the year which, at the balance sheet date, have not been invoiced to clients are recognised as turnover based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Turnover recognised in excess of amounts invoiced to the clients is recognised as Accrued Income. Recoverable expenses yet to be invoiced are recognised as Unbilled Disbursements.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
- 33% on cost |
|
Office equipment |
- 33% on cost |
Hire purchase and leasing commitments
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
Members' participating interest
Members' participation rights are the rights of a member against the LLP that arise under the Members' Agreement (for example, in respect of amounts subscribed, contributed, remuneration and profits).
Profits are divided after a decision by the LLP, so that the LLP has an inconditional right to refuse payment and profits are claimed as an appropriation of equity rather than as an expense. They are shown as available for discretionary division among members.
Other amounts applied to members, for example interest and capital balances, are treated in the same way.
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLPs perspective, either a financial liability or equity, in accordance with FRS102. A members participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members capital, are treated as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such a right, such amounts are classified as liabilities.
Under the Members' Agreement profits are allocated after the approval of the financial statements.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
|
Employee information |
The average number of persons employed by the limited liability partnership during the year was
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible fixed assets |
|
Fixtures and fittings |
Office equipment |
Total |
|
|
Cost |
|||
|
At 1 April 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 March 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposals |
( |
( |
( |
|
At 31 March 2025 |
|
|
|
|
Net book value |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts due from members |
870,944 |
515,124 |
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
1,522,911 |
964,635 |
|
Creditors: Amounts falling due within one year |
|
Due within one year |
2025 |
2024 |
|
Trade creditors |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Taxation and social security |
|
|
|
|
|
Loney Stewart Holland LLP
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Financial commitments, guarantees and contingencies |
Pension commitments
The entity operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the entity in independently administered funds. Contributions totalling £2,004 (2023 - £1,778) were payable to the fund at the reporting date.
Off balance sheet commitments
At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable leases totalling £259,419 (2024 - £325,239).