Connell & Connell LLP - LLP accounts 24.3

REGISTERED NUMBER: SO307485 (Scotland)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

CONNELL & CONNELL LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Reconciliation of Members' Interests

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

A J Ogilvie

Ms L M Elrick

R J Murray

Ms J L Boyle

REGISTERED OFFICE:

10 Dublin Street

Edinburgh

Midlothian

United Kingdom

EH1 3PR

REGISTERED NUMBER:

SO307485 (Scotland)

ACCOUNTANTS:

Mitchell Edwards

Chartered Certified Accountants

24A Ainslie Place

Edinburgh

EH3 6AJ

BANKERS:

The Royal Bank Of Scotland

36 St Andrew Square

Edinburgh

EH2 2AD

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of the provision of legal services.

DESIGNATED MEMBERS

The designated members during the year under review were:

A J Ogilvie

Ms L M Elrick

R J Murray

Ms J L Boyle

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £810,130 (2025 - £1,038,692 profit).

MEMBERS' INTERESTS

Members subscribe to the capital of Connell & Connell LLP.

Each Member shall maintain at the credit of their capital account in the LLP at least such sum as the Members shall mutually agree so that the total credit in the capital of the LLP shall be adequate for the efficient conduct of the business of the LLP. Where, in accordance with instructions from the Equity Members, a Member contributes capital to the LLP at any time after the incorporation of the LLP, that Member acquires a share in the LLP in accordance with the amount or value of that contribution.

Capital is repaid to Members after they cease to be Members of Connell & Connell LLP, therefore this capital is shown in the Balance Sheet as a liability.

POLICY OF MEMBERS' DRAWINGS

The Members shall be entitled to draw to account of their shares of Net Profits in each year on a monthly basis only up to such sum as may be determined by a Majority of Equity Members from time to time.

In addition to the sums referred to above the Members shall be entitled to draw such sums proportional to their respective entitlements to share in the Net Profits as may be determined by a Majority of Equity Members from time to time.

The Members are entitled to withdraw the amounts at the credit of their Current Accounts provided there are sufficient funds and such amounts as may be determined by a Majority of Equity Members from time to time.

ON BEHALF OF THE MEMBERS:

Ms L M Elrick - Designated member

30 June 2026

TURNOVER

1,948,302

1,969,146

Cost of sales

887,436

728,279

GROSS PROFIT

1,060,866

1,240,867

Administrative expenses

290,282

270,041

OPERATING PROFIT

4

770,584

970,826

Interest receivable and similar income

39,546

67,866

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

810,130

1,038,692

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

810,130

1,038,692

Members' remuneration charged as an expense

5

(810,130

)

(1,038,692

)

PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

-

FIXED ASSETS

Tangible assets

6

81,235

81,813

CURRENT ASSETS

Debtors

7

551,293

692,442

Cash at bank and in hand

10,483

15,181

561,776

707,623

CREDITORS

Amounts falling due within one year

8

207,881

190,441

NET CURRENT ASSETS

353,895

517,182

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

435,130

598,995

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

200,130

363,995

MEMBERS' OTHER INTERESTS

Capital accounts

235,000

435,130

598,995

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

200,130

363,995

Members' other interests

235,000

435,130

598,995

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 2026.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 30 June 2026 and were signed by:

Ms L M Elrick - Designated member

R J Murray - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2025

235,000

-

235,000

Members' remuneration charged as an expense, including
employment and retirement benefit costs

-

Profit for the financial year available for discretionary
division among members

-

Members' interests after profit for the year

235,000

-

235,000

Drawings on account and distributions of profit

-

Balance at 31 March 2026

235,000

-

235,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

363,995

Amount due from members

-

Balance at 1 April 2025

363,995

598,995

Members' remuneration charged as an expense, including
employment and retirement benefit costs

810,130

Profit for the financial year available for discretionary
division among members

-

Members' interests after profit for the year

1,174,125

1,409,125

Drawings on account and distributions of profit

(973,995

)

(973,995

)

Amount due to members

200,130

Amount due from members

-

Balance at 31 March 2026

200,130

435,130

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2024

235,000

-

235,000

Members' remuneration charged as an expense, including
employment and retirement benefit costs

-

Profit for the financial year available for discretionary
division among members

-

Members' interests after profit for the year

235,000

-

235,000

Drawings on account and distributions of profit

-

Balance at 31 March 2025

235,000

-

235,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

227,506

Amount due from members

-

Balance at 1 April 2024

227,506

462,506

Members' remuneration charged as an expense, including
employment and retirement benefit costs

1,038,692

Profit for the financial year available for discretionary
division among members

-

Members' interests after profit for the year

1,266,198

1,501,198

Drawings on account and distributions of profit

(902,203

)

(902,203

)

Amount due to members

363,995

Amount due from members

-

Balance at 31 March 2025

363,995

598,995

1.	STATUTORY INFORMATION

Connell & Connell LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

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.

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for at least 12 months from the approval date. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed.

If, at the Balance Sheet, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.

Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

Straight line over 6 years

Pension costs and other post-retirement benefits

The LLP operates a defined contributions 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 15 (2025 - 13 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

Depreciation - owned assets

7,350

8,058

5.	INFORMATION IN RELATION TO MEMBERS

2026

2025

£

Members' remuneration charged as an expense

Partners' salaries

530,000

515,000

Automatic division of profit

280,130

523,692

Total remuneration

810,130

1,038,692

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 April 2025

60,000

60,835

120,835

Additions

-

6,772

Disposals

-

(12,833

)

(12,833

)

At 31 March 2026

60,000

54,774

114,774

DEPRECIATION

At 1 April 2025

-

39,022

Charge for year

-

7,350

Eliminated on disposal

-

(12,833

)

(12,833

)

At 31 March 2026

-

33,539

NET BOOK VALUE

At 31 March 2026

60,000

21,235

81,235

At 31 March 2025

60,000

21,813

81,813

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

101,119

228,630

Amounts recoverable on contract

133,665

132,621

Other debtors

316,509

331,191

551,293

692,442

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

16,898

5,488

Taxation and social security

117,855

111,101

Other creditors

73,128

73,852

207,881

190,441

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding-up.