REGISTERED NUMBER: OC362247 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2026

for

King Street Solicitors LLP

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

7,558

4,141

CURRENT ASSETS

Debtors

5

322,528

233,999

Cash at bank and in hand

176,782

127,152

499,310

361,151

CREDITORS

Amounts falling due within one year

6

69,748

38,859

NET CURRENT ASSETS

429,562

322,292

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

437,120

326,433

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

437,120

326,433

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

437,120

326,433

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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26 August 2026 and were signed by:

Mrs N J Coppinger - Designated member

1.	STATUTORY INFORMATION

King Street Solicitors LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC362247

Registered office:

6 Chancery Lane

Wakefield

West Yorkshire

WF1 2SS

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Income recognition

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred at the balance sheet date as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Amounts recoverable on contracts

Where the outcome of a contract for professional services can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Appropriate provisions are made where time costs are not fully recoverable. Incomplete work of this type is included within other debtors as 'Amounts recoverable on contracts'.

In the case of contingent work where the right to consideration does not arise until a critical event which is outside the control of the LLP has occurred, no right to consideration arises. Such matters are valued at nil

Tangible fixed assets

Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life as follows:

Leasehold improvements

- 20% on cost

Office equipment

- 25% on cost

Computer equipment

- 33% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Hire purchase and leasing commitments

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 the profit and loss account in the period to which they relate.

Employee benefits

Where material, the cost of any unused holiday entitlement is recognised in the period to which the employee's services are received.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Financial instruments

Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, bank balances, other creditors and loans and other debts due to members. These are all measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account as described below.

Non financial assets

An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

Critical accounting judgements and sources of estimation uncertainty

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements that the members have made in applying the LLP's accounting policies and the key sources of estimation uncertainty that have had the most significant effect on the amounts recognised in the financial statements are described below:

Amounts recoverable on contracts

In calculating revenue from contracts estimates are made as to the stage of completion of those contracts. In doing so, the members estimate the remaining costs to be incurred in completing the contracts.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 9 (2025 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

31,698

Additions

7,463

Disposals

(9,170

)

At 31 March 2026

29,991

DEPRECIATION

At 1 April 2025

27,557

Charge for year

4,046

Eliminated on disposal

(9,170

)

At 31 March 2026

22,433

NET BOOK VALUE

At 31 March 2026

7,558

At 31 March 2025

4,141

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

69,338

54,635

Other debtors

253,190

179,364

322,528

233,999

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

16,002

13,442

Taxation and social security

44,402

16,151

Other creditors

9,344

9,266

69,748

38,859

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

13,789

13,638

Between one and five years

2,842

6,367

16,631

20,005

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2026

2025

£

£

Amounts owed to members in respect of profits

417,120

306,433

Capital account

20,000

20,000

437,120

326,433

Falling due within one year

437,120

326,433

Loans from members and amounts owed to members rank equally with debts due to ordinary creditors in the event of a winding up.