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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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PARIS SMITH LLP
CONTENTS
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PARIS SMITH LLP
INFORMATION
Page 1
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PARIS SMITH LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The members present their annual report together with the audited financial statements of Paris Smith LLP (the "LLP") for the year ended 31 March 2026.
Principal activities
The principal activity of the LLP is that of the provision of legal services.
Designated Members
The following designated members held office during the year and, unless otherwise stated, until the date of this report:
J M Spittles (appointed 01/04/2025) P A B Taylor (resigned 23/06/2026) G H Miles F E S Prior (appointed 01/04/2025) J J Mansell (resigned 01/04/2025) S C Allen (appointed 23/06/2026)
Results
The results for the year show a increase in turnover from £19,362,141 in 2025 to £20,055,843 in 2026 and a decrease in profit before members' remuneration and profit shares from £6,022,646 in 2025 to £5,520,559 in 2026.
The decrease in profit before members’ remuneration and profit shares arises from non-trading factors including the investment in fixed assets with the associated finance and depreciation costs, an increase in the amount of CFA work not yet recognised as WIP and a decrease in interest receivable.
Members' drawings and subscription and repayment of members' capital
The members' drawings policy allows each member to receive monthly drawings and, from time to time, additional profit distributions which are made following approval by the Management Group, taking into account the need to retain sufficient funds to maintain the working capital of the LLP.
A members' capital requirement is linked to his/her share of profit and the financing requirement of the LLP. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at par, so the retiring members are repaid their capital at par.
Disclosure of information to auditor
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
Auditor
The auditor, James Cowper Kreston Audit, are deemed to be re-appointed in accordance with Section 487 of the Companies Act 2006.
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PARIS SMITH LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the members and signed on their behalf by:
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PARIS SMITH LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PARIS SMITH LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS SMITH LLP
We have audited the financial statements of Paris Smith LLP (the 'LLP') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the LLP's affairs as at 31 March 2026 and of its result for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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PARIS SMITH LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS SMITH LLP (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance . with applicable laws and regulations; • Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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PARIS SMITH LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARIS SMITH LLP (CONTINUED)
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Apex
Forbury Road
Berkshire
RG1 1AX
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PARIS SMITH LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Page 8
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PARIS SMITH LLP
REGISTERED NUMBER: OC308962
BALANCE SHEET
AS AT 31 MARCH 2026
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PARIS SMITH LLP
REGISTERED NUMBER: OC308962
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 14 to 28 form part of these financial statements.
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PARIS SMITH LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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PARIS SMITH LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Page 12
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PARIS SMITH LLP
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Paris Smith LLP is a Limited Liability Partnership ("LLP") incorporated in England and Wales under the Companies Act. The address of the registered office is given on the information page and the nature of the LLP's operations and its principal activity is set out in the members' report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).
The presentational and functional currency of these financial statements is GBP. Values have been rounded to the nearest pound.
The following principal accounting policies have been applied:
Under the provision of section 405 of the Companies Act 2006, the LLP has not prepared consolidated financial statements as the inclusion of the LLP's dormant subsidiary is not considered material. These financial statements therefore present information about the LLP as an individual undertaking and not about its group.
Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs and the fee is assured. Turnover which has been recognised, but not invoiced, by the balance sheet date, is included in debtors in 'accrued income'. Amounts invoiced in advance are included in 'accruals and deferred income'.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Computer software is amortised using the straight line method over a period of ten years.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Freehold property is shown at fair value. Revaluations are made with sufficient regularity to ensure that the carrying value does not differ from that which would be determined using fair value at the end of each reporting period. Revaluation surpluses are shown within the revaluation reserve.
As noted above, revaluation surpluses are shown within the revaluation reserve, As detailed in the LLP agreement, this reserve is only distributable between full share equity members.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the statement of comprehensive income over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor. All other leases are treated as operating leases. Their annual rentals are charged against expenses/income over the lease term, taking into account any lease incentives included within the lease. Such incentives are released to the statement of comprehensive income over the term of the lease.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Profits of the LLP are automatically allocated in full to members. Accordingly, the profit attributable to members is charged as an expense in the statement of comprehensive income. During the period, members receive drawings on account of profits. At the period end, undrawn allocated profits of the LLP are included within loans and other debts due to members. To the extent that any payment of drawings exceeds the amount of profit ultimately found to be due to any member, such excess is reclaimable by the LLP.
Capital is repayable to a member on retirement and, accordingly, is classified as a liability and reflected in the balance sheet within "Loans and other debts due to members".
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
In common with comparable businesses, the LLP is involved in a number of disputes in the ordinary course of business which may give rise to claims. The LLP carries professional indemnity insurance and no separate disclosure is made of the costs of claims covered by insurance as to do so would seriously prejudice the position of the LLP. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Provision is made for estimated dilapidations including reinstatement costs (where there is an obligation to restore premises to their original condition upon vacating them under the terms of the lease). The costs related to repair and maintenance of equipment and properties that are used by the LLP, and which the LLP has a responsibility to maintain, are written off as they arise.
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
∙Determine whether leases entered into by the LLP either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
∙Determine whether there are indicators of impairment of the LLP's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Other key sources of estimation uncertainty
∙Tangible fixed assets (see note 12)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Freehold property is carried at fair value, based on consultation with an independent qualified valuer. There is an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
∙Intangible assets (see note 11)
Intangible assets are amortised over their useful lives.
∙Accrued income (see note 14)
Accrued income represents unbilled work in progress at the period end and is included in debtors based on the estimated selling price of the work in progress. This assessment is made after considering provisions for older balances which are deemed irrecoverable and historic recovery rates. This is considered an appropriate basis for the valuation of accrued income.
∙Provisions (see note 19)
The basis of provisions in relation to dilapidation costs and professional indemnity claims is included in note 19.
The turnover of the LLP for the period has been derived from its principal activity wholly undertaken in the United Kingdom.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 20
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 21
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The freehold property was revalued at 31 March 2025 at fair value by Maughan Mitchell Chartered Surveyors. The historic cost of freehold property is £1,409,351 (2025 - £1,409,351).
The net book value of tangible fixed assets includes an amount of £141,093 (2025 - £189,467) in respect of assets held under finance leases. The related depreciation charge for the period was £48,374 (2025 - £4,032).
Such assets are generally classified as finance leases as the rental period amount to the estimated useful economic life of the assets concerned and often the LLP has the right to purchase the assets outright at the end of the minimum lease term by paying a nominal amount.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Paris Smith LLP own 100% of the issued share capital of Paris Smith Trust Corporation Limited, registered in England and Wales. During the year ended 31 March 2026, the company was dormant and at the end of the period had capital and reserves of £250,000.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 25
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Interest on bank loans is charged at varying rates, being 1.5% over base rate and 1.85% over base rate. No interest is charged in respect of a £100,000 bank loan due in more than five years. The bank loans are secured via unlimited guarantee granted by Paris Smith LLP and Paris Smith Trust Corporation Limited, supported by a debenture granted by the LLP and a 1st legal charge over the freehold property.
The LLP occupies a number of properties under full tenant repairing leases. In accordance with Section 21 of FRS 102, provision has been made for the cost of repairs and terminal dilapidations, which the LLP is obliged to undertake under the terms of the lease. The provision reflects the costs of restoring the property should works be required based on the condition of the property at the balance sheet date.
The professional indemnity provision relates to the expected cost of defending claims and, where appropriate, the estimated cost of settling claims where such claims are not covered by insurance.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £454,244 (2025 - £422,584). Contributions totalling £30 (2025 - £61,051) were payable to the fund at the balance sheet date and are included in creditors.
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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PARIS SMITH LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The members consider there to be no individual controlling party.
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