DPA Law LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC347961 (England and Wales)

DPA LAW LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

N Richards

J S Allchurch

REGISTERED OFFICE:

10-12 Queen Victoria Road

Llanelli

Carmarthenshire

SA15 2TL

REGISTERED NUMBER:

OC347961 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

5

42,899

56,477

CURRENT ASSETS

Debtors

6

318,685

299,099

Cash in hand

400

337

319,085

299,436

CREDITORS

Amounts falling due within one year

7

245,886

209,084

NET CURRENT ASSETS

73,199

90,352

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

116,098

146,829

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

116,098

146,829

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

116,098

146,829

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 30 September 2018.

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 of Part 15 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 small LLPs.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 28 March 2019 and were signed by:

J S Allchurch - Designated member

N Richards - Designated member

1.	STATUTORY INFORMATION

DPA Law LLP is registered in England and Wales. 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 (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The LLP finances its working capital by a mixture of bank overdraft finance and members funds. After

making enquiries, the members have a reasonable expectation that the support of its' bankers and

members will continue and the LLP has adequate resources to continue in operational existence for

the foreseeable future. Accordingly, they adopt the going concern basis of accounting.

Significant judgements and estimates

In the application of the company's accounting policies, the members are required to make

judgements, estimates and assumptions about the carrying amounts 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 which 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 only effects that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The following are the critical judgements that the members have made in the process of applying the

company's accounting policies and that have the most significant effect on the amounts recognised in

the financial statements.

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 income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a

reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities

are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only

disclosed if an inflow of economic benefits is probable.

Turnover

Turnover represents the fair value of services provided during the year on client assignments.

Turnover is recognised as contract activity progresses and the right to consideration earned. Fair value

reflects the amount expected to be recoverable from clients and is based on the time spent, skills and

expertise provided and expenses incurred. The value of turnover in relation to cases where a

contingent event has not occurred by the balance sheet date is not recognised in the accounts.

Turnover excludes value added tax.

For work that is undertaken subject to a conditional fee agreement, the relevant event that determines

when a right to consideration exists is taken as the agreement of the LLP's costs.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially

measured at transaction price unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market rate of

interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of

interest.

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.

Members' remuneration

Under the members' agreement, of which the LLP is a party, profits are split between those that are

automatically allocated to members and are in accordance with their profit shares.

Members automatic allocation of profits are treated as members remuneration charged as an

expense.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 25 (2017 - 28 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2017

72,068

7,215

30,845

110,128

Additions

-

-

752

752

At 30 September 2018

72,068

7,215

31,597

110,880

DEPRECIATION

At 1 October 2017

26,700

6,003

20,948

53,651

Charge for year

7,207

772

6,351

14,330

At 30 September 2018

33,907

6,775

27,299

67,981

NET BOOK VALUE

At 30 September 2018

38,161

440

4,298

42,899

At 30 September 2017

45,368

1,212

9,897

56,477

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

129,458

120,823

Other debtors

7,636

10,153

Accrued income

174,075

160,444

Prepayments

7,516

7,679

318,685

299,099

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

177,847

120,331

Trade creditors

4,618

1,820

Taxation and social security

47,987

65,995

Other creditors

15,434

20,938

245,886

209,084

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

177,847

120,331

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2018

2017

£

£

Amounts owed to members in respect of profits

116,098

146,829

Falling due within one year

116,098

146,829

The loans and other debts due to members rank parri passu with other creditors.

10.	RELATED PARTY DISCLOSURES