Hopkins Solicitors LLP - Accounts to registrar (filleted) - small 18.2
Hopkins Solicitors LLP - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| HOPKINS SOLICITORS LLP |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| HOPKINS SOLICITORS LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 St John Street |
| Mansfield |
| Nottinghamshire |
| NG18 1QH |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| BALANCE SHEET |
| 31 MARCH 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,190,085 |
1,956,506 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
1,590,085 |
1,356,506 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 600,000 | 600,000 |
| 2,190,085 | 1,956,506 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 1,590,085 | 1,356,506 |
| Members' other interests | 600,000 | 600,000 |
| 2,190,085 | 1,956,506 |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| BALANCE SHEET - continued |
| 31 MARCH 2020 |
| 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. |
| 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 and authorised for issue on signed by: |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 1. | STATUTORY INFORMATION |
| Hopkins Solicitors 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. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of the financial statements requires the members to make judgements, estimates and |
| assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts |
| reported for revenues and expenses during the year. However, the nature of estimation means that actual |
| outcomes could differ from those estimates. The following judgements (apart from those involving estimates) |
| have had the most significant effect on amounts recognised in the financial statements. |
| Conditional fee arrangements on personal injury cases require a favourable outcome preceding payment for legal |
| services plus any percentage success fees; the members assume "no win no fee" as at the balance sheet date. |
| The financial statement includes estimations that assume the historical results can project the future expectations |
| regarding the recognition of revenue at the balance sheet date and within in the next financial year. |
| Amounts recoverable on legal service contracts are calculated on a basis in line with the legal service type; wills, |
| conveyancing, family, commercial, probate and either the estimated stage of completion for fixed fee |
| arrangements or the historical results percentage is applied to calculate the total carrying value of £794,992 |
| (2018:£570,789) as at the reporting date. |
| Turnover |
| Turnover represents the value excluding Value Added Tax, of legal services supplied to customers during the |
| year. |
| In respect of income received on fixed fee contracts, income is released into the profit and loss account in line |
| with the stage of completion of the contract. |
| In respect of no win, no fee contracts, income is only released into the profit and loss account when a positive |
| outcome to the case has been agreed. |
| In respect of any other legal services supplied to customers, all income is taken to profit and loss at the same |
| point as the right to receive the consideration is acquired. |
| Tangible fixed assets |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Under the terms of the membership agreement the LLP has a liability to make post retirement payments to |
| members after they have retired from the partnership. |
| Irrespective of the fact that the right to these payments accrues over the period in which the individual serves as |
| a member the costs are recognised each year as the payments are made. These amounts are included in |
| 'Members' remuneration charged as an expense' in the Profit and Loss Account. |
| Members' participation rights |
| 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 or otherwise contributed, remuneration and profits). |
| Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the |
| LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: |
| Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar |
| instruments. A member's 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 classed as equity if |
| the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an |
| unconditional right, such amounts are classified as liabilities. |
| Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse |
| payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated |
| as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the |
| year end, they are shown as liabilities in the Balance Sheet. |
| Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has |
| an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an |
| expense. They are therefore shown as a residual amount available for discretionary division among members in |
| the Profit and Loss Account and are equity appropriations in the Balance Sheet. |
| Other amounts applied to members, for example remuneration paid under an employment contract and interest |
| on capital balances, are treated in the same way as all other divisions of profits, as described above, according to |
| whether the LLP has, in each case, an unconditional rights to refuse payment. |
| All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and |
| other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration |
| charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet |
| within 'Members' other interests'. |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors and creditors repayable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| Taxation |
| The taxation payable on the partnership profits is the personal liability of the members and consequently neither |
| taxation nor related deferred taxation are accounted for in the financial statements. Amounts retained for |
| members' personal tax liabilities are treated in the same way as other profits of the partnership and are included |
| in 'Loans and other debts due to members'. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | and | Motor | Computer |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Prepayments and accrued income |
| HOPKINS SOLICITORS LLP (REGISTERED NUMBER: OC326488) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| VAT | 240,759 | 264,084 |
| Other creditors |
| Accruals and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans - 2-5 years |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | RELATED PARTY TRANSACTION |
| During the year the LLP was charged rent and insurance for one of its offices, from I.P.M SIPP Administration |
| Limited, a collection of personal pension arrangements for some of the members. The charge to the profit and |
| loss account during the year amounted to £51,750 and £1,594 respectively (2019:£59,963 and £1,594). There |
| were no (2018:no) amounts outstanding with respect to these transactions at the balance sheet date. All |
| transactions were carried out at an open market value. |
| 10. | CONTROLLING PARTY |
| There is no controlling party as no member has over 50% of the equity of the LLP. |