The Worcester Family Law Practice LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC401231 (England and Wales)

Financial Statements for the Year Ended 31st August 2021

for

The Worcester Family Law Practice LLP

Page

General Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mrs M Hackett-Lee

Ms S I Humes

REGISTERED OFFICE:

34A Foregate Street

Worcester

Worcestershire

WR1 1EE

REGISTERED NUMBER:

OC401231 (England and Wales)

ACCOUNTANTS:

The Richards Sandy Partnership

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

FIXED ASSETS

Tangible assets

4

3,035

3,229

CURRENT ASSETS

Debtors

77,714

60,291

Cash at bank and in hand

77,441

111,501

155,155

171,792

CREDITORS

Amounts falling due within one year

26,576

39,195

NET CURRENT ASSETS

128,579

132,597

TOTAL ASSETS LESS CURRENT LIABILITIES

131,614

135,826

CREDITORS

Amounts falling due after more than one year

23,704

32,593

NET ASSETS ATTRIBUTABLE TO MEMBERS

107,910

103,233

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

107,910

103,233

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

107,910

103,233

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 31st August 2021.

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st August 2021 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 24th November 2021 and were signed by:

Mrs M Hackett-Lee - Designated member

Ms S I Humes - Designated member

1.	STATUTORY INFORMATION

The Worcester Family Law Practice LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the value of services provided to the extent that there is a right to consideration and it is recorded at the value of the consideration due. Where a service has only been partially completed at the balance sheet date, turnover represents the value of the services provided to that date on a proportion of the total expected consideration at completion.

TANGIBLE FIXED ASSETS

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

Computer equipment

-

33% on cost

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS

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.

BASIC FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st September 2020

17,078

Additions

2,793

At 31st August 2021

19,871

DEPRECIATION

At 1st September 2020

13,849

Charge for year

2,987

At 31st August 2021

16,836

NET BOOK VALUE

At 31st August 2021

3,035

At 31st August 2020

3,229

5.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

10,020

10,020

Between one and five years

36,255

37,275

In more than five years

-

9,000

46,275

56,295

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

32,593

40,000

An unlimited debenture has been given by The Worcester Family Law Practice LLP as security against the bank loan.

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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