Wilmot & Co Solicitors LLP - Period Ending 2022-09-30
Wilmot & Co Solicitors LLP - Period Ending 2022-09-30
Registration number:
Prepared for the registrar
Wilmot & Co Solicitors LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 30 September 2022
Wilmot & Co Solicitors LLP
Contents
Limited liability partnership information |
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Balance Sheet |
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Notes to the Financial Statements |
Wilmot & Co Solicitors LLP
Limited liability partnership information
Designated members |
P L G Nicholas M L Gray P M P Sharpe S E Endersby |
Registered office |
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Bankers |
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Accountants |
Hazlewoods LLP |
Wilmot & Co Solicitors LLP
(Registration number: OC305531)
Balance Sheet as at 30 September 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Other amounts |
1,371,087 |
1,494,659 |
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1,371,087 |
1,494,659 |
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Total members' interests |
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Loans and other debts due to members |
1,371,087 |
1,494,659 |
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1,371,087 |
1,494,659 |
For the year ending 30 September 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.
The financial statements of Wilmot & Co Solicitors LLP (registered number OC305531) were approved by the
.........................................
S E Endersby
Designated member
Wilmot & Co Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 September 2022
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
38 Castle Street
Cirencester
Gloucestershire
GL7 1QH
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017).
Basis of preparation
The LLP is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the LLP information page. The nature of the LLP’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Wilmot & Co Solicitors LLP is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis.
Wilmot & Co Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 September 2022 (continued)
2 |
Accounting policies (continued) |
Judgements
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 underlying 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. |
Key sources of estimation uncertainty
Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £438,473 (2021 - £497,698).
Revenue recognition
Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Income in respect of contingent fees assignments is recognised in the period when the contingent event occurs and the collectability of the fee is assured.
Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.
Members' remuneration and division of profits
The profits of the LLP are automatically divided among the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Taxation
The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
20% reducing balance basis |
Fixtures and fittings |
10% reducing balance basis |
Office equipment |
33.3% straight line basis |
Wilmot & Co Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 September 2022 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the debtors.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding 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.
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the LLP, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Wilmot & Co Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 September 2022 (continued)
Particulars of employees |
The average number of persons employed by the LLP during the year was
Tangible fixed assets |
Leasehold improvements |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 October 2021 |
3,137 |
118,799 |
118,604 |
240,540 |
Additions |
- |
- |
2,510 |
2,510 |
Disposals |
(3,137) |
(65,868) |
(3,678) |
(72,683) |
At 30 September 2022 |
- |
52,931 |
117,436 |
170,367 |
Depreciation |
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At 1 October 2021 |
3,056 |
107,087 |
103,713 |
213,856 |
Charge for the year |
- |
1,046 |
10,459 |
11,505 |
Eliminated on disposals |
(3,056) |
(64,620) |
(3,678) |
(71,354) |
At 30 September 2022 |
- |
43,513 |
110,494 |
154,007 |
Net book value |
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At 30 September 2022 |
- |
9,418 |
6,942 |
16,360 |
At 30 September 2021 |
81 |
11,712 |
14,891 |
26,684 |
Wilmot & Co Solicitors LLP
Notes to the Financial Statements for the Year Ended 30 September 2022 (continued)
Debtors |
2022 |
2021 |
|
Trade debtors |
382,720 |
347,219 |
Amounts recoverable on contracts |
438,473 |
497,697 |
Other debtors |
6,525 |
6,525 |
Prepayments and accrued income |
109,372 |
93,352 |
937,090 |
944,793 |
Creditors: Amounts falling due within one year |
2022 |
2021 |
|
Trade creditors |
15,598 |
6,340 |
Accruals and deferred income |
65,731 |
95,091 |
Taxation and social security |
125,003 |
122,877 |
206,332 |
224,308 |
Analysis of other amounts |
2022 |
2021 |
|
Money advanced to the LLP by the members by way of loan |
360,000 |
450,000 |
Money owed to members by the LLP in respect of profits |
1,011,087 |
1,044,659 |
1,371,087 |
1,494,659 |
Loans and other debts due to members are secured by way of a debenture dated 18 September 2020.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £