OW Law LLP

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

The members have identified material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern, however, the going concern basis remains appropriate as the LLP's sole full equity member has indicated that it will continue to support the LLP for the foreseeable future.

The LLP's funding consists of a loan secured against the assets of the LLP.

On 9th November 2018 the loan provider, National Westminster Bank plc, issued a Notice of Default under which the lender is entitled to declare all amounts outstanding under the loan agreement immediately due and payable and to demand payment. As the loan was granted under the Small Loans Guarantee Scheme the lender is entitled to make a claim for 75% of the liability amount and to seek the remaining balance under the security held by the Bank given by each of the LLP, the LLP's sole full equity member and the LLP's former equity member, Baker Oldfield Limited and fellow group undertakings. The LLP's full equity member entered into a repayment agreement with National Westminster Bank plc to meet the remaining balance on 21st May 2019. On 29th October 2020 the British Business Bank made a payment of £117130 in respect of a claim under the Enterprise Finance Guarantee scheme and the amount of the outstanding loan was reduced accordingly.

On 28th June 2018 the LLP gave notice to the Solicitors Regulation Authority that the firm was ceasing to practice and that run-off insurance had been taken out. The live client files were passed to another firm for completion. The SRA confirmed on 22nd October 2019 that the LLP's authorisation had been revoked with effect from that date.

Turnover represents the invoiced value of fees, excluding value added tax and disbursements.

In terms of contracts for ongoing services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: