Levy & Co Solicitors LLP Filleted accounts for Companies House (small and micro)

LEVY & CO SOLICITORS LLP - Company Information

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REGISTERED NUMBER: OC346894

Levy & Co Solicitors LLP

Filleted Unaudited Financial Statements

31 July 2022

Levy & Co Solicitors LLP

Financial Statements

Year ended 31 July 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Levy & Co Solicitors LLP

Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		30		30

Current assets

Stocks		219,406	80,542
Debtors	6	134,963	207,025
Cash at bank and in hand		73,193	69,043
		---------	---------
		427,562	356,610

Creditors: amounts falling due within one year	7	251,003		157,541
		---------		---------
Net current assets			176,559		199,069
			---------		---------
Total assets less current liabilities			176,589		199,099
			---------		---------
Net assets			176,589		199,099
			---------		---------

Represented by:

Loans and other debts due to members

Other amounts	8		176,489		198,999

Members' other interests

Members' capital classified as equity	100	100
Other reserves	–	–
	---------	---------
	176,589	199,099
	---------	---------

Total members' interests

Loans and other debts due to members	8	176,489	198,999
Members' other interests		100	100
		---------	---------
		176,589	199,099
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 July 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Levy & Co Solicitors LLP

Statement of Financial Position (continued)

31 July 2022

These financial statements were approved by the members and authorised for issue on 23 April 2023 , and are signed on their behalf by:

Mr S Levy

Designated Member

Registered number: OC346894

Levy & Co Solicitors LLP

Notes to the Financial Statements

Year ended 31 July 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Ground Floor St Georges House, 31 Bridge Street, Witham, Essex, CM8 IDY.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

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 statement of comprehensive income and are equity appropriations in the statement of financial position.

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 right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buildings	-	5% straight line
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	20% straight line
Equipment	-	20 % straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 36 (2021: 33 ).

5.	Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 August 2021 and 31 July 2022	10,486	4,082	5,017	203,891	223,476
	--------	-------	-------	---------	---------
Depreciation
At 1 August 2021	–	4,082	5,017	214,347	223,446
Transfers	10,486	–	–	( 10,486)	–
	--------	-------	-------	---------	---------
At 31 July 2022	10,486	4,082	5,017	203,861	223,446
	--------	-------	-------	---------	---------
Carrying amount
At 31 July 2022	–	–	–	30	30
	--------	-------	-------	---------	---------
At 31 July 2021	10,486	–	–	( 10,456)	30
	--------	-------	-------	---------	---------

6.	Debtors

	2022	2021
	£	£
Trade debtors	134,213	206,275
Other debtors	750	750
	---------	---------
	134,963	207,025
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	49,729	49,999
Accruals and deferred income	9,800	9,800
Social security and other taxes	104,942	79,275
Other creditors	86,532	18,467
	---------	---------
	251,003	157,541
	---------	---------

8.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	176,489	198,999
	---------	---------