Amicus Law (South West) LLP - Period Ending 2023-03-31
Amicus Law (South West) LLP - Period Ending 2023-03-31
Registration number:
Amicus Law (South West) LLP
for the Year Ended 31 March 2023
Amicus Law (South West) LLP
Contents
Limited liability partnership information |
|
Statement of Members' Responsibilities |
|
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
Amicus Law (South West) LLP
Limited liability partnership information
Registered office |
|
Amicus Law (South West) LLP
Statement of Members' Responsibilities for the Year Ended 31 March 2023
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
• |
select suitable accounting policies and then apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.
Amicus Law (South West) LLP
(Registration number: OC399264)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
91,098 |
89,482 |
|
Current assets |
|||
Debtors |
1,071,996 |
760,439 |
|
Cash and short-term deposits |
1,369 |
1,592 |
|
1,073,365 |
762,031 |
||
Creditors: Amounts falling due within one year |
(642,361) |
(474,321) |
|
Net current assets |
431,004 |
287,710 |
|
Total assets less current liabilities |
522,102 |
377,192 |
|
Creditors: Amounts falling due after more than one year |
(116,667) |
(166,667) |
|
Net assets attributable to members |
405,435 |
210,525 |
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
405,435 |
210,525 |
|
405,435 |
210,525 |
||
Total members' interests |
|||
Loans and other debts due to members |
405,435 |
210,525 |
|
405,435 |
210,525 |
For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
This report has been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to small Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to limited liability partnerships 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.
Amicus Law (South West) LLP
(Registration number: OC399264)
Balance Sheet as at 31 March 2023 (continued)
The financial statements of Amicus Law (South West) LLP (registered number OC399264) were approved by the
|
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023
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 were prepared in accordance with Financial Reporting Standard 102 section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships', issued in December 2018.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Amicus Law (South West) LLP is considered to be pounds sterling.
These financial statements are presented in Sterling (£).
Revenue recognition
Turnover is measured at the fair value of the consideration received for services rendered to clients during the year, net of value added taxes.
Turnover is recognised by reference to the stage of completion of the engagement and when the amount of turnover can be reliably measured. The stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated costs of the engagement. Unbilled revenue is included in debtors as amounts recoverable on contracts.
Government grants
Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors or deferred income within the balance sheet.
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Loans and other debts due to members
In the event of a winding up, members other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests.
Members' remuneration and division of profits
The LLP agreement provides that the profits are allocated to members each year. These amounts are included within members' remuneration charged to the profit and loss account.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a
straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full
financial year following the acquisition and in other periods if events or changes in circumstances
indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost.
Amortisation
Amortisation is provided on intangible assets as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
33% reducing balance method |
Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.
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:
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Office equipment |
20% reducing balance method |
Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after the provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
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. Trade creditors are classified as current liabilities if the limited liability partnership 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 subsequently measured at amortised cost using the effective interest method.
Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
1 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
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.
Pensions and other post retirement obligations
The LLP operates a defined contribution pension scheme. contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Intangible fixed assets |
Goodwill |
Total |
|
Cost |
||
At 1 April 2022 |
|
|
At 31 March 2023 |
|
|
Amortisation |
||
At 1 April 2022 |
|
|
At 31 March 2023 |
|
|
Net book value |
||
At 31 March 2023 |
- |
- |
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Tangible fixed assets |
Plant and machinery |
Total |
|
Cost |
||
At 1 April 2022 |
|
|
Additions |
|
|
At 31 March 2023 |
|
|
Depreciation |
||
At 1 April 2022 |
|
|
Charge for the year |
|
|
At 31 March 2023 |
|
|
Net book value |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
1,071,996 |
760,439 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
Taxation and social security |
|
|
|
|
Amicus Law (South West) LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
6 |
Creditors: Amounts falling due within one year (continued) |
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2023 |
2022 |
|
Bank loans and overdrafts |
108,459 |
68,178 |
Creditors: Amounts falling due after more than one year |
2023 |
2022 |
|
Bank loans and overdrafts |
|
|
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.
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