Sharp Cross & Mann LLP - LLP accounts 23.2

REGISTERED NUMBER: OC404679 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Sharp Cross & Mann LLP

Page

General Information

1

Report of the Members

2

Chartered Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Reconciliation of Members' Interests

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

R J Cross

I A Mann

C E Sharp

Ms Z Clough

REGISTERED OFFICE:

13 York Street

Heywood

Lancashire

OL10 4NN

REGISTERED NUMBER:

OC404679 (England and Wales)

ACCOUNTANTS:

Anthony Marshall Ltd

Chartered Accountants

70 Market Street

Tottington

Bury

Greater Manchester

BL8 3LJ

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of solicitors.

DESIGNATED MEMBERS

The designated members during the year under review were:

R J Cross

I A Mann

C E Sharp

Ms Z Clough

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £658,739 (2022 - £569,564 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

R J Cross - Designated member

6 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Sharp Cross & Mann LLP for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Sharp Cross & Mann LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sharp Cross & Mann LLP and state those matters that we have agreed to state to the members of Sharp Cross & Mann LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharp Cross & Mann LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Sharp Cross & Mann LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sharp Cross & Mann LLP. You consider that Sharp Cross & Mann LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sharp Cross & Mann LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Anthony Marshall Ltd

Chartered Accountants

70 Market Street

Tottington

Bury

Greater Manchester

BL8 3LJ

6 December 2023

TURNOVER

1,136,113

1,019,488

Cost of sales

22,867

11,441

GROSS PROFIT

1,113,246

1,008,047

Administrative expenses

495,916

438,483

OPERATING PROFIT

4

617,330

569,564

Interest receivable and similar income

41,409

-

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

658,739

569,564

FIXED ASSETS

Tangible assets

5

12,294

12,275

CURRENT ASSETS

Debtors

6

493,143

409,833

Cash at bank and in hand

68,449

148,107

561,592

557,940

CREDITORS

Amounts falling due within one year

7

53,413

66,858

NET CURRENT ASSETS

508,179

491,082

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

520,473

503,357

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

520,473

503,357

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

520,473

503,357

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 31 March 2023.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 6 December 2023 and were signed by:

I A Mann - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

503,357

Amount due from members

-

Balance at 1 April 2022

-

503,357

503,357

Profit for the financial year available for discretionary division among members

658,739

-

658,739

Members' interests after profit for the year

658,739

503,357

1,162,096

Other divisions of profit

(658,739

)

658,739

-

Drawings on account and distributions of profit

-

(641,623

)

(641,623

)

Amount due to members

520,473

Amount due from members

-

Balance at 31 March 2023

-

520,473

520,473

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

395,052

Amount due from members

-

Balance at 1 April 2021

-

395,052

395,052

Profit for the financial year available for discretionary division among members

569,564

-

569,564

Members' interests after profit for the year

569,564

395,052

964,616

Other divisions of profit

(569,564

)

569,564

-

Drawings on account and distributions of profit

-

(461,259

)

(461,259

)

Amount due to members

503,357

Amount due from members

-

Balance at 31 March 2022

-

503,357

503,357

1.	STATUTORY INFORMATION

Sharp Cross & Mann LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

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

Fixtures and fittings

-

20% reducing balance

Computer equipment

-

15% reducing balance

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 13 (2022 - 13 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.23

31.3.22

£

£

Depreciation - owned assets

2,186

2,042

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

7,089

15,175

22,264

Additions

-

2,205

2,205

At 31 March 2023

7,089

17,380

24,469

DEPRECIATION

At 1 April 2022

3,336

6,653

9,989

Charge for year

751

1,435

2,186

At 31 March 2023

4,087

8,088

12,175

NET BOOK VALUE

At 31 March 2023

3,002

9,292

12,294

At 31 March 2022

3,753

8,522

12,275

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

32,820

65,543

Other debtors

460,323

344,290

493,143

409,833

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Taxation and social security

42,850

54,684

Other creditors

10,563

12,174

53,413

66,858

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. The legal opinion given in appendix to the SORP, Accounting by Limited Liability Partnerships, is that members' other interests rank after unsecured creditors.