Registered No. OC345261 (England and Wales)
MERCURY LEGAL LLP
Unaudited accounts
for the year ended 31 March 2023
MERCURY LEGAL LLP
LLP Information
for the year ended 31 March 2023
Designated members
S J Harvey
Registered Number
OC345261 (England and Wales)
Registered Office
GORSE STACKS HOUSE
GEORGE STREET
CHESTER
CH1 3EQ
UNITED KINGDOM
Accountants
THE UNCOMMON ACCOUNTANTS LTD
Unit 2g, Redwither Tower
Redwither Business Park
Wrexham
LL13 9XT
MERCURY LEGAL LLP
Statement of financial position
as at 31 March 2023
Debtors
1,587,649
1,975,915
Cash at bank and in hand
52,538
114,261
Creditors: amounts falling due within one year
(403,147)
(576,063)
Net current assets
1,237,040
1,537,370
Total assets less current liabilities
1,237,040
1,537,370
Creditors: amounts falling due after more than one year
(1,212,840)
(1,513,170)
Net assets attributable to members
24,200
24,200
Loans and other debts due to members
24,200
24,200
Loans and other debts due to members
24,200
24,200
For the year ending 31 March 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the members on 15 December 2023.
G Moat
Designated member
Limited Liability Partnership Registration No. OC345261
MERCURY LEGAL LLP
Notes to the Accounts
for the year ended 31 March 2023
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
If, at the Balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.
Members' participating interests
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts
simultaneously, in which case they are presented net.
MERCURY LEGAL LLP is a limited liability partnership, incorporated in England and Wales, registration number OC345261. Its registered office is GORSE STACKS HOUSE, GEORGE STREET, CHESTER, CH1 3EQ, UNITED KINGDOM.
The disposal of the intangible asset relates to the transaction detailed in note 8.
MERCURY LEGAL LLP
Notes to the Accounts
for the year ended 31 March 2023
4
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
79,925
79,925
Taxes and social security costs
90,679
178,612
Other creditors
137,530
223,228
5
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
1,123,096
1,349,096
Creditors falling due after one year includes an amount of £1,123,096 (2022 - £1,349,096) for which security has been given.
6
Loans and other debts due to members
2023
2022
Loans from members
24,200
24,200
Amounts falling due within one year
24,200
24,200
At 31 March 2023 Mercury Legal LLP owed £24,200 to members (2022 - £24,200) which are classified as 'loans and other debts due to members' in the balance sheet. No interest has been charged to the LLP in respect of these loans which are repayable on demand. In the event of the LLP being wound up, these liabilities will rank equally with the debts due to other unsecured creditors.
There were no restrictions on the ability of members to reduce the amount of members' other interest in the balance sheet at 31 March 2023 or 31 March 2022.
7
Post balance sheet events
At the end of March 2021, the LLP entered an agreement with a third party to sell a proportion of the work in progress on a contingent basis. The LLP ceased to actively source new work and concentrated on completing the work in progress retained in the deal, this work in progress is reflected in the balance sheet as of 31 March 2023 and 31 March 2022.
Consideration for the sale was agreed on a deferred unascertainable consideration basis, of which proceeds will be declared on an ongoing basis as and when cases complete. Due to this type of agreement, it is difficult to quantify the exact sale proceeds at the date of signing the accounts.
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
