Calthrops Solicitors LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC345713 (England and Wales)

Calthrops Solicitors LLP

Unaudited Financial Statements

for the Year Ended 30 June 2023

Page

General information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

9

Designated members:

Mrs J M Cole

C S Delaney

Registered office:

18 Hall Place

Spalding

Lincolnshire

PE11 1SQ

Registered number:

OC345713 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the members are not required to be filed with the Registrar of Companies.

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 Calthrops Solicitors LLP for the year ended 30 June 2023 which comprise the Income statement, Statement of financial position, 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 Calthrops Solicitors LLP, as a body, in accordance with the terms of our engagement letter dated 8 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Calthrops Solicitors LLP and state those matters that we have agreed to state to the members of Calthrops Solicitors 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 Calthrops Solicitors LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Calthrops Solicitors 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 Calthrops Solicitors LLP. You consider that Calthrops Solicitors 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 Calthrops Solicitors 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.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

19 January 2024

Fixed assets

Tangible assets

5

36,219

31,616

Current assets

Debtors

6

463,116

433,508

Cash at bank and in hand

299,493

352,137

762,609

785,645

Creditors

Amounts falling due within one year

7

143,349

187,079

Net current assets

619,260

598,566

Total assets less current liabilities

655,479

630,182

Creditors

Amounts falling due after more than one year

8

60,000

90,000

Net assets attributable to members

595,479

540,182

Loans and other debts due to members

10

495,479

440,182

Members' other interests

Capital accounts

100,000

100,000

595,479

540,182

Total members' interests

Loans and other debts due to members

10

495,479

440,182

Members' other interests

100,000

100,000

595,479

540,182

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 30 June 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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 19 January 2024 and were signed by:

C S Delaney - Designated member

Mrs J M Cole - Designated member

1.	Statutory information

Calthrops Solicitors 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

Revenue recognition

The turnover shown in the profit and loss account represents the invoice value of services provided during the year, exclusive of Value Added Tax.

Work in progress is calculated to comply with FRS102. Revenue is therefore recognised when the firm has obtained the right to consideration in exchange for performance. At the same time this consideration is recognised as a debtor.

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:

Fixtures and fittings

- 20% reducing balance

Motor vehicles

- 25% reducing balance

Computer equipment

- 33.33% 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 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 the asset or group of assets.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities.

Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Pension costs and other post-retirement benefits

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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'.

4.	Employee information

The average number of employees during the year was 23 (2022 - 21 ) .

5.	Tangible fixed assets

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 July 2022

24,562

82,640

42,483

149,685

Additions

8,926

13,995

5,290

28,211

Disposals

-

(20,670

)

-

(20,670

)

At 30 June 2023

33,488

75,965

47,773

157,226

Depreciation

At 1 July 2022

15,309

72,160

30,600

118,069

Charge for year

3,636

5,731

12,689

22,056

Eliminated on disposal

-

(19,118

)

-

(19,118

)

At 30 June 2023

18,945

58,773

43,289

121,007

Net book value

At 30 June 2023

14,543

17,192

4,484

36,219

At 30 June 2022

9,253

10,480

11,883

31,616

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

129,379

35,512

Work in progress at sales

value

319,000

296,000

Other debtors

961

5,060

Prepayments

13,776

96,936

463,116

433,508

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Trade creditors

14,249

9,736

Social security and other taxes

9,728

10,166

VAT

63,550

46,470

Other creditors

32,205

105,915

Hire purchase contracts

2,023

-

Accruals and deferred income

21,594

14,792

143,349

187,079

Obligations under hire purchase contracts are secured on the assets concerned.

The loans included within other creditors are secured on the assets of the company.

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Other creditors

60,000

90,000

The loan included within other creditors is secured on the assets of the company.

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

64,825

40,683

Between one and five years

172,998

30,252

In more than five years

82,666

-

320,489

70,935

10.

Loans and other debts due to members

Loans and other debts due to members' rank pari passu with unsecured creditors in the event of a winding up.

There are no such restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.