Cornwall Defence Solicitors LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 30 June 2023
Registration number: OC344094
Cornwall Defence Solicitors LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Cornwall Defence Solicitors LLP
Balance Sheet
30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
169,853 |
106,971 |
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169,853 |
106,971 |
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Total members' interests |
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Loans and other debts due to members |
169,853 |
106,971 |
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169,853 |
106,971 |
For the year ending 30 June 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.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships and the option not to file a profit and loss account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, 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.
Cornwall Defence Solicitors LLP
Balance Sheet
30 June 2023 (continued)
The financial statements of Cornwall Defence Solicitors LLP (registered number OC344094) were approved by the
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Cornwall Defence Solicitors LLP
Notes to the Financial Statements
Year Ended 30 June 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 have been prepared in accordance with Financial Reporting Standard 102 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in January 2017.
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. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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 Cornwall Defence Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients, have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.
Cornwall Defence Solicitors LLP
Notes to the Financial Statements (continued)
Year Ended 30 June 2023
1 |
Accounting policies (continued) |
Members' capital, remuneration and division of profits
Members' capital
Members' capital balances are repayable to the members after cessation of membership and are shown as liabilities of the LLP. Members' capital balances are classified as "Loans and other debts due to members";
Members' remuneration
Profits at the balance sheet date are only recognised as a liability at that date to the extent that they are appropriately allocated and are no longer at the discretion of the Limited Liability Partnership. Unallocated profits that do not meet these criteria are disclosed in the notes to the financial statements and are included in other reserves.
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 LLP on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Depreciation
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:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line basis |
Fixtures and fittings |
15% reducing balance basis |
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.
Cornwall Defence Solicitors LLP
Notes to the Financial Statements (continued)
Year Ended 30 June 2023
1 |
Accounting policies (continued) |
Financial instruments
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments:
Basic financial assets comprise of short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise of short term trade and other creditors and bank loans.
Except for bank loans, such instruments re initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Particulars of employees |
The average number of persons employed by the Limited Liability Partnership during the year was
Cornwall Defence Solicitors LLP
Notes to the Financial Statements (continued)
Year Ended 30 June 2023
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 July 2022 |
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Additions |
- |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Net book value |
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At 30 June 2023 |
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At 30 June 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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89,717 |
75,702 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Trade creditors |
2,390 |
2 |
Taxation and social security |
13,553 |
8,148 |
Other creditors |
447 |
333 |
Accruals and deferred income |
3,525 |
3,116 |
19,915 |
11,599 |
Cornwall Defence Solicitors LLP
Notes to the Financial Statements (continued)
Year Ended 30 June 2023
5 |
Creditors: Amounts falling due within one year (continued) |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
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.