Registration number:
Laytons LLP
for the Year Ended 31 December 2022
Laytons LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Laytons LLP
Limited liability partnership information
Chairman |
J C Abbott |
Designated members |
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Members |
Glaisyers Solicitors LLP |
Registered office |
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Bankers |
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Auditors |
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Laytons LLP
(Registration number: OC370679)
Balance Sheet as at 31 December 2022
Note |
31 December 2022 |
31 December 2021 |
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Fixed assets |
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Intangible 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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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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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 |
3,101,134 |
2,428,283 |
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Other amounts |
783,249 |
889,966 |
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3,884,383 |
3,318,249 |
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Members’ other interests |
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Members' capital classified as equity |
836,667 |
1,000,000 |
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Other reserves |
( |
( |
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(224,288) |
(768,631) |
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3,660,095 |
2,549,618 |
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Total members' interests |
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Amounts due from members |
(461,149) |
(552,038) |
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Loans and other debts due to members |
3,884,383 |
3,318,249 |
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Equity |
( |
( |
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3,198,946 |
1,997,580 |
Laytons LLP
(Registration number: OC370679)
Balance Sheet as at 31 December 2022 (continued)
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
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 financial statements of Laytons LLP (registered number OC370679) were approved by the
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Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2022
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales 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 Laytons 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.
Going concern
The members have assessed the performance and position of the LLP at the year end and concluded it has more than enough financial resources to be able to continue in business for at least twelve months from approving the financial statements. The financial statements have therefore been prepared on a going concern basis.
Audit report
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
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Accounting policies (continued) |
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within 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 partnership 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.
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 are initially recorded at cost and subsequently at cost less depreciation and impairment.
Amortisation
Amortisation is provided on intangible fixed assets so 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 |
Equally over the assessed life of 20 years/10 years |
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
1 |
Accounting policies (continued) |
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 |
Computer equipment |
33% Reducing balance and 20% Straight line |
Fixtures and fittings |
15% Reducing balance and 15% Straight line |
Leased computer equipment |
20% Straight line |
Motor Vehicles |
25% Reducing balance |
Short leasehold property and improvements |
10% Straight line |
Provisions
Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
In common with other professional services businesses the LLP is insured against the cost of any professional liability claims that are notified to the LLP. A provision is made for the LLP's estimated retained liability for such claims and generally against the possibility that professional claims might arise in the future.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership 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.
Members Loans
Members loans and other debts due to members are unsecured and rank pari passu within other unsecured creditors in the event of a winding up.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Auditor's remuneration |
Year ended 31 December 2022 |
1 April 2021 to 31 December 2021 |
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Audit of the financial statements |
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Intangible fixed assets |
Goodwill |
Total |
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Cost |
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At 1 January 2022 |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Net book value |
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At 31 December 2022 |
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At 31 December 2021 |
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Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Net book value |
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At 31 December 2022 |
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At 31 December 2021 |
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Debtors |
31 December 2022 |
31 December 2021 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
5,658,031 |
4,775,204 |
Creditors: Amounts falling due within one year |
31 December 2022 |
31 December 2021 |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Laytons LLP
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Analysis of other amounts |
31 December 2022 |
31 December 2021 |
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Money owed to members by the LLP in respect of profits |
783,249 |
889,966 |
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.
The parent of the largest group in which results are consolidated is
Consolidated financial statements are available from:
1 Pavilion Square, Westhoughton, BL5 3AJ
The ultimate parent is
Pension and other schemes
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £207,606 (2021 - £54,234).
Contributions totalling £18,476 (2021 - Nil) were payable to the scheme at the end of the year and are included in creditors.