Limited Liability Partnership Registration No. SO304529 (Scotland)
COULTERS LEGAL LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
COULTERS LEGAL LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
COULTERS LEGAL LLP
BALANCE SHEET
AS AT 30 APRIL 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,425
39,378
Current assets
Debtors
4
285,639
222,165
Cash at bank and in hand
5
764,916
1,104,640
1,050,555
1,326,805
Creditors: amounts falling due within one year
6
(1,066,077)
(1,232,965)
Net current (liabilities)/assets
(15,522)
93,840
Total assets less current liabilities and net assets attributable to members
23,903
133,218
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
23,903
133,218
Total members' interests
Loans and other debts due to members
23,903
133,218
T
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 30 April 2022 the
limited liability partnership
was entitled to exemption from audit under section 477 of the Companies Act 2006
(as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008)
relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 30 January 2023 and are signed on their behalf by:
30 January 2023
M H MCPHERSON
M H McPherson
Designated member
Limited Liability Partnership Registration No. SO304529
COULTERS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
1
Accounting policies
Limited liability partnership information
Coulters Legal LLP is a limited liability partnership incorporated in Scotland. The registered office is 19 Hope Street, Edinburgh, United Kingdom, EH2 4EL.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP
and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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, '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, such amounts are classified as liabilities.
COULTERS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 3 -
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 liabilites in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representatives, so that the LLP has an unconditional right to refuse payment, such as 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 withing 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position with 'Members' other interests'.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
10% straight line
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors. These are measured at
amortised cost and are assessed at the end of each reporting period for objective evidence of
impairment. If objective evidence of impairment is found, an impairment loss is recognised in the
Statement of comprehensive income.
1.7
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
1.8
Operating leases: the LLP as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
COULTERS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 4 -
2
Employees
The entity has no employees.
3
Tangible fixed assets
Tenant's improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2021
50,760
17,333
68,093
Additions
5,000
3,591
8,591
At 30 April 2022
55,760
20,924
76,684
Depreciation and impairment
At 1 May 2021
17,401
11,314
28,715
Depreciation charged in the year
5,093
3,451
8,544
At 30 April 2022
22,494
14,765
37,259
Carrying amount
At 30 April 2022
33,266
6,159
39,425
At 30 April 2021
33,359
6,019
39,378
COULTERS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
29,357
45,062
Other debtors
256,282
177,103
285,639
222,165
5
Cash and cash equivalents
2022
2021
£
£
Bank accounts
730,481
1,075,224
Client bank account
4,516,078
1,979,551
Balances due to clients
(4,481,643)
(1,950,135)
764,916
1,104,640
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
36,609
5,231
Taxation and social security
20,075
31,481
Other creditors
1,009,393
1,196,253
1,066,077
1,232,965
7
Operating lease commitments
At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases,
as follows:
2022
2021
£
£
Within one year
45,833
37,152
Between one and five years
200,000
148,608
Over five years
4,167
43,344
250,000
229,104
COULTERS LEGAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 6 -
8
Related party transactions
During the year, the company
made advances
of £
2,331,120 (2021 - £1,243,278) to a company with common control. Credits were also received of £2,072,951 (2021 - £1,941,238)
which resulted in amounts due
from
the company at
the year end of £
745,885
(202
1
- £
1,004,054
). The loan is unsecured and interest free with no fixed repayment terms in
place.