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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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PLAINLAW LLP |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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PLAINLAW LLP |
PLAINLAW LLP (REGISTERED NUMBER: OC304983) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PLAINLAW LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
2-4 Packhorse Road |
Gerrards Cross |
Buckinghamshire |
SL9 7QE |
PLAINLAW LLP (REGISTERED NUMBER: OC304983) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
793,988 |
576,457 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
8 |
562,988 |
509,457 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 231,000 | 67,000 |
793,988 | 576,457 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 562,988 | 509,457 |
Members' other interests | 231,000 | 67,000 |
793,988 | 576,457 |
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The members acknowledge their responsibilities for: |
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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 |
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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. |
PLAINLAW LLP (REGISTERED NUMBER: OC304983) |
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BALANCE SHEET - continued |
31 MARCH 2020 |
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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. |
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The financial statements were approved by the members of the LLP and authorised for issue on
signed by: |
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PLAINLAW LLP (REGISTERED NUMBER: OC304983) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Plainlaw LLP is registered in England and Wales. The LLP's registered number and registered office address |
can be found on the General Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Leasing |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
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Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme |
are charged to profit or loss in the period to which they relate. |
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Turnover |
Turnover represents revenue earned under a wide variety of contracts to provide professional services and |
advice to third parties. |
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Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in |
exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, |
which represents amounts chargeable to clients, including recoverable expenses and disbursements, but |
excluding VAT. |
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For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This |
assessment takes into account the nature of the assignment, its stage of completion, and the relevant contract |
terms. |
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Revenue in respect of contingent fee arrangements (over and above any minimum agreed fee) is recognised |
when the contingent event occurs and the recoverability of the fee is assured. |
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Unbilled revenue is included in debtors under 'amounts recoverable on contracts'. |
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Taxation |
The taxation payable on the profits is the personal liability of the members during the year. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2019 -
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PLAINLAW LLP (REGISTERED NUMBER: OC304983) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Improvements | and | Motor | Computer |
to property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts recoverable on |
contracts |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members' rank equally with unsecured creditors. |