Torque Law LLP Accounts






Torque Law LLP

	Registered No. OC412457
	Information for Filing with the Registrar
		31 March 2023

at	31 March 2023

Registered No.		OC412457	Notes	2023	2022
				£	£
Fixed assets

	Tangible assets		4	4,569	6,281


				4,569	6,281
Current assets

	Debtors		5	110,313	75,635

	Cash at bank and in hand			139,726	71,187
				250,039	146,822
Creditors: Amounts falling due within one year			6	(45,034)	(32,047)
Net current assets				205,005	114,775
Total assets less current liabilities				209,574	121,056


Net assets attributable to members				209,574	121,056

Represented by:
	Loans and other debts due to members			209,574	121,056
	Members' other interests





				209,574	121,056



These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

For the year ended 31 March 2023 the LLP 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the members on 30 November 2023

And signed on its behalf by designated member:
E.L. Whiting
Designated member
30 November 2023

for the year ended 31 March 2023

General information

Its registered number is: OC412457

Its registered office is:

2 Maple House

Northminster Business Park

Upper Poppleton

York

YO26 6QW

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Members' remuneration and division of profits

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Furniture, fittings and equipment

25-33% Straight line basis

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Members' Interests

Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Taxation

Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
		2023	2022
		Number	Number

	The average number of persons employed during the year was:	4	4

4	Tangible fixed assets
		Fixtures, fittings and equipment	Total
		£	£
	Cost
	At 1 April 2022	19,956	19,956
	Additions	2,268	2,268



	At 31 March 2023	22,224	22,224
	Depreciation
	At 1 April 2022	13,675	13,675
	Charge for the year	3,980	3,980



	At 31 March 2023	17,655	17,655
	Net book values
	At 31 March 2023	4,569	4,569
	At 31 March 2022	6,281	6,281

5	Debtors
		2023	2022
		£	£
	Trade debtors	93,912	62,433



	Other debtors	500	500
	Prepayments and accrued income	15,901	12,702
		110,313	75,635

6	Creditors:
	amounts falling due within one year
		2023	2022
		£	£
	Bank loans and overdrafts	-	-


	Trade creditors	14,040	8,149

	Other taxes and social security	22,805	20,794
	Other creditors	718	-
	Accruals and deferred income	7,471	3,104
		45,034	32,047

7	Loans and other debts due to members
		2023	2022
		£	£

	Loans from members	20,000	20,000

	Amounts due to members in respect of profits	189,574	101,056
		209,574	121,056

	Amounts falling due within one year	209,574	-

		209,574	121,056