REGISTERED NUMBER: OC350514 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017

FOR

ABACUS SOLICITORS LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

G Underhill

G R Jones

D J Simpson

REGISTERED OFFICE:

Reedham House

31-33 King Street West

Manchester

Lancashire

M3 2PN

REGISTERED NUMBER:

OC350514 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

7,264

11,565

CURRENT ASSETS

Stocks

482,902

287,418

Debtors

5

298,163

297,369

Cash at bank and in hand

1,384

142

782,449

584,929

CREDITORS

Amounts falling due within one year

6

587,327

486,909

NET CURRENT ASSETS

195,122

98,020

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

202,386

109,585

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

202,386

109,585

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

202,386

109,585

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2017.

The members acknowledge their responsibilities for:

(a)	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

(b)

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

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.

The financial statements were approved and authorised for issue by the members of the LLP on 4th December 2017 and were signed by:

G Underhill - Designated member

1.	STATUTORY INFORMATION

The LLP is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of

the registered office and principal place of business is Reedham House, 31-33 King Street West, Manchester,

M3 2PN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the going concern basis. The LLP meets its funding

requirements through the subscriptions of its members. Having reviewed the LLP's forecasts and the risks and

uncertainties surrounding the current demand for legal services, and other reasonably possible variations in

trading performance, the members expect to be able to operate within its banking facilities; accordingly they

continue to adopt the going concern basis of accounting in preparing these financial statements.

Significant judgements and estimates

In the application of the LLP's accounting policies described below, the members are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical experience and

other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates

and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised if the revision affects only that period, or in the period

of the revision and future periods of the revision and future periods if the revision affects both current and

future periods.

Unbilled revenue/revenue recognition

The valuation of unbilled revenue involves significant judgement, and affects the amount of revenue

recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on

unbilled items based on such factors as time spent, the expertise and skills provided and expenses incurred.

Provision is made for such factors as historical recoverability rates, contingencies, agreements with clients, and

potential credit risks, following interactions between fee earners, finance and clients.

In assessing whether unbilled time is recognised as work in progress or as unbilled revenue, management are

required to make judgements in determining the point at which the contingency is resolved and when the fair

value of consideration can be measured reliably.

Turnover

Turnover represents amounts due in respect of legal services provided during the year, net of value added tax.

Services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients

have been recognised as turnover in accordance with FRS 102. Turnover recognised in this manner is based on

an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value

of the engagement. Provision is made against unbilled amounts on those engagements where the right to

receive payment is contingent on factors outside the control of the LLP.

Tangible fixed assets

Tangible fixed assets are stated at lower of cost or valuation less depreciation. Depreciation is provided at rates

calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful

life, as follows:

Improvements to property

-

10% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Financial instruments

Financial instruments are classified and accounted for. according to the substance of the contractual

arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contact

that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Tax provisions

Taxation on the profits of the LLP is solely the liability of individual members. Therefore, neither income tax nor

deferred tax arising in respect of the LLP's profit is included in these financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 18 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2016

and 31st March 2017

840

21,018

9,347

31,205

DEPRECIATION

At 1st April 2016

336

9,957

9,347

19,640

Charge for year

84

4,217

-

4,301

At 31st March 2017

420

14,174

9,347

23,941

NET BOOK VALUE

At 31st March 2017

420

6,844

-

7,264

At 31st March 2016

504

11,061

-

11,565

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

78,025

85,839

Other debtors

135,538

130,338

Prepayments

84,600

81,192

298,163

297,369

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

110,549

72,429

Loans

181,252

172,963

Trade creditors

162,766

166,197

Social security and other taxes

19,038

15,264

VAT

75,059

44,879

Other creditors

7,349

-

Accrued expenses

31,314

15,177

587,327

486,909

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts in 'Loans and other debts due to Members' (other than Members' capital classified as a liability) would

rank pari passu with other creditors who are unsecured in the event of a winding up. No restrictions or

limitations exist on the ability of the Members to reduce the amount of Members other interests.

8.	FIRST YEAR ADOPTION

This is the first year that the LLP has presented its results under FRS 102. The last financial statements under UK

GAAP were for the year ended 31st March 2016. The date of transition to FRS 102 was 1st April 2015. There

are no transitional adjustments arising from the first time adoption of FRS 102.