Limited Liability Partnership registration number OC344936 (England and Wales)
INTER-STAFF UK LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
INTER-STAFF UK LLP
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
INTER-STAFF UK LLP
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
400,000
600,000
Tangible assets
4
399,721
425,253
799,721
1,025,253
Current assets
Stocks
5,000
3,000
Debtors
5
867,241
1,985,789
Cash at bank and in hand
959,173
840,381
1,831,414
2,829,170
Creditors: amounts falling due within one year
6
(712,373)
(1,876,715)
Net current assets
1,119,041
952,455
Total assets less current liabilities
1,918,762
1,977,708
Creditors: amounts falling due after more than one year
7
(388,793)
(526,028)
Net assets attributable to members
1,529,969
1,451,680
Represented by:
Loans and other debts due to members within one year
9
Amounts due in respect of profits
1,512,814
1,387,853
Members' other interests
9
Members' capital classified as equity
17,155
63,827
1,529,969
1,451,680
Total members' interests
9
Amounts due from members
(151,828)
(176,970)
Loans and other debts due to members
1,512,814
1,387,853
Members' other interests
17,155
63,827
1,378,141
1,274,710

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

INTER-STAFF UK LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -

For the financial year ended 31 December 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 29 September 2023 and are signed on their behalf by:
29 September 2023
Mr A P Lawton
Designated member
Limited Liability Partnership Registration No. OC344936
INTER-STAFF UK LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Members' capital
Other reserves
Total
Notes
£
£
£
Balance at 1 January 2021
339,259
-
339,259
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
4,038,343
4,038,343
Members' capital introduced
9
3,548,091
-
3,548,091
Members' capital redeemed
9
(7,861,866)
-
(7,861,866)
Other division of profits
4,038,343
(4,038,343)
-
Balance at 31 December 2021
63,827
-
63,827
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
3,518,060
3,518,060
Members' capital redeemed
9
(3,564,732)
-
(3,564,732)
Other division of profits
3,518,060
(3,518,060)
-
Balance at 31 December 2022
17,155
-
17,155
INTER-STAFF UK LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Limited liability partnership information

Inter-Staff UK LLP is a limited liability partnership incorporated in England and Wales. The registered office and trading address is 16 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF.

 

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 2021, 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.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

INTER-STAFF UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
15% reducing balance
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
20% reducing balance
Motor vehicles
25% reducing balance

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.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2022
2021
Number
Number
Total
-
0
-
0
INTER-STAFF UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
2,500,000
Amortisation and impairment
At 1 January 2022
1,900,000
Amortisation charged for the year
200,000
At 31 December 2022
2,100,000
Carrying amount
At 31 December 2022
400,000
At 31 December 2021
600,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
353,528
506,175
859,703
Additions
-
107,806
107,806
Disposals
-
(35,880)
(35,880)
At 31 December 2022
353,528
578,101
931,629
Depreciation and impairment
At 1 January 2022
284,664
149,786
434,450
Depreciation charged in the year
10,330
106,503
116,833
Eliminated in respect of disposals
-
(19,375)
(19,375)
At 31 December 2022
294,994
236,914
531,908
Carrying amount
At 31 December 2022
58,534
341,187
399,721
At 31 December 2021
68,864
356,389
425,253
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
715,413
1,808,819
Amounts owed by members
151,828
176,970
867,241
1,985,789
INTER-STAFF UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
378,658
1,281,813
Obligations under finance leases
48,100
39,399
Trade creditors
27,857
40,093
Other taxation and social security
250,291
504,158
Accruals and deferred income
7,467
11,252
712,373
1,876,715
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
248,091
356,069
Obligations under finance leases
140,702
169,959
388,793
526,028
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
46,667
8
Creditors: secured liabilities

Bank borrowings are secured on the assets of the LLP.

 

Obligations under finance leases are secured on the assets purchased.

INTER-STAFF UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
£
£
£
£
£
£
Amounts due to members
1,387,853
Amounts due from members
(176,970)
Members' interests at 1 January 2022
63,827
-
63,827
1,210,883
1,210,883
1,274,710
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
1,368,263
1,368,263
1,368,263
Profit for the financial year available for discretionary division among members
-
3,518,060
3,518,060
-
-
3,518,060
Members' interests after profit and remuneration for the year
63,827
3,518,060
3,581,887
2,579,146
2,579,146
6,161,033
Other divisions of profits
3,518,060
(3,518,060)
-
-
-
-
Repayments of capital
(3,564,732)
-
(3,564,732)
-
-
(3,564,732)
Drawings
-
-
-
(1,218,160)
(1,218,160)
(1,218,160)
Members' interests at 31 December 2022
17,155
-
17,155
1,360,986
1,360,986
1,378,141
Amounts due to members
1,512,814
Amounts due from members, included in debtors
(151,828)
INTER-STAFF UK LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
10
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

11
Operating lease commitments
Lessee

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
£
£
91,159
79,544
12
Members' transactions

During the period, the LLP entered into transactions with Inter-Staff Limited, a company which is a member of the LLP and of which Mr A P Lawton is a director.

 

The company received a profit share of £3,518,060 (2021 - £4,038,343 ) from the LLP.

 

The company has an investment in the LLP of £17,154 (2021 - £63,827) which is shown as Members' other interests on the balance sheet.

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