Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01true27falseNo description of principal activity25trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC303812 2022-04-01 2023-03-31 OC303812 2021-04-01 2022-03-31 OC303812 2023-03-31 OC303812 2022-03-31 OC303812 c:Buildings 2022-04-01 2023-03-31 OC303812 c:Buildings 2023-03-31 OC303812 c:Buildings 2022-03-31 OC303812 c:Buildings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC303812 c:Buildings c:LongLeaseholdAssets 2022-04-01 2023-03-31 OC303812 c:Buildings c:LongLeaseholdAssets 2023-03-31 OC303812 c:Buildings c:LongLeaseholdAssets 2022-03-31 OC303812 c:PlantMachinery 2022-04-01 2023-03-31 OC303812 c:PlantMachinery 2023-03-31 OC303812 c:PlantMachinery 2022-03-31 OC303812 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC303812 c:MotorVehicles 2022-04-01 2023-03-31 OC303812 c:MotorVehicles 2023-03-31 OC303812 c:MotorVehicles 2022-03-31 OC303812 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC303812 c:OfficeEquipment 2022-04-01 2023-03-31 OC303812 c:OfficeEquipment 2023-03-31 OC303812 c:OfficeEquipment 2022-03-31 OC303812 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC303812 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC303812 c:Goodwill 2022-04-01 2023-03-31 OC303812 c:Goodwill 2023-03-31 OC303812 c:Goodwill 2022-03-31 OC303812 c:CurrentFinancialInstruments 2023-03-31 OC303812 c:CurrentFinancialInstruments 2022-03-31 OC303812 c:CurrentFinancialInstruments 2 2023-03-31 OC303812 c:CurrentFinancialInstruments 2 2022-03-31 OC303812 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC303812 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC303812 e:FRS102 2022-04-01 2023-03-31 OC303812 e:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC303812 e:FullAccounts 2022-04-01 2023-03-31 OC303812 e:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC303812 c:WithinOneYear 2023-03-31 OC303812 c:WithinOneYear 2022-03-31 OC303812 c:BetweenOneFiveYears 2023-03-31 OC303812 c:BetweenOneFiveYears 2022-03-31 OC303812 2 2022-04-01 2023-03-31 OC303812 6 2022-04-01 2023-03-31 OC303812 e:PartnerLLP1 2022-04-01 2023-03-31 OC303812 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC303812 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC303812 2 2023-03-31 OC303812 2 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC303812










J G Palmer LLP








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023





 
J G Palmer LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of J G Palmer LLP for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of J G Palmer LLP for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J G Palmer LLP  and state those matters that we have agreed to state to the J G Palmer LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J G Palmer LLP and its members for our work or for this report. 

It is your duty to ensure that J G Palmer LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J G Palmer LLP. You consider that J G Palmer LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of J G Palmer LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
6 October 2023
Page 1

 
J G Palmer LLP
Registered number: OC303812

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
655,661
659,120

Investments
 6 
167,050
167,050

  
822,712
826,171

Current assets
  

Stocks
  
107,549
123,432

Debtors: amounts falling due within one year
 7 
443,745
444,059

Cash at bank and in hand
  
114,290
157,115

  
665,584
724,606

Creditors: amounts falling due within one year
 8 
(1,310,071)
(1,351,927)

Net current liabilities
  
 
 
(644,487)
 
 
(627,321)

Total assets less current liabilities
  
178,225
198,850

  

Net assets
  
178,225
198,850

Page 2

 
J G Palmer LLP
Registered number: OC303812

Balance sheet (continued)
As at 31 March 2023

2023
2022
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 9 
168,215
188,840

Members' other interests
  

Members' capital classified as equity

  

10,010
10,010

  
 
10,010
 
10,010

  
178,225
198,850


Total members' interests
  

Amounts due from members (included in debtors)
 7 
(38,033)
-

Loans and other debts due to members
 9 
168,215
188,840

Members' other interests
  
10,010
10,010

  
140,192
198,850


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 6 October 2023.




DM Atkins
Designated member

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

J G Palmer LLP is a limited liability partnership incorporated in England and Wales. The registered office is 37 St Margaret's Street, Canterbury, CT1 2TU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP 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 LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
L/Term Leasehold Property
-
Motor vehicles
-
25% straight line
Computer equipment & software
-
25% - 33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

Page 5

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.11

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 - 27).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
1



At 31 March 2023

1






Net book value



At 31 March 2023
1



At 31 March 2022
1



Page 7

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

5.


Tangible fixed assets





Freehold property
L/Term Leasehold Property
Plant & machinery
Motor vehicles
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2022
620,085
17,691
35,774
74,919
87,856


Additions
-
-
-
15,101
846



At 31 March 2023

620,085
17,691
35,774
90,020
88,702



Depreciation


At 1 April 2022
22,750
354
19,087
56,190
78,824


Charge for the year on owned assets
4,401
354
8,122
1,054
5,475



At 31 March 2023

27,151
708
27,209
57,244
84,299



Net book value



At 31 March 2023
592,934
16,983
8,565
32,776
4,403



At 31 March 2022
597,335
17,337
16,687
18,729
9,032

Total

£



Cost or valuation


At 1 April 2022
836,325


Additions
15,947



At 31 March 2023

852,272



Depreciation


At 1 April 2022
177,205


Charge for the year on owned assets
19,406



At 31 March 2023

196,611



Net book value



At 31 March 2023
655,661



At 31 March 2022
659,120

Page 8

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

6.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2022
2
167,048
167,050



At 31 March 2023
2
167,048
167,050






Net book value



At 31 March 2023
2
167,048
167,050



At 31 March 2022
2
167,048
167,050

Page 9

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

7.


Debtors

2023
2022
£
£


Trade debtors
325,714
275,325

Other debtors
14,709
79,241

Prepayments and accrued income
65,289
89,493

Amounts due from members
38,033
-

443,745
444,059



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
317,780
311,770

Other taxation and social security
30,579
21,011

Other creditors
957,063
1,013,356

Accruals and deferred income
4,649
5,790

1,310,071
1,351,927



9.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
168,215
188,840

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
168,215
188,840

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


10.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £8,534 (2022 - £8,695). Contributions totalling £6,463 (2022 - £9,140) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
J G Palmer LLP
 

 
Notes to the financial statements
For the year ended 31 March 2023

11.


Commitments under operating leases

At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
35,000
35,000

Later than 1 year and not later than 5 years
70,000
105,000

105,000
140,000


Page 11