Limited Liability Partnership Registration No. OC341786 (England and Wales)
Kingston Smith Consulting LLP
Members' Report and Financial Statements
For the year ended 30 April 2023
Kingston Smith Consulting LLP
Limited Liability Partnership information
Designated members
M.B. Penfold
D.T. Martine
Limited liability partnership number
OC341786
Registered office
9 Appold Street
London
EC2A 2AP
Auditor
Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Kingston Smith Consulting LLP
Contents
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 7
Statement of financial position
8
Notes to the financial statements
9 - 11
Kingston Smith Consulting LLP
Members' Report
For the year ended 30 April 2023
Page 1

The members present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The LLP did not trade during the period under review or the prior accounting period and accordingly no income statement is presented.

Members' drawings, contributions and repayments

Members are required to contribute a proportion of the funds required to finance working capital as fixed loans. These funding requirements are determined by the members.                                        

Other than in exceptional circumstances members' fixed loans are repaid only on or after retirement. In accordance with FRS102 members' capital is categorised as loans and other debts due to members.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

M.B. Penfold
D.T. Martine
Auditor

The auditor, Price Bailey LLP, is deemed to be re-appointed under section 487(2) of the Companies Act 2006 (as applied to limited liability partnerships).                                        

 

Statement of disclosure to auditor

So far as the designated members are aware, there is no relevant audit information of which the limited liability partnership’s auditor is unaware. Additionally, the designated members have taken all the necessary steps that they ought to have taken as designated members in order to make themselves aware of all relevant audit information and to establish that the limited liability partnership’s auditor is aware of that information.

Approved by the members on
11 September 2023
11 September 2023
and signed on their behalf by:
M.B. Penfold
Designated Member
Kingston Smith Consulting LLP
Members' Responsibilities statement
For the year ended 30 April 2023
Page 2

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Kingston Smith Consulting LLP
Independent Auditor's Report
to the Members of Kingston Smith Consulting LLP
Page 3
Opinion

We have audited the financial statements of Kingston Smith Consulting LLP (the 'limited liability partnership') for the year ended 30 April 2023 which comprise, the statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the members' report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Kingston Smith Consulting LLP
Independent Auditor's Report (Continued)
to the Members of Kingston Smith Consulting LLP
Page 4
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Kingston Smith Consulting LLP
Independent Auditor's Report (Continued)
to the Members of Kingston Smith Consulting LLP
Page 5

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Kingston Smith Consulting LLP
Independent Auditor's Report (Continued)
to the Members of Kingston Smith Consulting LLP
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the limited liability partnership.

 

Our approach was as follows:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Kingston Smith Consulting LLP
Independent Auditor's Report (Continued)
to the Members of Kingston Smith Consulting LLP
Page 7

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Clapson FCA (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP
11 September 2023
Chartered Accountants
Statutory Auditor
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Kingston Smith Consulting LLP
Statement of financial position
As at 30 April 2023
30 April 2023
Page 8
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
44
4
Creditors: amounts falling due within one year
5
(44)
(4)
Net assets attributable to members
-
-
Represented by:
Loans and other debts due to members within one year
-
0
-
Total members' interests
-
0
-

The limited liability partnership did not trade during the period under review or prior period and accordingly no income statement or reconciliation of members' interests is presented.

The financial statements were approved by the members and authorised for issue on 11 September 2023 and are signed on their behalf by:
11 September 2023
M.B. Penfold
Designated member
Limited Liability Partnership Registration No. OC341786
Kingston Smith Consulting LLP
Notes to the financial statements
For the year ended 30 April 2023
Page 9
1
Accounting policies
Limited liability partnership information

Kingston Smith Consulting LLP is a limited liability partnership domiciled and incorporated in England and Wales. The registered office is 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 applied to Limited Liability Partnerships and the Statement of Recommended Practice (SORP), Accounting by Limited liability Partnerships issued in December 2018.

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 pound.

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

1.2

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Exemptions for qualifying entities under FRS 102

The LLP has taken advantage of the following exemptions under the provisions of FRS 102:

(i)    The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement     Presentation paragraph 3.17 (d) to prepare a statement of cash flows on the basis that the     LLP     is a qualifying entity and the LLP's ultimate parent, Moore Kingston Smith LLP, includes the    LLP's cash flows in its consolidated financial statements;

(ii)    The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26      to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent    disclosures required by FRS 102 are included in the consolidated financial statements of the    group in which the entity is consolidated.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

Basic financial instruments are measured at amortised cost. The Limited Liability Partnership has no other financial instruments or basic financial instruments measured at fair value.

Kingston Smith Consulting LLP
Notes to the financial statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 10
1.6
Members' drawings and the subscription and repayment of members' capital

In accordance with the LLP agreement the members approve the division of profits between themselves in advance of the relevant year, so the profits realised in the income statement are treated as members' remuneration charged as an expense by reference to the pre-determined profit sharing mechanism. Allocated profit is included within 'loans and other debts due to members' in 'other amounts'.

Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient amounts held to the credit of individual partners to allocate against such drawings. Any drawings in excess of total amounts held would be included within 'amounts due from members' within debtors.                        

The capital requirements of the partnership are determined by the members and are reviewed regularly. Each member is required to subscribe a proportion of this capital. The amount of capital subscribed by each member is usually linked to the earnings allocated to that member. On leaving the partnership, a member's capital is usually repaid within twelve months.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no critical accounting estimates or judgements applied by the members which have a significant impact on the amounts disclosed in the financial statements.

3
Employees
There were no employees during the current or prior year.
4
Operating profit
The fee for the audit of the LLP for the current year of £1,400 (2022:£1,200) has been borne by the ultimate parent undertaking.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to ultimate parent undertaking
44
4
Kingston Smith Consulting LLP
Notes to the financial statements (Continued)
For the year ended 30 April 2023
Page 11
6
Information in relation to members
2023
2022
Number
Number
The average number of members during the year was
27
28

The profit which is attributable to the member with the largest entitlement is £nil (2022 - £nil).

 

 

7
Related party transactions and controlling party

At 30 April 2023, there were 27 (2022 - 27) members of Kingston Smith Consulting LLP of which 27 (2022 - 27) were partners in Moore Kingston Smith LLP which was the ultimate controlling party.

 

The balance due to Moore Kingston Smith LLP at 30 April 2023 was £44 (2022 - £4).

 

Subsequent to the year end, following investment from Waterland BV, Manneken UK Holdco Limited, became the ultimate parent undertaking and controlling party on 30 June 2023.

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