Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseProvision of infrastructure and support services to the DSW Network62trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC397251 2022-04-01 2023-03-31 OC397251 2021-04-01 2022-03-31 OC397251 2023-03-31 OC397251 2022-03-31 OC397251 c:Buildings c:ShortLeaseholdAssets 2022-04-01 2023-03-31 OC397251 c:Buildings c:ShortLeaseholdAssets 2023-03-31 OC397251 c:Buildings c:ShortLeaseholdAssets 2022-03-31 OC397251 c:OfficeEquipment 2022-04-01 2023-03-31 OC397251 c:OfficeEquipment 2023-03-31 OC397251 c:OfficeEquipment 2022-03-31 OC397251 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC397251 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC397251 c:CurrentFinancialInstruments 2023-03-31 OC397251 c:CurrentFinancialInstruments 2022-03-31 OC397251 c:Non-currentFinancialInstruments 2023-03-31 OC397251 c:Non-currentFinancialInstruments 2022-03-31 OC397251 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC397251 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC397251 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC397251 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC397251 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 OC397251 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 OC397251 d:FRS102 2022-04-01 2023-03-31 OC397251 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC397251 d:FullAccounts 2022-04-01 2023-03-31 OC397251 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC397251 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 OC397251 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 OC397251 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-03-31 OC397251 d:PartnerLLP1 2022-04-01 2023-03-31 OC397251 c:HirePurchaseContracts c:WithinOneYear 2022-03-31 OC397251 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC397251 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC397251 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC397251 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number:  OC397251














DOW SCHOFIELD WATTS SERVICES LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


 
DOW SCHOFIELD WATTS SERVICES LLP
REGISTERED NUMBER: OC397251

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
399,907
486,472

  
399,907
486,472

Current assets
  

Debtors: amounts falling due within one year
 5 
94,682
85,123

Cash at bank and in hand
 6 
20,996
8,824

  
115,678
93,947

Creditors: Amounts Falling Due Within One Year
 7 
(208,050)
(182,128)

Net current liabilities
  
 
 
(92,372)
 
 
(88,181)

Total assets less current liabilities
  
307,535
398,291

Creditors: amounts falling due after more than one year
 8 
(295,606)
(373,362)

  

Net assets
  
11,929
24,929


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
130,000
130,000

  
130,000
130,000

Members' other interests
  

Other reserves classified as equity
  
(118,071)
(105,071)

  
 
(118,071)
 
(105,071)

  
11,929
24,929


Total members' interests
  

Loans and other debts due to members
  
130,000
130,000

Members' other interests
  
(118,071)
(105,071)

  
11,929
24,929


Page 1

 
DOW SCHOFIELD WATTS SERVICES LLP
REGISTERED NUMBER: OC397251
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 23 October 2023.






DSW Capital PLC
Designated member

The notes on pages 4 to 12 form part of these financial statements.

Dow Schofield Watts Services LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
DOW SCHOFIELD WATTS SERVICES LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Members' capital (classified as debt)
Total
Total

£
£
£
£
£

Amounts due to members 
100,000
100,000


Balance at 1 April 2021 
(77,225)
(77,225)
100,000
100,000
22,775

Loss for the year available for discretionary division among members
 
(27,846)
(27,846)
-
-
(27,846)

Members' interests after profit for the year
(105,071)
(105,071)
100,000
100,000
(5,071)

Amounts introduced by members
-
-
30,000
30,000
30,000

Amounts due to members
130,000
130,000

Balance at 31 March 2022
(105,071)
(105,071)
130,000
130,000
24,929

Loss for the year available for discretionary division among members
 
(13,000)
(13,000)
-
-
(13,000)

Members' interests after profit for the year
(118,071)
(118,071)
130,000
130,000
11,929

Amounts due to members
130,000
130,000

Balance at 31 March 2023 
(118,071)
(118,071)
130,000
130,000
11,929

The notes on pages 4 to 12 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The LLP is registered in England and Wales and the registered office address is 7400 Daresbury Park, Daresbury, Warrington WA4 4BS.

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 Financial Reporting Standard 101  'Reduced Disclosure Framework' and the Companies Act 2006.
The financial statements are presented in Sterling, which is the functional currency of the LLP.
The ultimate parent company which produces true and fair consolidated accounts that include the results of this company is DSW Capital PLC.
The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The company has applied disclosure exemptions available in the standard in the following areas:
 
- IFRS 7 disclosures regarding financial instruments; 
- IFRS 13 disclosures on fair values; 
- IFRS 15 disclosures regarding revenue from contracts with customers; 
- IFRS 16 disclosures regarding leases; 
- IAS 1 requirement for full comparative information on property, plant and equipment and intangible assets; 
- IAS 1 requirement to disclose the company’s objectives, policies and processes for managing capital; 
- IAS 7 requirement to produce a statement of cash flows and related notes; 
- IAS 8 requirement to disclose information about the impact of standards not yet effective; 

 
2.3

Going concern

The LLP has net current liabilities which is mainly due to the recognition of a lease liability arising from a right-of-use asset. The commercial structure of Dow Schofield Watts Services LLP is to provide central infrastructure and support services to the DSW Network; all such costs are recharged to the Network businesses.  Any shortfall in one financial period is recouped in the following period through the recharge with any short-term working capital support being provided by DSW Capital PLC as the controlling parent entity. The members have a reasonable expectation that the LLP will continue to operate as a going concern for the foreseeable future and have therefore adopted the going concern basis of accounting in preparing these financial statements.

Page 4

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Leases: the LLP as lessee

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The LLP recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liabilities.
The lease liability is initially measured at the present value of lease payments that were not paid at the commencement date, discounted using the LLP’s incremental borrowing rate. The incremental borrowing rate applied to lease liabilities during the year is 5.55%.
The lease liability is measured at amortised cost using the effective interest method. If there is a remeasurement of the lease liability, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded directly in profit or loss if the carrying amount of the right-of-use asset is zero.
Short-term leases and low value assets
The LLP has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less or leases of low value assets. These lease payments are expensed on a straight-line basis over the lease term.
Dilapidations provision
The LLP recognises a provision for the future costs of dilapidations on leased office space. The provision is an estimate of the total cost to return applicable office space to its original condition at the end of the lease term.

 
2.6

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.

Page 6

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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 .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.8

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:

Right of use asset
-
Over life of lease
Office equipment
-
20% 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.

 
2.9

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.

 
2.10

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.

Page 7

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

Financial instruments are recognised in the LLP's Statement of financial position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
Page 8

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 9

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2023
        2022
            No.
            No.







Employees
6
2


4.


Tangible fixed assets





Right of use asset
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
520,017
93,326
613,343


Additions
10,479
15,055
25,534



At 31 March 2023

530,496
108,381
638,877



Depreciation


At 1 April 2022
51,574
75,297
126,871


Charge for the year on owned assets
105,114
6,985
112,099



At 31 March 2023

156,688
82,282
238,970



Net book value



At 31 March 2023
373,808
26,099
399,907



At 31 March 2022
468,443
18,029
486,472

Page 10

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
37,474
30,617

Other debtors
623
-

Prepayments and accrued income
56,585
54,506

94,682
85,123



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,996
8,824

20,996
8,824



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
112,544
56,939

Other taxation and social security
-
33,273

Obligations under finance lease and hire purchase contracts
90,500
83,117

Other creditors
725
-

Accruals and deferred income
4,281
8,799

208,050
182,128



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
220,300
302,015

Dilapidation provision
75,306
71,347

295,606
373,362


Page 11

 
DOW SCHOFIELD WATTS SERVICES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Leases

The LLP entered into a formal lease arrangement for the Daresbury office, effective from 1 October 2021. Prior to this date, the lease had been recognised as a short-term lease and therefore did not meet the criteria under IFRS 16. Further detail on the lease accounting policy can be found in note 2.
Minimum lease payments are as follows:


2023
2022
£
£


Within one year
105,472
102,400

Between 1-5 years
237,312
332,800

342,784
435,200


10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
20,996
8,824




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Related party transactions

The LLP entered into the following transactions with related parties:
Sales invoices totalling £119,288 (2022: £61,061) were raised to LLP’s where DSW Capital PLC is a member. 
Sales invoices totalling £39,509 (2022: £25,237) were raised to a company controlled by certain significant shareholders of DSW Capital PLC.
Purchase transactions totalling £104,330 (2022: £98,511) were entered into with an LLP controlled by certain significant shareholders of DSW Capital PLC of which £33,035 (2022: £nil) is outstanding at the year end.


12.


Controlling party

The controlling party of the LLP is DSW Capital PLC, a company registered in England and Wales.
Consolidated accounts are prepared by DSW Capital PLC and they are available from Companies House.

Page 12