Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falsefalse2No description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC353282 2022-04-01 2023-03-31 OC353282 2021-04-01 2022-03-31 OC353282 2023-03-31 OC353282 2022-03-31 OC353282 c:ComputerEquipment 2022-04-01 2023-03-31 OC353282 c:ComputerEquipment 2023-03-31 OC353282 c:ComputerEquipment 2022-03-31 OC353282 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC353282 c:CurrentFinancialInstruments 2023-03-31 OC353282 c:CurrentFinancialInstruments 2022-03-31 OC353282 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC353282 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC353282 d:FRS102 2022-04-01 2023-03-31 OC353282 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC353282 d:FullAccounts 2022-04-01 2023-03-31 OC353282 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC353282 d:PartnerLLP1 2022-04-01 2023-03-31 OC353282 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC353282 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC353282 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC353282 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure
Registered number: OC353282









CHAMPION PEARCE LLP

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023



 
CHAMPION PEARCE LLP
REGISTERED NUMBER: OC353282

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,794
-

  
1,794
-

Current assets
  

Debtors: amounts falling due within one year
 5 
264,813
132,514

Cash at bank and in hand
  
13,703
20,614

  
278,516
153,128

Creditors: Amounts Falling Due Within One Year
 6 
(44,825)
(29,133)

Net current assets
  
 
 
233,691
 
 
123,995

Total assets less current liabilities
  
235,485
123,995

  

Net assets
  
235,485
123,995


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
235,385
123,895

  
235,385
123,895

Members' other interests
  

Members' capital classified as equity
  
100
100

  
 
100
 
100

  
235,485
123,995


Total members' interests
  

Loans and other debts due to members
 7 
235,385
123,895

Members' other interests
  
100
100

  
235,485
123,995

Page 1

 
CHAMPION PEARCE LLP
REGISTERED NUMBER: OC353282

BALANCE SHEET (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 profit and loss account 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 by: 




R. H. J. Champion
Designated member

Date: 15 November 2023

The notes on pages 4 to 8 form part of these financial statements.

Champion Pearce 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

 
CHAMPION PEARCE 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
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the year available for discretionary division among members
 
-
170,593
170,593
-
-
170,593

Members' interests after profit for the year
100
170,593
170,693
123,301
123,301
293,994

Other division of profits
-
(170,593)
(170,593)
170,593
170,593
-

Drawings on account and distribution of profit
-
-
-
(170,000)
(170,000)
(170,000)

Interest on capital
-
-
-
-
-
-

Amounts due to members
123,895
123,895

Balance at 31 March 2022
100
-
100
123,895
123,895
123,995

Profit for the year available for discretionary division among members
 
-
328,998
328,998
-
-
328,998

Members' interests after profit for the year
100
328,998
329,098
123,895
123,895
452,993

Other division of profits
-
(328,998)
(328,998)
328,998
328,998
-

Drawings on account and distribution of profit
-
-
-
(217,508)
(217,508)
(217,508)

Amounts due to members
235,385
235,385

Balance at 31 March 2023 
100
-
100
235,385
235,385
235,485

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

 
CHAMPION PEARCE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The partnership is a limited liability partnership incorporated in England and Wales, United Kingdom. The registered number is OC353282 and the registered office is 24 Old Bond Street, London, W1S 4AP. The tradng address is Golden Cross House, 8 Duncannon Street, Strand, WC2N 4JF. 

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

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:

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.

 
2.3

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.

Page 4

 
CHAMPION PEARCE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Computer equipment
-
20%
straight line method

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.

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance Sheet 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.
 

Page 5

 
CHAMPION PEARCE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

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 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.

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 6

 
CHAMPION PEARCE 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 2 (2022 - 2).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,111



At 31 March 2023

2,111



Depreciation


Charge for the year on owned assets
317



At 31 March 2023

317



Net book value



At 31 March 2023
1,794



At 31 March 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
249,404
105,379

Prepayments and accrued income
15,409
27,135

264,813
132,514



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
39,960
24,178

Accruals and deferred income
4,865
4,955

44,825
29,133


Page 7

 
CHAMPION PEARCE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
235,385
123,895

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

2023
2022
£
£



Falling due within one year
235,385
123,895

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


Page 8