Stewart & Co Accountants LLP OC429236 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Accountancy Digita Accounts Production Advanced 6.30.9574.0 OC429236 2022-04-01 2023-03-31 OC429236 2023-03-31 OC429236 core:CurrentFinancialInstruments 2023-03-31 OC429236 core:Non-currentFinancialInstruments 2023-03-31 OC429236 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 OC429236 core:Goodwill 2023-03-31 OC429236 core:WithinOneYear 2023-03-31 OC429236 core:FurnitureFittings 2023-03-31 OC429236 core:MotorVehicles 2023-03-31 OC429236 core:OfficeEquipment 2023-03-31 OC429236 bus:SmallEntities 2022-04-01 2023-03-31 OC429236 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 OC429236 bus:FullAccounts 2022-04-01 2023-03-31 OC429236 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC429236 bus:PartnerLLP1 2022-04-01 2023-03-31 OC429236 bus:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC429236 core:Goodwill 2022-04-01 2023-03-31 OC429236 core:FurnitureFittings 2022-04-01 2023-03-31 OC429236 core:MotorVehicles 2022-04-01 2023-03-31 OC429236 core:OfficeEquipment 2022-04-01 2023-03-31 OC429236 core:Subsidiary1 2022-04-01 2023-03-31 OC429236 core:Subsidiary1 1 2022-04-01 2023-03-31 OC429236 core:Subsidiary2 2022-04-01 2023-03-31 OC429236 core:Subsidiary2 1 2022-04-01 2023-03-31 OC429236 countries:AllCountries 2022-04-01 2023-03-31 OC429236 2022-03-31 OC429236 core:FurnitureFittings 2022-03-31 OC429236 core:MotorVehicles 2022-03-31 OC429236 core:OfficeEquipment 2022-03-31 OC429236 2021-04-01 2022-03-31 OC429236 2022-03-31 OC429236 core:CurrentFinancialInstruments 2022-03-31 OC429236 core:Non-currentFinancialInstruments 2022-03-31 OC429236 core:WithinOneYear 2022-03-31 OC429236 core:FurnitureFittings 2022-03-31 OC429236 core:MotorVehicles 2022-03-31 OC429236 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: OC429236

Stewart & Co Accountants LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Stewart & Co Accountants LLP

(Registration number: OC429236)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

464,200

-

Tangible assets

5

91,588

58,665

Investments

6

3

3

 

555,791

58,668

Current assets

 

Debtors

968,802

894,107

Cash and short-term deposits

 

95,439

130,692

 

1,064,241

1,024,799

Creditors: Amounts falling due within one year

8

(633,472)

(355,567)

Net current assets

 

430,769

669,232

Total assets less current liabilities

 

986,560

727,900

Creditors: Amounts falling due after more than one year

9

(230,000)

-

Net assets attributable to members

 

756,560

727,900

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

756,560

727,900

   

756,560

727,900

Total members' interests

 

Loans and other debts due to members

 

756,560

727,900

   

756,560

727,900

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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

 

Stewart & Co Accountants LLP

(Registration number: OC429236)
Balance Sheet as at 31 March 2023 (continued)

The financial statements of Stewart & Co Accountants LLP (registered number OC429236) were approved by the Board and authorised for issue on 4 July 2023. They were signed on behalf of the limited liability partnership by:

.........................................
D A Hartley
Designated member

 

Stewart & Co Accountants LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

Stewart & Co Accountants LLP (LLP number:OC429236) is a limited liability partnership incorporated in England and Wales. Its registered office is Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY.

The financial statements have been prepared under the historical cost convention in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice ‘Accounting for Limited Liability Partnerships’ issued in December 2018.

The presentation currency of the financial statements is the Pounds Sterling (£).

Exemption from preparing group accounts

The limited liability partnership is part of a small group. The limited liability partnership has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

2

Accounting policies

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

 

Stewart & Co Accountants LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 39 (2022 - 38).

 

Stewart & Co Accountants LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible fixed assets

Goodwill
£

Total
£

Cost

Additions

464,200

464,200

At 31 March 2023

464,200

464,200

Amortisation

At 31 March 2023

-

-

Net book value

At 31 March 2023

464,200

464,200

5

Tangible fixed assets

Fixtures and fittings
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 April 2022

8,113

24,839

43,098

76,050

Additions

-

42,512

11,970

54,482

Disposals

-

(5,140)

-

(5,140)

At 31 March 2023

8,113

62,211

55,068

125,392

Depreciation

At 1 April 2022

1,741

6,210

9,434

17,385

Charge for the year

1,594

7,262

9,384

18,240

Eliminated on disposals

-

(1,821)

-

(1,821)

At 31 March 2023

3,335

11,651

18,818

33,804

Net book value

At 31 March 2023

4,778

50,560

36,250

91,588

At 31 March 2022

6,372

18,629

33,664

58,665

6

Investments held as fixed assets

2023
 £

2022
 £

Other investments

3

3

 

Stewart & Co Accountants LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

6

Investments held as fixed assets (continued)

Other investments

Shares in subsidiary undertakings
£

Total
£

Cost

At 1 April 2022

3

3

At 31 March 2023

3

3

Net book value

At 31 March 2023

3

3

At 31 March 2022

3

3

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

Stewart & Co Company Secretary Ltd

England & Wales

Ordinary Shares

100%

Dormant

Stewarts Wealth Limited

England & Wales

Ordinary Share

100%

Dormant

 

Stewart & Co Accountants LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

7

Debtors

2023
 £

2022
 £

Trade debtors

470,217

469,884

Other debtors

394,538

326,842

Prepayments and accrued income

104,047

97,381

Total current trade and other debtors

968,802

894,107

8

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

41,125

42,604

Other creditors

472,318

138,269

Accruals and deferred income

1,300

2,618

Taxation and social security

118,729

172,076

633,472

355,567

9

Creditors: Amounts falling due after more than one year

2023
 £

Other creditors

230,000

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £294,000 (2022 - £343,000).