Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30truefalseNo description of principal activitytrue2022-05-011011The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC422938 2022-05-01 2023-04-30 OC422938 2021-05-01 2022-04-30 OC422938 2023-04-30 OC422938 2022-04-30 OC422938 c:MotorVehicles 2022-05-01 2023-04-30 OC422938 c:MotorVehicles 2023-04-30 OC422938 c:MotorVehicles 2022-04-30 OC422938 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC422938 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 OC422938 c:FurnitureFittings 2022-05-01 2023-04-30 OC422938 c:FurnitureFittings 2023-04-30 OC422938 c:FurnitureFittings 2022-04-30 OC422938 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC422938 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 OC422938 c:ComputerEquipment 2022-05-01 2023-04-30 OC422938 c:ComputerEquipment 2023-04-30 OC422938 c:ComputerEquipment 2022-04-30 OC422938 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC422938 c:ComputerEquipment c:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 OC422938 c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC422938 c:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 OC422938 c:CurrentFinancialInstruments 2023-04-30 OC422938 c:CurrentFinancialInstruments 2022-04-30 OC422938 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC422938 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 OC422938 d:FRS102 2022-05-01 2023-04-30 OC422938 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 OC422938 d:FullAccounts 2022-05-01 2023-04-30 OC422938 d:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC422938 2 2022-05-01 2023-04-30 OC422938 d:PartnerLLP1 2022-05-01 2023-04-30 OC422938 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-30 OC422938 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-30 iso4217:GBP xbrli:pure

Registered number: OC422938










POTTER OWTRAM AND PECK LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
POTTER OWTRAM AND PECK LLP
REGISTERED NUMBER: OC422938

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,784
17,949

  
8,784
17,949

Current assets
  

Debtors: amounts falling due within one year
 5 
204,491
187,127

Cash at bank and in hand
  
35,629
51,055

  
240,120
238,182

Creditors: Amounts Falling Due Within One Year
 6 
(184,422)
(170,021)

Net current assets
  
 
 
55,698
 
 
68,161

Total assets less current liabilities
  
64,482
86,110

  

Net assets
  
64,482
86,110


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
64,482
86,110

  
64,482
86,110

  

  
64,482
86,110


Total members' interests
  

Loans and other debts due to members
 7 
64,482
86,110

  
64,482
86,110


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
Page 1

 
POTTER OWTRAM AND PECK LLP
REGISTERED NUMBER: OC422938
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

small LLPs regime.

The entity has opted not to file the income statement 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 10 November 2023.




S C Loveless
Designated member

The notes on pages 3 to 10 form part of these financial statements.

Potter Owtram and Peck 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

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Potter Owtram and Peck LLP, is a Limited Liability Partnership incorporated in England and Wales. The registered office is 42 West Street, Haslemere, GU27 2AN.

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 financial statements are prepared in GBP and rounded to the nearest £1.

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

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

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 Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

 
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 .

 
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:

Fixtures and fittings
-
10%
straight line
Computer equipment
-
33%
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.

Page 4

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
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.

 
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

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

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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
Page 5

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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 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
Page 6

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


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.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 11).

Page 7

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2022
25,045
2,801
16,017
43,863


Additions
-
1,321
-
1,321



At 30 April 2023

25,045
4,122
16,017
45,184



Depreciation


At 1 May 2022
15,027
775
10,108
25,910


Charge for the year on owned assets
-
404
5,077
5,481


Charge for the year on financed assets
5,009
-
-
5,009



At 30 April 2023

20,036
1,179
15,185
36,400



Net book value



At 30 April 2023
5,009
2,943
832
8,784



At 30 April 2022
10,018
2,025
5,909
17,952

Page 8

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Debtors

2023
2022
£
£


Trade debtors
72,187
54,337

Other debtors
75,454
78,967

Prepayments and accrued income
56,849
53,822

204,490
187,126



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
67,538
40,000

Trade creditors
6,309
5,895

Other taxation and social security
23,134
33,734

Obligations under finance lease and hire purchase contracts
-
5,569

Accruals and deferred income
87,441
84,823

184,422
170,021


National Westminster Bank PLC holds a fixed and floating charge over all the property and undertakings of the company.

Page 9

 
POTTER OWTRAM AND PECK LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
(64,482)
(86,110)

(64,482)
(86,110)

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

2023
2022
£
£



Falling due after more than one year
(64,482)
(86,110)

(64,482)
(86,110)

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


8.


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 £3,602 (2022 - £6,749). No contributions were payable to the fund at the reporting date were £nil (2022 - £nil).

 
Page 10