Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.242022-03-01falseNo description of principal activity21truetrue OC325761 2022-03-01 2023-02-28 OC325761 2021-03-01 2022-02-28 OC325761 2023-02-28 OC325761 2022-02-28 OC325761 c:Buildings c:ShortLeaseholdAssets 2022-03-01 2023-02-28 OC325761 c:Buildings c:ShortLeaseholdAssets 2023-02-28 OC325761 c:Buildings c:ShortLeaseholdAssets 2022-02-28 OC325761 c:LandBuildings 2023-02-28 OC325761 c:LandBuildings 2022-02-28 OC325761 c:FurnitureFittings 2022-03-01 2023-02-28 OC325761 c:FurnitureFittings 2023-02-28 OC325761 c:FurnitureFittings 2022-02-28 OC325761 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC325761 c:OfficeEquipment 2022-03-01 2023-02-28 OC325761 c:OfficeEquipment 2023-02-28 OC325761 c:OfficeEquipment 2022-02-28 OC325761 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC325761 c:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 OC325761 c:CurrentFinancialInstruments 2023-02-28 OC325761 c:CurrentFinancialInstruments 2022-02-28 OC325761 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 OC325761 c:CurrentFinancialInstruments c:WithinOneYear 2022-02-28 OC325761 d:FRS102 2022-03-01 2023-02-28 OC325761 d:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 OC325761 d:FullAccounts 2022-03-01 2023-02-28 OC325761 d:LimitedLiabilityPartnershipLLP 2022-03-01 2023-02-28 OC325761 c:WithinOneYear 2023-02-28 OC325761 c:WithinOneYear 2022-02-28 OC325761 2 2022-03-01 2023-02-28 OC325761 d:PartnerLLP1 2022-03-01 2023-02-28 OC325761 d:PartnerLLP2 2022-03-01 2023-02-28 OC325761 c:FurtherSpecificReserve3ComponentTotalEquity 2023-02-28 OC325761 c:FurtherSpecificReserve3ComponentTotalEquity 2022-02-28 iso4217:GBP xbrli:pure

Registered number: OC325761










SALLY ADAMS PARTNERSHIP LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SALLY ADAMS PARTNERSHIP LLP
 

INFORMATION





Designated Members

S A Bignell
A D O Powell

LLP registered number

OC325761

Registered office

Wey Court WestUnion RoadFarnhamSurreyGU9 7PT

Accountants

Shaw Gibbs LimitedWey Court WestUnion RoadFarnhamSurreyGU9 7PT


 
SALLY ADAMS PARTNERSHIP LLP
 

CONTENTS



Page
Members' report
 
1
Income statement
 
2
Statement of financial position
 
3 - 4
Reconciliation of members' interests
 
5
Notes to the financial statements
 
6 - 12


 
SALLY ADAMS PARTNERSHIP LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The members present their annual report together with the financial statements of Sally Adams Partnership LLP (the "LLP") for the year ended 28 February 2023
 

Designated Members
 
 
S A Bignell and A D O Powell were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 28 February 2023 are set out in the reconciliation of members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

This report was approved by the members and signed on their behalf by: 








A D O Powell


Date: 23 November 2023

23 November 2023
Page 1

 
SALLY ADAMS PARTNERSHIP LLP
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Turnover
  
695,598
810,803

Cost of sales
  
(92,347)
(124,266)

Gross profit
  
603,251
686,537

Administrative expenses
  
(614,142)
(597,688)

Other operating income
 3 
-
78,010

Operating (loss)/profit
  
(10,891)
166,859

Interest receivable and similar income
  
109
59

Interest payable and similar expenses
  
(736)
-

(Loss)/profit before tax
  
(11,518)
166,918

(Loss)/profit for the year before members' remuneration and profit shares available for discretionary division among members
  
(11,518)
166,918

The notes on pages 6 to 12 form part of these financial statements.

Page 2

 
SALLY ADAMS PARTNERSHIP LLP
REGISTERED NUMBER: OC325761

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
273,549
12,152

  
273,549
12,152

Current assets
  

Debtors: amounts falling due within one year
 6 
1,398
145,712

Cash at bank and in hand
 7 
119,684
399,306

  
121,082
545,018

Creditors: Amounts Falling Due Within One Year
 8 
(172,587)
(301,208)

Net current (liabilities)/assets
  
 
 
(51,505)
 
 
243,810

Total assets less current liabilities
  
222,044
255,962

  

Net assets
  
222,044
255,962


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
222,044
255,962

  
222,044
255,962

  

  
222,044
255,962


Total members' interests
  

Loans and other debts due to members
 10 
222,044
255,962

  
222,044
255,962


Page 3

 
SALLY ADAMS PARTNERSHIP LLP
REGISTERED NUMBER: OC325761
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 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 financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 November 2023.




S A Bignell
A D O Powell
Designated member
Designated member

The notes on pages 6 to 12 form part of these financial statements.

Sally Adams Partnership 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 4

 
SALLY ADAMS PARTNERSHIP LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 28 FEBRUARY 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
Other amounts
Total
Total

£
£
£
£
£

Profit for the year available for discretionary division among members
 
166,917
166,917
-
-
166,917

Members' interests after profit for the year
166,917
166,917
93,055
93,055
259,972

Movement in reserves
(166,917)
(166,917)
-
-
(166,917)

Amounts introduced by members
-
-
4,266
4,266
4,266

Drawings on account and distribution of profit
-
-
158,642
158,642
158,642

Amounts due to members
255,962
255,962

Balance at 28 February 2022
-
-
255,963
255,963
255,963

Loss for the year available for discretionary division among members
 
(11,518)
(11,518)
-
-
(11,518)

Members' interests after profit for the year
(11,518)
(11,518)
255,963
255,963
244,445

Movement in reserves
11,518
11,518
-
-
11,518

Amounts introduced by members
-
-
11,742
11,742
11,742

Drawings on account and distribution of profit
-
-
(45,661)
(45,661)
(45,661)

Amounts due to members
222,044
222,044

Balance at 28 February 2023 
-
-
222,044
222,044
222,044



Page 5

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Sally Adams Partnership LLP is a limited liability partnership registered in England. Its registered office is:
Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

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 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 6

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 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, .

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
20 years
Fixtures & fittings
-
10% straight line
Office equipment
-
25% reducing balance

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.

Page 7

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

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.

 
2.8

Finance costs

Finance costs are charged to the income statement 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.

 
2.9

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

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.

 
2.11

Interest income

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

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the income statement in the same period as the related expenditure.

Page 8

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Other operating income

2023
2022
£
£

Government grants receivable
-
78,010

-
78,010



4.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 24).


5.


Tangible fixed assets





S/Term Leasehold Property
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
150,000
116,831
12,041
278,872


Additions
176,809
115,002
716
292,527


Disposals
(150,000)
(115,971)
(3,360)
(269,331)



At 28 February 2023

176,809
115,862
9,397
302,068



Depreciation


At 1 March 2022
150,000
109,238
7,481
266,719


Charge for the year on owned assets
8,840
12,023
1,724
22,587


Disposals
(150,000)
(108,395)
(2,392)
(260,787)



At 28 February 2023

8,840
12,866
6,813
28,519



Net book value



At 28 February 2023
167,969
102,996
2,584
273,549



At 28 February 2022
-
7,592
4,560
12,152

Page 9

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

           5.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
167,969
-

167,969
-



6.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
-
139,168

Other debtors
-
6,482

Prepayments and accrued income
1,399
62

1,399
145,712



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
119,684
399,306

119,684
399,306


Page 10

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
200,000

Trade creditors
17,915
30,660

Amounts owed to other participating interests
111,000
-

Other taxation and social security
7,127
32,679

Other creditors
1,538
2,443

Accruals and deferred income
35,007
35,426

172,587
301,208



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
200,000


-
200,000




-
200,000


Page 11

 
SALLY ADAMS PARTNERSHIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
222,044
255,962

222,044
255,962

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

2023
2022
£
£



Falling due within one year
222,044
255,962

222,044
255,962

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


11.


Commitments under operating leases

At 28 February 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
210,000

-
210,000


12.


Controlling party

In the opinion of the members, there is no controlling party as defined by FRS 102 1A.

 
Page 12