Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity88falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC390031 2022-04-01 2023-03-31 OC390031 2021-04-01 2022-03-31 OC390031 2023-03-31 OC390031 2022-03-31 OC390031 c:OfficeEquipment 2022-04-01 2023-03-31 OC390031 c:OfficeEquipment 2023-03-31 OC390031 c:OfficeEquipment 2022-03-31 OC390031 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC390031 c:CurrentFinancialInstruments 2023-03-31 OC390031 c:CurrentFinancialInstruments 2022-03-31 OC390031 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC390031 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC390031 d:FRS102 2022-04-01 2023-03-31 OC390031 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC390031 d:FullAccounts 2022-04-01 2023-03-31 OC390031 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC390031 c:WithinOneYear 2023-03-31 OC390031 c:WithinOneYear 2022-03-31 OC390031 c:BetweenOneFiveYears 2023-03-31 OC390031 c:BetweenOneFiveYears 2022-03-31 OC390031 d:PartnerLLP1 2022-04-01 2023-03-31 OC390031 d:PartnerLLP2 2022-04-01 2023-03-31 OC390031 d:PartnerLLP3 2022-04-01 2023-03-31 OC390031 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC390031 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 iso4217:GBP xbrli:pure
Registered number: OC390031


 
 
 
 
 
 
NEW FINANCIAL LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
NEW FINANCIAL LLP
 

INFORMATION





Designated Members

M W Wright
D Charters

Member

Y Chinwala

LLP registered number

OC390031

Registered office

1st Floor Sackville House143-149 Fenchurch StreetLondonEC3M 6BL


 
NEW FINANCIAL LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
NEW FINANCIAL LLP
REGISTERED NUMBER: OC390031

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
18,583
4,173

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
261,827
185,721

Cash at bank and in hand
  
144,252
366,372

  
406,079
552,093

Creditors: Amounts Falling Due Within One Year
 6 
(425,165)
(420,667)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(19,086)
 
 
131,426

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(503)
135,599

  

NET (LIABILITIES)/ASSETS
  
(503)
135,599


REPRESENTED BY:
  

LOANS AND OTHER DEBTS DUE TO MEMBERS WITHIN ONE YEAR
  

MEMBERS' OTHER INTERESTS
  

Members' capital classed as equity
  
(503)
135,599

  
 
(503)
 
135,599

  
(503)
135,599


TOTAL MEMBERS' INTERESTS
  

Members' other interests
  
(503)
135,599

  
(503)
135,599


Page 1

 
NEW FINANCIAL LLP
REGISTERED NUMBER: OC390031

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 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 24 November 2023.




M W Wright
Designated member

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NEW FINANCIAL LLP
 

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

1.


GENERAL INFORMATION

New Financial LLP (LLP number: OC390031), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL and principal place of business at 1 Duchess Street, London, W1W 6AN, is a limited liability partnership incorporated in England and Wales. 

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

STATEMENT OF CASH FLOWS

The LLP has taken advantage of the exemption in Financial Reporting Standard 102 Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small LLP.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The LLP's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NEW FINANCIAL LLP
 

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

2.ACCOUNTING POLICIES (continued)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Annual membership fees are recognised in the Statement of Comprehensive Income evenly over the membership term. 

  
2.5

MEMBERS' PARTICIPATING INTERESTS

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.
Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. 
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member. 

Page 4

 
NEW FINANCIAL LLP
 

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

2.ACCOUNTING POLICIES (continued)

 
2.6

OPERATING LEASES: THE LLP AS LESSEE

Rentals paid under operating leases are charged to Statement of Comprehensive Income 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.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
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.

The LLP adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the LLP. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Office equipment
-
25%
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.

 
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. 

Page 5

 
NEW FINANCIAL 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.

 
2.12

FINANCIAL INTERESTS

The LLP only enters into basic financial instrument transactions that result in 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.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at fair value. Changes in fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

  
2.13

TAXATION PROVISIONS

Taxation on the profits of the LLP is solely the liability of the individual members. Therefore neither income tax nor deferred tax arising in respect of the LLP's profit is recognised in the financial statements. 


3.


EMPLOYEES

The average number of persons employed by the partnership during the year was 7 (2022 - 7)

Page 6

 
NEW FINANCIAL LLP
 

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

4.


TANGIBLE FIXED ASSETS





Office equipment

£



COST


At 1 April 2022
25,246


Additions
18,735



At 31 March 2023

43,981



Depreciation


At 1 April 2022
21,073


Charge for the year on owned assets
4,325



At 31 March 2023

25,398



Net book value



At 31 March 2023
18,583



At 31 March 2022
4,173


5.


DEBTORS

2023
2022
£
£

Due within one year

Trade debtors
197,940
132,000

Prepayments and accrued income
41,001
53,718

Other debtors
22,886
3

261,827
185,721


Page 7

 
NEW FINANCIAL LLP
 

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

6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,440
13,985

Other taxation and social security
31,915
40,284

Other creditors
1,988
1,533

Accruals and deferred income
380,822
364,865

425,165
420,667



7.


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 £8,454 (2022 - £8,354) . Contributions totalling £1,988 (2022 - £1,533) were payable to the fund at the Balance Sheet date and are included in creditors.


8.


OPERATING LEASE COMMITMENTS

At 31 March 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
76,285
45,000

Later than 1 year and not later than 5 years
108,070
-


Page 8