Registered number: OC435038
WHITINGS LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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WHITINGS LLP
REGISTERED NUMBER: OC435038
BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Provisions for liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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WHITINGS LLP
REGISTERED NUMBER: OC435038
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 by:
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A R Band
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K J Day
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The notes on pages 3 to 13 form part of these financial statements.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Whitings LLP is a limited liability partnership, incorporated in England and Wales with registration number OC435038. The registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk, IP32 7GY.
2.Accounting policies
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Basis of preparation of financial statements
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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 (see note 3).
The following principal accounting policies have been applied:
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.
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Operating leases: the LLP as lessee
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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.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 Statement of comprehensive income in the same period as the related expenditure.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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:
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Long-term leasehold property
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5% to 33.33% straight line
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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.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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.
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Cash and cash equivalents
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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.
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.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 and loans to related parties.
Instruments which are wholly payable or receivable within one year are measured at transaction price, less (in the case of debtors) any impairment.
Instruments which are repayable or receivable in whole or in part over more than one year are initially measured at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
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Allocation of profits and drawings
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The LLP Board sets the monthly drawings. These represent payments on account of current year profits. The level of the monthly drawings are set prudently to take into account cash requirements for operating activities. However, any over distribution of profits during the year is recoverable from members.
The final allocation of profits and distribution to members is made once the profits for the year are established and approved by members in general meeting. Unallocated profits are included within other reserves and within members' other interests.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements in accordance with FRS 102 requires the LLP management to make estimates and assumptions that affect revenue, expenses, assets and liabilities. A range of factors are used in arriving at the estimates and judgments including past experience and reasonable expectations of the future.
The most significant estimates and judgments required in the preparation of the financial statements are in respect of provisions against client receivables, provisions in respect of claims from clients, recognition of accrued income and dilapidations of leasehold property.
Provisions against client receivables
Management review aged debtors regularly and those considered to be irrecoverable work are provided against. Recoverability is subjective, based on the knowledge of the individual client and the details of the specific assignment.
Provision for claims from clients
Provisions are made based on a case by case basis. This involves the use of judgment to prudently assess, on the balance of evidence, the likelihood of a cost being incurred by the LLP.
Work in progress and accrued income
The LLP's policy for work in progress and accrued income is to not carry any value which is unrecoverable, as such management review the work in progress regularly, and irrecoverable work is written off. If the recoverability of work is doubtful a provision will be included in the financial statements. Recoverability is subjective, based on the knowledge of the client and the details of the client assignment.
The value of accrued income is determined by valuing unbilled work with reference to standard values at the annual rolling recovery rate. Exceptionally, should the rolling recovery rate not be appropriate, a line by line evaluation is undertaken based on the judgment of the management team.
Dilapidations of leasehold property
The leasehold interests are all tenant repairing leases. The estimated liabilities for dilapidations are determined after taking independent external professional advice on a regular basis.
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The average monthly number of employees, including directors, during the year was 159 (2022 - 168).
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Plant and machinery, etc.
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Charge for the year on owned assets
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Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
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Prepayments and accrued income
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
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Taxation and social security
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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Borrowing is secured against the assets of the LLP.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Dilapidation provision
Provision is made for any property dilapidation and other end of lease commitment when the obligation has been identified and an estimate of the cost thereof has been made with reasonable accuracy.
Rent provision
Provision is made to spread the benefit of a rent free period over the entire lease term.
PI claims provision
Provision is made on a case by case basis, in respect of any disputes in the ordinary course of business which may give rise to claims. Provision is made for all such matters where costs of defending or concluding claims are likely to be incurred, net of anticipated insurance recoveries.
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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.
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WHITINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 £217,108 (2022 - £96,466). Contributions totalling £30,881 (2022 - £27,186) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The LLP regards all the members to be the key management with total compensation being the total members' remuneration as shown in the statement of comprehensive income.
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The LLP is controlled by the members. No single member has overall control of the LLP.
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