Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-052023-04-05false22022-04-06falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC366546 2022-04-06 2023-04-05 OC366546 2021-04-06 2022-04-05 OC366546 2023-04-05 OC366546 2022-04-05 OC366546 c:MotorVehicles 2022-04-06 2023-04-05 OC366546 c:MotorVehicles 2023-04-05 OC366546 c:MotorVehicles 2022-04-05 OC366546 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC366546 c:OfficeEquipment 2022-04-06 2023-04-05 OC366546 c:OfficeEquipment 2023-04-05 OC366546 c:OfficeEquipment 2022-04-05 OC366546 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC366546 c:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 OC366546 c:CurrentFinancialInstruments 2023-04-05 OC366546 c:CurrentFinancialInstruments 2022-04-05 OC366546 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-05 OC366546 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-05 OC366546 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-05 OC366546 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-05 OC366546 d:FRS102 2022-04-06 2023-04-05 OC366546 d:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 OC366546 d:FullAccounts 2022-04-06 2023-04-05 OC366546 d:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC366546 2 2022-04-06 2023-04-05 OC366546 d:PartnerLLP1 2022-04-06 2023-04-05 OC366546 d:PartnerLLP3 2022-04-06 2023-04-05 OC366546 c:FurtherSpecificReserve2ComponentTotalEquity 2023-04-05 OC366546 c:FurtherSpecificReserve2ComponentTotalEquity 2022-04-05 OC366546 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-05 OC366546 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-05 OC366546 e:PoundSterling 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Registered number: OC366546










PETER STEVENS DESIGN LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 5 APRIL 2023

 
PETER STEVENS DESIGN LLP
 

MEMBERS' REPORT
FOR THE YEAR ENDED 5 APRIL 2023

The members present their annual report together with the financial statements of Peter Stevens Design LLP (the "LLP") for the year ended 5 April 2023
 

Principal activities
 
 
 
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 year ended 5 April 2023 are set out in the financial statements.
 
 
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 on 25 March 2024 and signed on their behalf by:
 
 


P Stevens


Page 1

 
PETER STEVENS DESIGN LLP
 

INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2023

2023
2022
£
£


Turnover
62,068
157,523

Cost of sales
(4,982)
(33,939)

Gross profit
57,086
123,584

Administrative expenses
(42,780)
(62,639)

Operating profit
14,306
60,945

Interest receivable and similar income
81
-

Profit before tax
14,387
60,945

Profit for the year before members' remuneration and profit shares available for discretionary division among members
14,387
60,945


Profit for the year before members' remuneration and profit shares
14,387
60,945

Profit for the financial year available for discretionary division among members
14,387
60,945

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
PETER STEVENS DESIGN LLP
REGISTERED NUMBER: OC366546

STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
28,355
-

  
28,355
-

Current assets
  

Debtors: amounts falling due within one year
 4 
26,942
-

Cash at bank and in hand
 5 
25,826
91,777

  
52,768
91,777

Creditors: Amounts Falling Due Within One Year
 6 
(19,174)
-

Net current assets
  
 
 
33,594
 
 
91,777

Total assets less current liabilities
  
61,949
91,777

  

Net assets
  
61,949
91,777


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
(200,701)
(156,486)

  
(200,701)
(156,486)

Members' other interests
  

Other reserves classified as equity
  
262,650
248,263

  
 
262,650
 
248,263

  
61,949
91,777


Total members' interests
  

Loans and other debts due to members
 8 
(200,701)
(156,486)

Members' other interests
  
262,650
248,263

  
61,949
91,777


Page 3

 
PETER STEVENS DESIGN LLP
REGISTERED NUMBER: OC366546

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 5 APRIL 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 25 March 2024.




P Stevens
Mrs M Stevens
Designated member
Designated member

The notes on pages 5 to 10 form part of these financial statements.

Peter Stevens Design 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

 
PETER STEVENS DESIGN LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1.


General information

Peter Stevens Design LLP is a limited liability partnership incorporated in England and Wales, registration number OC366546. The registered office is The Forge Blacksmiths Green, Wetheringsett, Suffolk, IP14 5PZ. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is 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 Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
PETER STEVENS DESIGN LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.3

Turnover

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.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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 .

Page 6

 
PETER STEVENS DESIGN LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
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:

Motor vehicles
-
20%
Straight line
Office equipment
-
20%
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. 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.

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.

Page 7

 
PETER STEVENS DESIGN LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.


3.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


Additions
32,495
2,949
35,444



At 5 April 2023

32,495
2,949
35,444



Depreciation


Charge for the year on owned assets
6,499
590
7,089



At 5 April 2023

6,499
590
7,089



Net book value



At 5 April 2023
25,996
2,359
28,355



At 5 April 2022
-
-
-


4.


Debtors

2023
2022
£
£


Trade debtors
25,503
-
Page 8

 
PETER STEVENS DESIGN LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

4.Debtors (continued)


Other debtors
1,289
-

Prepayments and accrued income
150
-

26,942
-



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
25,826
91,777

25,826
91,777



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
16,174
-

Accruals and deferred income
3,000
-

19,174
-



7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
25,826
91,777




Financial assets measured at fair value through profit or loss comprise...

Page 9

 
PETER STEVENS DESIGN LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

8.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
(200,701)
(156,486)

(200,701)
(156,486)

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

2023
2022
£
£



Falling due after more than one year
(200,701)
(156,486)

(200,701)
(156,486)

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


Page 10