Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01Accountancy services159168true OC435038 2022-04-01 2023-03-31 OC435038 2021-10-01 2022-03-31 OC435038 2023-03-31 OC435038 2022-03-31 OC435038 c:Buildings 2022-04-01 2023-03-31 OC435038 c:Buildings 2023-03-31 OC435038 c:Buildings 2022-03-31 OC435038 c:Buildings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC435038 c:Buildings c:LongLeaseholdAssets 2022-04-01 2023-03-31 OC435038 c:FurnitureFittings 2022-04-01 2023-03-31 OC435038 c:FurnitureFittings 2023-03-31 OC435038 c:FurnitureFittings 2022-03-31 OC435038 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC435038 c:OfficeEquipment 2022-04-01 2023-03-31 OC435038 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC435038 c:Goodwill 2022-04-01 2023-03-31 OC435038 c:Goodwill 2023-03-31 OC435038 c:Goodwill 2022-03-31 OC435038 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-04-01 2023-03-31 OC435038 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 OC435038 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-03-31 OC435038 c:CurrentFinancialInstruments 2023-03-31 OC435038 c:CurrentFinancialInstruments 2022-03-31 OC435038 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC435038 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2023-03-31 OC435038 c:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2022-03-31 OC435038 d:FRS102 2022-04-01 2023-03-31 OC435038 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC435038 d:FullAccounts 2022-04-01 2023-03-31 OC435038 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC435038 c:WithinOneYear 2023-03-31 OC435038 c:WithinOneYear 2022-03-31 OC435038 c:BetweenOneFiveYears 2023-03-31 OC435038 c:BetweenOneFiveYears 2022-03-31 OC435038 c:MoreThanFiveYears 2023-03-31 OC435038 c:MoreThanFiveYears 2022-03-31 OC435038 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 OC435038 c:CopyrightsPatentsTrademarksServiceOperatingRights c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 OC435038 4 2022-04-01 2023-03-31 OC435038 7 2022-04-01 2023-03-31 OC435038 c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 OC435038 c:Goodwill c:OwnedIntangibleAssets 2022-04-01 2023-03-31 OC435038 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2022-04-01 2023-03-31 OC435038 d:PartnerLLP1 2022-04-01 2023-03-31 OC435038 d:PartnerLLP3 2022-04-01 2023-03-31 OC435038 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC435038 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC435038 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC435038 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC435038









WHITINGS LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WHITINGS LLP
REGISTERED NUMBER: OC435038

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
51,667
81,341

Tangible assets
 7 
541,613
410,230

  
593,280
491,571

Current assets
  

Debtors: amounts falling due within one year
 8 
4,056,969
3,949,491

Cash at bank and in hand
 9 
77,420
115,273

  
4,134,389
4,064,764

Creditors: Amounts Falling Due Within One Year
 10 
(2,380,375)
(1,997,121)

Net current assets
  
 
 
1,754,014
 
 
2,067,643

Total assets less current liabilities
  
2,347,294
2,559,214

Provisions for liabilities
  

Other provisions
 11 
(191,174)
(203,054)

  
 
 
(191,174)
 
 
(203,054)

Net assets
  
2,156,120
2,356,160


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
917,369
292,045

  
917,369
292,045

Members' other interests
  

Members' capital classified as equity
  
1,238,751
2,064,115

  
 
1,238,751
 
2,064,115

  
2,156,120
2,356,160


Total members' interests
  

Loans and other debts due to members
 12 
917,369
292,045

Members' other interests
  
1,238,751
2,064,115

  
2,156,120
2,356,160


Page 1

 
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: 




................................................
A R Band
................................................
K J Day
Designated member
Designated member


Date: 22 December 2023

The notes on pages 3 to 13 form part of these financial statements.

Page 2

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

1.


General information

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

 
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 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:

 
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

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.

Page 3

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

2.Accounting policies (continued)

 
2.4

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.5

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.

 
2.6

Borrowing costs

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

 
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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

Page 4

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

2.Accounting policies (continued)

 
2.9

Intangible assets

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:

Goodwill
-
20%
straight line
LLP costs
-
20%
straight line

 
2.10

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:

Freehold property
-
2% straight line
Long-term leasehold property
-
5% to 20% straight line
Fixtures and fittings
-
0% to 25% straight line
Office equipment
-
5% to 33.33% 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 5

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

2.Accounting policies (continued)

 
2.11

Impairment of fixed assets and goodwill

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Holiday pay accrual

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.

 
2.16

Provisions for liabilities

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.

Page 6

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

2.Accounting policies (continued)

 
2.17

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 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.

  
2.18

Allocation of profits and drawings

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. 

Page 7

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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.


4.


Employees

The average monthly number of employees, including directors, during the year was 159 (2022 - 168).


5.


Exceptional items

2023
2022
£
£


Impairment of goodwill
-
554,690

-
554,690

Page 8

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

6.


Intangible assets




Goodwill
Other intangible assets
Total

£
£
£



Cost


At 1 April 2022
594,256
67,541
661,797


Additions
-
8,984
8,984


Disposals
-
(10,000)
(10,000)



At 31 March 2023

594,256
66,525
660,781



Amortisation


At 1 April 2022
574,005
6,451
580,456


Charge for the year on owned assets
17,251
12,407
29,658


On disposals
-
(1,000)
(1,000)



At 31 March 2023

591,256
17,858
609,114



Net book value



At 31 March 2023
3,000
48,667
51,667



At 31 March 2022
20,251
61,090
81,341



Page 9

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

7.


Tangible fixed assets





Land and buildings
Plant and machinery, etc.
Total

£
£
£



Cost or valuation


At 1 April 2022
326,768
115,900
442,668


Additions
148,776
41,629
190,405


Disposals
-
(2,670)
(2,670)



At 31 March 2023

475,544
154,859
630,403



Depreciation


At 1 April 2022
11,634
20,804
32,438


Charge for the year on owned assets
15,812
43,210
59,022


Disposals
-
(2,670)
(2,670)



At 31 March 2023

27,446
61,344
88,790



Net book value



At 31 March 2023
448,098
93,515
541,613



At 31 March 2022
315,134
95,096
410,230


8.


Debtors

2023
2022
£
£


Trade debtors
3,635,642
3,587,494

Amounts owed by group undertakings and undertakings in which the LLP has a participating interest
56,101
41,379

Other debtors
36,284
35,550

Prepayments and accrued income
328,942
285,068

4,056,969
3,949,491


Page 10

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

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
77,420
115,273

Less: bank overdrafts
(131,761)
(289,679)

(54,341)
(174,406)



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
131,761
289,679

Bank loans
-
73,863

Trade creditors
576,287
291,739

Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
500,418
1,927

Taxation and social security
794,149
794,151

Other creditors
41,729
315,118

Accruals and deferred income
336,031
230,644

2,380,375
1,997,121


The following liabilities were secured:

2023
2022
£
£



Bank overdrafts
131,761
289,679

Bank loans
-
73,863

131,761
363,542

Details of security provided:

Borrowing is secured against the assets of the LLP.

Page 11

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

11.


Provisions





Dilapidation provision
Rent provision
PI claims
Total

£
£
£
£





At 1 April 2022
142,802
13,002
47,250
203,054


Utilised in year
-
(3,830)
(8,050)
(11,880)



At 31 March 2023
142,802
9,172
39,200
191,174

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.


12.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
917,369
292,045

917,369
292,045

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

2023
2022
£
£



Falling due within one year
917,369
292,045

917,369
292,045

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.

Page 12

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

13.


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 £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.


14.


Commitments under operating leases

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
435,043
369,477

Later than 1 year and not later than 5 years
1,284,104
869,450

Later than 5 years
361,363
250,625

2,080,510
1,489,552


15.


Related party transactions

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.


16.


Controlling party

The LLP is controlled by the members. No single member has overall control of the LLP.


 
Page 13