Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-052023-04-05The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-04-06falseNo description of principal activity417false OC311000 2022-04-06 2023-04-05 OC311000 2021-04-06 2022-04-05 OC311000 2023-04-05 OC311000 2022-04-05 OC311000 c:Buildings c:LongLeaseholdAssets 2022-04-06 2023-04-05 OC311000 c:Buildings c:LongLeaseholdAssets 2023-04-05 OC311000 c:Buildings c:LongLeaseholdAssets 2022-04-05 OC311000 c:FurnitureFittings 2022-04-06 2023-04-05 OC311000 c:FurnitureFittings 2023-04-05 OC311000 c:FurnitureFittings 2022-04-05 OC311000 c:OfficeEquipment 2022-04-06 2023-04-05 OC311000 c:OfficeEquipment 2023-04-05 OC311000 c:OfficeEquipment 2022-04-05 OC311000 c:OtherPropertyPlantEquipment 2022-04-06 2023-04-05 OC311000 c:OtherPropertyPlantEquipment 2023-04-05 OC311000 c:OtherPropertyPlantEquipment 2022-04-05 OC311000 c:CurrentFinancialInstruments 2023-04-05 OC311000 c:CurrentFinancialInstruments 2022-04-05 OC311000 c:Non-currentFinancialInstruments 2023-04-05 OC311000 c:Non-currentFinancialInstruments 2022-04-05 OC311000 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-05 OC311000 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-05 OC311000 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-05 OC311000 c:Non-currentFinancialInstruments c:AfterOneYear 2022-04-05 OC311000 d:FRS102 2022-04-06 2023-04-05 OC311000 d:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 OC311000 d:FullAccounts 2022-04-06 2023-04-05 OC311000 d:LimitedLiabilityPartnershipLLP 2022-04-06 2023-04-05 OC311000 2 2022-04-06 2023-04-05 OC311000 6 2022-04-06 2023-04-05 OC311000 d:PartnerLLP1 2022-04-06 2023-04-05 OC311000 c:FurtherSpecificReserve2ComponentTotalEquity 2023-04-05 OC311000 c:FurtherSpecificReserve2ComponentTotalEquity 2022-04-05 OC311000 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-05 OC311000 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-05 OC311000 e:PoundSterling 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure
Registered number: OC311000










ELWELL WATCHORN & SAXTON LLP








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023










 
ELWELL WATCHORN & SAXTON LLP
REGISTERED NUMBER:OC311000

BALANCE SHEET
AS AT 5 APRIL 2023

2023
2022
                                                                   Note
£
£

Fixed assets
  

Investments
 5 
2
2

  
2
2

Current assets
  

Work in progress
  
37,758
61,758

Debtors: amounts falling due within one year
 6 
1,253,743
1,236,494

Cash at bank and in hand
  
-
26,309

  
1,291,501
1,324,561

Creditors: amounts falling due within one year
 7 
(223,858)
(263,608)

Net current assets
  
 
 
1,067,643
 
 
1,060,953

Total assets less current liabilities
  
1,067,645
1,060,955

Creditors: amounts falling due after more than one year
 8 
(24,916)
(35,168)

  
1,042,729
1,025,787

  

Net assets
  
1,042,729
1,025,787


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
90,000
150,000

Other amounts
 9 
947,724
875,787

  
1,037,724
1,025,787

Members' other interests
  

Other reserves classified as equity
  
5,005
-

  
 
5,005
 
-

  
1,042,729
1,025,787


Total members' interests
  

Loans and other debts due to members
 9 
1,037,724
1,025,787

Members' other interests
  
5,005
-

  
1,042,729
1,025,787


Page 1

 
ELWELL WATCHORN & SAXTON LLP
REGISTERED NUMBER:OC311000
    
BALANCE SHEET (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 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: 




................................................
Mr G Wolloff
Director of Graham Wolloff Limited
Designated member














Date: 5 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1.


General information

Elwell Watchorn & Saxton LLP is a Limited Liability Partnership which is incorporated in England and Wales. The registered office is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.

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 LLP has reduced its trade signficantly and now operates solely to complete pre-existing service contracts, realising the existing assets and settling the obligations of the LLP accordingly. The members acknowledge that there is ongoing uncertainty surrounding significant balances in these financial statements and that this may represent a material uncertainty with regards to the going concern status of the LLP (see note 11). However, the members fully expect the LLP to continue in operational existence for at least 12 months from the date of approval of the financial statements. These financial statements therefore continue to be prepared on a going concern basis. 
The LLP's functional and presentational currency is GBP. 

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.

 
2.4

Borrowing costs

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

Page 3

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

  
2.5

Members' remuneration

A member's share in the profit or loss for the period is accounted for as an allocation of profits in accordance with the LLP membership agreement.

 
2.6

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:

Leasehold property improvements
-
10% straight line per annum
Fixtures and fittings
-
10% straight line per annum
Office equipment
-
25% straight line per annum
Computer equipment
-
25% straight line per annum

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.

 
2.7

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.

 
2.8

Valuation of investments

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Work in progress

Work in progress represents disbursements not yet invoiced to clients and has been valued at the lower of cost and net realisable value.

Page 4

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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.
 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.
 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 5

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


 
2.14

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 Profit and Loss Account in the same period as the related expenditure.

 
2.15

Interest income

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


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 17).


4.


Tangible fixed assets





Leasehold property improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 6 April 2022
23,726
40,109
20,571
77,895
162,301



At 5 April 2023

23,726
40,109
20,571
77,895
162,301



Depreciation


At 6 April 2022
23,726
40,109
20,571
77,895
162,301



At 5 April 2023

23,726
40,109
20,571
77,895
162,301



Net book value



At 5 April 2023
-
-
-
-
-



At 5 April 2022
-
-
-
-
-

Page 6

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 6 April 2022
2



At 5 April 2023
2





6.


Debtors

2023
2022
£
£


Trade debtors
116,238
112,097

Amounts recoverable on contracts
1,111,048
1,111,048

Amounts owed by former members
26,412
-

Other debtors
45
-

Prepayments and accrued income
-
13,349

1,253,743
1,236,494



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
135,566
101,807

Bank loans
9,251
8,999

Amounts owed to former members
75,041
120,566

Other taxation and social security
-
15,129

Other creditors
-
703

Accruals and deferred income
4,000
16,404

223,858
263,608


The bank overdraft is secured by way of fixed and floating charge over the assets of the LLP.

Page 7

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,916
35,168

24,916
35,168



9.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
90,000
150,000

Other amounts due to members
947,724
875,787

1,037,724
1,025,787

All loans and other debts due to members are due within one year.
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a
winding up.
Members capital treated as debt is repayable following retirement from the LLP.
There are no restrictions or limitations on the ability of the members to reduce the amount of other
amounts due to members.




10.Financial commitments

At the year end, the total amount of financial commitments not included in the Balance Sheet is £85,362 (2022 - £67,500).

Page 8

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

11.


Significant accounting estimates

Due to ongoing uncertainty and negotiations surrounding work in progress, amounts recoverable on contracts and  historical and current profit share allocations amongst members, several balances in these financial statements contain signficant accounting estimates which have been valued and presented in these financial statements by the members. Due to the nature of these estimates they are not derived from factual data and the members have therefore presented these amounts in the financial statements at their best estimate as at the time of approval of the financial statements. The amounts in these financial statements which are directly affected by this estimation uncertainty are:
- Work in progress of £37,758.
- Amounts recoverable on contracts of £1,111,048.
- Amounts owed by former members of £26,412.
- Amounts owed to former members of £75,041.
- Other amounts due to members of £947,724.
The members acknowledge that other balances in these financial statements may also be indirectly affected by these estimates including, but not limited to, the revenue amount disclosed in the Profit and Loss Account. 

 
Page 9