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Registration number: OC402211

Williamson & Croft LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Williamson & Croft LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Notes to the Financial Statements

4

 

Williamson & Croft LLP

Limited liability partnership information

Designated members

Williamson Croft Midco DMM Ltd

Members

Williamson Croft Midco DPL Ltd

Registered office

York House
20 York Street
Manchester
M2 3BB

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Williamson & Croft LLP

(Registration number: OC402211)
Balance Sheet as at 31 October 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

-

46,529

Investments

4

-

514

 

-

47,043

Current assets

 

Debtors

51,779

359,434

Cash at bank and in hand

 

11,720

434,401

 

63,499

793,835

Creditors: Amounts falling due within one year

6

(31,289)

(289,330)

Net current assets

 

32,210

504,505

Total assets less current liabilities

 

32,210

551,548

Creditors: Amounts falling due after more than one year

7

(32,326)

(37,656)

Net (liabilities)/assets attributable to members

 

(116)

513,892

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(116)

513,892

   

(116)

513,892

Total members' interests

 

Loans and other debts due to members

 

(116)

513,892

   

(116)

513,892

For the year ending 31 October 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Williamson & Croft LLP

(Registration number: OC402211)
Balance Sheet as at 31 October 2023

The financial statements of Williamson & Croft LLP (registered number OC402211) were approved by the Board and authorised for issue on 30 July 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Williamson Croft Midco DMM Ltd
Designated member

.........................................
Williamson Croft Midco DPL Ltd
Member

 
 

Williamson & Croft LLP

Notes to the Financial Statements for the Year Ended 31 October 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

The functional currency of Williamson & Croft LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the LLP, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The limited liability partnership is part of a small group. The limited liability partnership has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

Revenue recognition

Revenue represents amounts recoverable from clients for the provision of professional services during the year. Income arising from fixed fee assignments is recognised based on the degree of completion of the relevant service which is assessed on the basis of time spent. Where income is dependent on the occurrence of a critical event, no income is recognised until that event has occurred and the recovery of income is assured.

Amounts recoverable from client assignments in excess of amounts billed are included as accrued income in receivables. Amounts invoiced to clients in excess of the income arising are included as deferred income in current liabilities.

Revenue includes direct recoverable expenses and disbursements incurred but excludes vat.

 

Williamson & Croft LLP

Notes to the Financial Statements for the Year Ended 31 October 2023

Government grants

Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred or when any terms and conditions relating to the grant are satisfied. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received in advance are included within other creditors whilst those for which the conditions have been met and which are virtually certain to be received by the company are included in other debtors.

Taxation

The taxation payable on the partnership's profits is the personal liability of the individual members and consequently is not dealt with in these financial statements.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Computer and office equipment

33% Straight line

Furniture and fixtures

25% Reducing balance

Leasehold improvements

Straight line over the term of the lease

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

Williamson & Croft LLP

Notes to the Financial Statements for the Year Ended 31 October 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' 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 FRS102. A members participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classified 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’ and, where such an amount relates to current year profits, they are recognised within ‘Members’ remuneration charged as an expense’ in arriving at the relevant year’s result. 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.

Amounts due to members included under 'Loans and other debts due to members’ will rank pari passu with unsecured creditors in the event of an insolvent winding-up.

2

Profit/loss before tax

During the year the Williamson & Croft group undertook a reorganisation in which the partnership transferred its trade to another group member Williamson Croft Accountants Ltd. The transfer of trade was undertaken at market value and following the transfer the partnership was party to a release of inter group debt which resulted in a debit to the company's income statement totalling £1,150,000, shown within other interest payable and similar charges.

 

Williamson & Croft LLP

Notes to the Financial Statements for the Year Ended 31 October 2023

3

Tangible fixed assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 November 2022

30,394

17,581

35,011

82,986

Disposals

(30,394)

(17,581)

(35,011)

(82,986)

At 31 October 2023

-

-

-

-

Depreciation

At 1 November 2022

7,598

6,064

22,795

36,457

Eliminated on disposals

(7,598)

(6,064)

(22,795)

(36,457)

At 31 October 2023

-

-

-

-

Net book value

At 31 October 2023

-

-

-

-

At 31 October 2022

22,796

11,517

12,216

46,529

4

Investments held as fixed assets

2023
£

2022
£

Other investments

-

514

Other investments

Unlisted investments
£

Total
£

Cost

At 1 November 2022

514

514

Disposals

(514)

(514)

At 31 October 2023

-

-

Net book value

At 31 October 2023

-

-

At 31 October 2022

514

514

 

Williamson & Croft LLP

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Debtors

2023
 £

2022
 £

Trade debtors

-

240,057

Amounts owed by group undertakings and undertakings in which the limited liability partnership has a participating interest

25,916

-

Other debtors

25,863

11,766

Prepayments and accrued income

-

107,611

51,779

359,434

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Loans and borrowings

5,330

5,198

Trade creditors

13,127

35,884

Amounts owed to group undertakings and undertakings in which the limited liability partnership has a participating interest

12,832

2,159

Other creditors

-

1,581

Accruals and deferred income

-

131,774

Taxation and social security

-

112,734

31,289

289,330

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Loans and borrowings

32,326

37,656

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £347,099 (2022 - £499,812). The balance relates to the undiscounted minimum future payments due under non-cancellable operating leases over the term of the lease. No security has been provided.

9

Related party transactions

The limited liability partnership has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by Williamson Croft Holdings Ltd.

 

Williamson & Croft LLP

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2022 - 19).