15 false false false false false false false false false false false false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC316217 2023-01-01 2024-03-31 OC316217 2024-03-31 OC316217 2022-12-31 OC316217 2022-01-01 2022-12-31 OC316217 2022-12-31 OC316217 2021-12-31 OC316217 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 OC316217 core:FurnitureFittings 2023-01-01 2024-03-31 OC316217 core:MotorVehicles 2023-01-01 2024-03-31 OC316217 bus:Director1 2023-01-01 2024-03-31 OC316217 bus:Director2 2023-01-01 2024-03-31 OC316217 core:LandBuildings 2022-12-31 OC316217 core:FurnitureFittings 2022-12-31 OC316217 core:MotorVehicles 2022-12-31 OC316217 core:LandBuildings 2024-03-31 OC316217 core:FurnitureFittings 2024-03-31 OC316217 core:MotorVehicles 2024-03-31 OC316217 core:LandBuildings 2023-01-01 2024-03-31 OC316217 core:WithinOneYear 2024-03-31 OC316217 core:WithinOneYear 2022-12-31 OC316217 core:AfterOneYear 2024-03-31 OC316217 core:AfterOneYear 2022-12-31 OC316217 core:LandBuildings 2022-12-31 OC316217 core:FurnitureFittings 2022-12-31 OC316217 core:MotorVehicles 2022-12-31 OC316217 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 OC316217 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-12-31 OC316217 bus:SmallEntities 2023-01-01 2024-03-31 OC316217 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-03-31 OC316217 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-03-31 OC316217 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2024-03-31 OC316217 bus:FullAccounts 2023-01-01 2024-03-31 OC316217 core:OfficeEquipment 2023-01-01 2024-03-31 OC316217 core:OfficeEquipment 2022-12-31 OC316217 core:OfficeEquipment 2024-03-31
REGISTERED NUMBER: OC316217
Coltman Warner Cranston LLP
Filleted Unaudited Financial Statements
31 March 2024
Coltman Warner Cranston LLP
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
Fixed assets
Tangible assets
4
55,245
78,822
Current assets
Debtors
5
811,808
684,675
Cash at bank and in hand
1,086,988
691,721
-----------
-----------
1,898,796
1,376,396
Prepayments and accrued income
28,073
30,898
Creditors: amounts falling due within one year
6
1,337,910
846,946
-----------
-----------
Net current assets
588,959
560,348
--------
--------
Total assets less current liabilities
644,204
639,170
Creditors: amounts falling due after more than one year
7
22,881
39,225
--------
--------
Net assets
621,323
599,945
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
511,323
489,945
Members' other interests
Members' capital classified as equity
110,000
110,000
Other reserves
--------
--------
621,323
599,945
--------
--------
Total members' interests
Loans and other debts due to members
8
511,323
489,945
Members' other interests
110,000
110,000
--------
--------
621,323
599,945
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Coltman Warner Cranston LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 2 August 2024 , and are signed on their behalf by:
L. Coltman
D. Davoile
Designated Member
Designated Member
Registered number: OC316217
Coltman Warner Cranston LLP
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1.
General information
The LLP is registered and trading in England and Wales with company number OC316217 . The address of the registered office is Unit 3 The Innovation Village, Cheetah Road, Coventry CV1 2TL.
2.
Accounting policies
Basis of preparation
The financial statements have been prepare on historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the LLP and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.
Members' participation rights
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 FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
33% reducing balance
Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The LLP only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the LLP considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 15 (2022: 12 ).
4.
Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
2,951
19,183
62,235
104,832
189,201
Additions
2,645
1,931
4,576
------
-------
-------
--------
--------
At 31 March 2024
2,951
21,828
62,235
106,763
193,777
------
-------
-------
--------
--------
Depreciation
At 1 January 2023
531
17,974
1,729
90,145
110,379
Charge for the period
74
799
23,530
3,750
28,153
------
-------
-------
--------
--------
At 31 March 2024
605
18,773
25,259
93,895
138,532
------
-------
-------
--------
--------
Carrying amount
At 31 March 2024
2,346
3,055
36,976
12,868
55,245
------
-------
-------
--------
--------
At 31 December 2022
2,420
1,209
60,506
14,687
78,822
------
-------
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
36,976
-------
At 31 December 2022
60,506
-------
5.
Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
811,542
684,649
Other debtors
266
26
--------
--------
811,808
684,675
--------
--------
6. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
70,830
Trade creditors
91,842
91,904
Social security and other taxes
65,853
63,598
Other creditors
1,109,385
691,444
-----------
--------
1,337,910
846,946
-----------
--------
7. Creditors: amounts falling due after more than one year
31 Mar 24
31 Dec 22
£
£
Other creditors
22,881
39,225
-------
-------
8.
Loans and other debts due to members
31 Mar 24
31 Dec 22
£
£
Amounts owed to members in respect of profits
511,323
489,945
--------
--------