Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity2023-01-01false12falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC444921 2022-12-31 OC444921 2023-01-01 2023-12-31 OC444921 2022-01-01 2022-12-31 OC444921 2023-12-31 OC444921 c:Director3 2023-01-01 2023-12-31 OC444921 c:Director4 2023-01-01 2023-12-31 OC444921 d:Buildings 2023-01-01 2023-12-31 OC444921 d:Buildings 2023-12-31 OC444921 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC444921 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 OC444921 d:MotorVehicles 2023-01-01 2023-12-31 OC444921 d:MotorVehicles 2023-12-31 OC444921 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC444921 d:FurnitureFittings 2023-01-01 2023-12-31 OC444921 d:FurnitureFittings 2023-12-31 OC444921 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC444921 d:OfficeEquipment 2023-01-01 2023-12-31 OC444921 d:OfficeEquipment 2023-12-31 OC444921 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC444921 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC444921 d:CurrentFinancialInstruments 2023-12-31 OC444921 d:Non-currentFinancialInstruments 2023-12-31 OC444921 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 OC444921 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 OC444921 c:FRS102 2023-01-01 2023-12-31 OC444921 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC444921 c:FullAccounts 2023-01-01 2023-12-31 OC444921 c:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC444921 d:WithinOneYear 2023-12-31 OC444921 d:BetweenOneFiveYears 2023-12-31 OC444921 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 OC444921 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 OC444921 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 OC444921 d:LeasedAssetsHeldAsLessee 2023-12-31 OC444921 c:PartnerLLP1 2023-01-01 2023-12-31 OC444921 c:PartnerLLP2 2023-01-01 2023-12-31 OC444921 d:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC444921 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC444921










PRESS & STARKEY LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PRESS & STARKEY LLP
REGISTERED NUMBER: OC444921

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 5 
149,162

  
149,162

Current assets
  

Stocks
  
21,350

Debtors: amounts falling due within one year
 6 
777,001

Cash at bank and in hand
  
319,708

  
1,118,059

Creditors: Amounts Falling Due Within One Year
 7 
(413,663)

Net current assets
  
 
 
704,396

Total assets less current liabilities
  
853,558

Creditors: amounts falling due after more than one year
 8 
(69,586)

  
783,972

  


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
100,000

Other amounts
 10 
683,972

  
783,972


Total members' interests
  

Loans and other debts due to members
 10 
783,972

  
783,972


Page 1

 
PRESS & STARKEY LLP
REGISTERED NUMBER: OC444921
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 R I Baker
Mr P J Barton
Designated member
Designated member



Mr A M Black
Designated member



Mr D Green
Designated member


Date: 5 September 2024
Date:5 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Press & Starkey 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 2

 
PRESS & STARKEY LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 DECEMBER 2023





Loans and other debts due to members less any amounts due from members in debtors
Members' capital (classified as debt)
Other amounts
Total

£
£
£

Balance at 31 December 2022
-
-
-

Members' remuneration charged as an expense
-
440,000
440,000

Division of profits
-
393,991
393,991

Amounts introduced by members
100,000
585,071
685,071

Transfer out of LLP
-
(63,960)
(63,960)

Drawings
-
(197,163)
(197,163)

Tax payments
-
(473,967)
(473,967)

Other movements
 
-
-
-

Amounts due to members
100,000
683,972
783,972

Amounts due from members
 

-
-

Balance at 31 December 2023 
100,000
683,972
783,972

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 3

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Press & Starkey LLP is a Limited Liability Partnership, incorporated in England and Wales under the Companies act. The address of the registered office is Rosanne House, Parkway, Welwyn Garden City, Hertfordshire, AL8 6HG.

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 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 financial statements are presented in pound sterling, which is the functional currency of the
partnership, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Designated Members have considered the funding position, and having additionally considered the planned development of the business along with support from the Members, do not deem there to be any material uncertainty over going concern. Accordingly the financial statements have been prepared on the going concern basis which assumes that the LLP will continue in operation for the foreseeable future.

 
2.3

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.

Page 4

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

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

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.

 
2.7

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 the Statement of Comprehensive Income.

 
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.

Page 5

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Motor vehicles
-
25% on cost
Fixtures and fittings
-
25% on reducing balance
Office equipment
-
33% on reducing balance

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

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.

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.

Page 7

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.14

Transfer of members' interests

During the year £(63,960) was transferred from members' capital interests to debts due to members.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements other
than those disclosed in note 2 above.


4.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the period was as follows:


        2023
            No.






Employees
8



Members
4

12

Page 8

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


Additions
-
-
-
10,088
10,088


Transfer from partnership
4,134
171,001
3,123
17,627
195,885



At 31 December 2023

4,134
171,001
3,123
27,715
205,973



Depreciation


Charge for the period on owned assets
4,134
42,751
781
9,145
56,811



At 31 December 2023

4,134
42,751
781
9,145
56,811



Net book value



At 31 December 2023
-
128,250
2,342
18,570
149,162

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
£



Motor vehicles
128,250

128,250


6.


Debtors

2023
£


Trade debtors
721,561

Prepayments and accrued income
55,440

777,001


Page 9

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
110,819

Other taxation and social security
109,259

Obligations under finance lease and hire purchase contracts
103,551

Other creditors
66,206

Accruals and deferred income
23,828

413,663



8.


Creditors: Amounts falling due after more than one year

2023
£

Net obligations under finance leases and hire purchase contracts
69,586

69,586



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
£


Within one year
103,551

Between 1-5 years
69,586

173,137

Page 10

 
PRESS & STARKEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Loans and other debts due to members


2023
£



Members' capital treated as debt
100,000

Other amounts due to members
683,972

783,972

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

2023
£



Falling due within one year
783,972

783,972

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


11.


Pension commitments

The entity operates a defined contribution scheme for the benefit of its employees. Contributions are expensed as they become payable.


12.


Commitments under operating leases

At 31 December 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
£


Not later than 1 year
10,724

Later than 1 year and not later than 5 years
42,896

53,620

 
Page 11