Caseware UK (AP4) 2023.0.135 2023.0.135 falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity3431truetrue OC304363 2023-04-01 2024-03-31 OC304363 2022-04-01 2023-03-31 OC304363 2024-03-31 OC304363 2023-03-31 OC304363 c:PlantMachinery 2023-04-01 2024-03-31 OC304363 c:MotorVehicles 2023-04-01 2024-03-31 OC304363 c:FurnitureFittings 2023-04-01 2024-03-31 OC304363 c:FurnitureFittings 2024-03-31 OC304363 c:FurnitureFittings 2023-03-31 OC304363 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304363 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 OC304363 c:OtherPropertyPlantEquipment 2024-03-31 OC304363 c:OtherPropertyPlantEquipment 2023-03-31 OC304363 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304363 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC304363 c:CurrentFinancialInstruments 2024-03-31 OC304363 c:CurrentFinancialInstruments 2023-03-31 OC304363 c:CurrentFinancialInstruments 2 2024-03-31 OC304363 c:CurrentFinancialInstruments 2 2023-03-31 OC304363 c:Non-currentFinancialInstruments 2024-03-31 OC304363 c:Non-currentFinancialInstruments 2023-03-31 OC304363 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC304363 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC304363 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC304363 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC304363 e:FRS102 2023-04-01 2024-03-31 OC304363 e:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC304363 e:FullAccounts 2023-04-01 2024-03-31 OC304363 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC304363 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC304363 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 OC304363 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC304363 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 OC304363 e:PartnerLLP11 2023-04-01 2024-03-31 OC304363 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC304363 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC304363 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC304363










Lee Evans Partnership LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024


 
Lee Evans Partnership LLP
 
  
Chartered Accountants' Report to the Members on the preparation of the Unaudited Statutory Financial Statements of Lee Evans Partnership LLP for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Lee Evans Partnership LLP for the year ended 31 March 2024 which comprise the Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 21 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Lee Evans Partnership LLP and state those matters that we have agreed to state to the Lee Evans Partnership LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lee Evans Partnership LLP and its members for our work or for this report. 

It is your duty to ensure that Lee Evans Partnership LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lee Evans Partnership LLP. You consider that Lee Evans Partnership LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lee Evans Partnership LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
22 August 2024
Page 1

 
Lee Evans Partnership LLP
Registered number: OC304363

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,398
42,120

  
28,398
42,120

Current assets
  

Work in progress
  
142,017
153,144

Debtors: amounts falling due within one year
 5 
778,699
796,044

Cash at bank and in hand
  
1,707
10,627

  
922,423
959,815

Creditors: Amounts Falling Due Within One Year
 6 
(402,740)
(359,160)

Net current assets
  
 
 
519,683
 
 
600,655

Total assets less current liabilities
  
548,081
642,775

Creditors: amounts falling due after more than one year
 7 
(148,081)
(242,775)

  
400,000
400,000

  

Net assets
  
400,000
400,000


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
400,000
400,000

  
 
400,000
 
400,000

  
400,000
400,000


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(243,165)
(250,016)

Members' other interests
  
400,000
400,000

  
156,835
149,984

Page 2

 
Lee Evans Partnership LLP
Registered number: OC304363

Balance Sheet (continued)
As at 31 March 2024

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 on 22 August 2024.




M Hayes
Designated member

The notes on pages 4 to 10 form part of these financial statements.

Lee Evans Partnership 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 3

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

Lee Evans Partnership LLP is a limited liability partnership incorporated in England and Wales.  The registered office is St John's Lane, Canterbury, Kent CT1 2QQ and the registration number is OC304363.

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 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

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.

Page 4

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.4

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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

 
2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance
Other fixed assets
-
10%
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.

 
2.6

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.

 
2.7

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.

Page 5

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 6

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 34 (2023 - 31).

Page 7

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

4.


Tangible fixed assets





Furniture, fittings and equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2023
254,664
82,613
337,277


Additions
1,592
-
1,592



At 31 March 2024

256,256
82,613
338,869



Depreciation


At 1 April 2023
212,942
82,215
295,157


Charge for the year on owned assets
14,916
398
15,314



At 31 March 2024

227,858
82,613
310,471



Net book value



At 31 March 2024
28,398
-
28,398



At 31 March 2023
41,722
398
42,120

Page 8

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

5.


Debtors

2024
2023
£
£


Trade debtors
497,825
465,045

Other debtors
-
483

Prepayments and accrued income
37,709
80,500

Amounts due from members
243,165
250,016

778,699
796,044



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
34,982
15,020

Bank loans
66,344
69,170

Other loans
23,649
20,815

Trade creditors
70,996
70,184

Other taxation and social security
171,394
119,286

Obligations under finance lease and hire purchase contracts
6,168
8,467

Other creditors
23,244
50,983

Accruals and deferred income
5,963
5,235

402,740
359,160


Page 9

 
Lee Evans Partnership LLP
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
64,267
130,629

Other loans
82,989
106,638

Net obligations under finance leases and hire purchase contracts
825
5,508

148,081
242,775


The following liabilities were secured:

2024
2023
£
£



Bank loans
130,611
199,799

Bank overdraft
34,982
15,020

165,593
214,819

Details of security provided:

The HSBC loans and overdraft balances totalling £165,593 (2023: £214,819) are secured by a debenture and by fixed and floating charges over the assets of the partnership.


8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,168
8,467

Between 1-5 years
825
5,508

6,993
13,975


9.


Related party transactions

In the period under review, rental payments were made at market value to N A Lee Evans, a designated member of the partnership, totalling £24,000 (2023: £10,000).


Page 10