Limited Liability Partnership registration number OC368397 (England and Wales)
WILLIAMS FIELD LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAMS FIELD LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mrs J M Williams
Mr S J Field
LLP registration number
OC368397
Registered office
7 Grafton Lane
Bidford on Avon
Warwickshire
B50 4DX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
22 Bridge Street
Stratford-upon-Avon
Warwickshire
CV37 6AG
WILLIAMS FIELD LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
WILLIAMS FIELD LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WILLIAMS FIELD LLP FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Williams Field LLP for the period ended 31 March 2024 which comprise, the balance sheet and the related notes from the limited liability partnership’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 Board of Directors of Williams Field LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Williams Field LLP and state those matters that we have agreed to state to the Board of Directors of Williams Field LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Williams Field LLP and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Williams Field 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 Williams Field LLP. You consider that Williams Field LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Williams Field 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.

Ormerod Rutter Limited
22 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
WILLIAMS FIELD LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
30 September 2022
Notes
£
£
£
£
Current assets
Debtors
4
83,828
80,751
Cash at bank and in hand
999
52
84,827
80,803
Creditors: amounts falling due within one year
5
(64,178)
(80,803)
Net current assets
20,649
-
Creditors: amounts falling due after more than one year
6
(20,649)
-
Net assets attributable to members
-
-
Represented by:
Total members' interests
Amounts due from members
(80,791)
(77,280)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.

The financial statements were approved by the members and authorised for issue on
22 August 2024
22 August 2024
and are signed on their behalf by:
Mrs J M Williams
Designated member
Limited Liability Partnership registration number OC368397 (England and Wales)
WILLIAMS FIELD LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Williams Field LLP is a limited liability partnership incorporated in England and Wales. The registered office is 7 Grafton Lane, Bidford on Avon, Warwickshire, B50 4DX.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed 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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

WILLIAMS FIELD LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 October 2022
15,500
Disposals
(15,500)
At 31 March 2024
-
Depreciation and impairment
At 1 October 2022
15,500
Eliminated in respect of disposals
(15,500)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 30 September 2022
-
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by members
80,791
77,280
Other debtors
3,037
3,471
83,828
80,751
WILLIAMS FIELD LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
4,658
26,406
Trade creditors
19,545
22,063
Other creditors
39,975
32,334
64,178
80,803
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
20,649
-
7
Secured debts
The following secured debts are included within creditors:
2024
2022
£
£
Bank loans
25,307
26,406

Bank loans are secured by way of a government-backed guarantee.

8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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