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Registered number: OC351755









DEAN WILSON LLP

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DEAN WILSON LLP
 

CONTENTS



Page
Members' Report
 
2
Members' Responsibilities Statement
 
3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Reconciliation of Members' Interests
 
10
Statement of Cash Flows
 
11
Notes to the Financial Statements
 
12 - 24


 
DEAN WILSON LLP
 

INFORMATION




Designated Members

N Perkins
C Whiteman
J Hunt
S Cox
D Hodge
J Chadburn
F Pierce
D Wilks
S Gair
A Brown (appointed 1 April 2023)

LLP registered number

OC351755

Registered office

Dean Wilson LLPRidgeland House165 Dyke RoadBrightonBN31TL

Independent auditor

Price Bailey LLP24 Old Bond StreetLondonW1S 4AP

Page 1

 
DEAN WILSON LLP
 

MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Members present their annual report together with the audited financial statements of Dean Wilson LLP (the "LLP") for the period ended 31 March 2024
 

Principal activities
 
 
The principal objective of the LLP is to provide professional services by solicitors.
 
 
Designated Members
 
 
The Designated Members of the LLP are shown on page 1. 
 

 
Members' capital and interests
 
 
The capital requirement of the LLP is determined by the board. Each member is required to subscribe a proportion of this capital, known as the member's share which determines their share of the LLP profits. Interest is paid on this capital. On leaving the LLP, member's capital will be repaid. 
 
 
Details of changes in members' capital in the year ended 31 March 2024 are set out in the Reconciliation of Members' Interests.
 
 
Policy on Members' drawings
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Members draw a portion of their profit shares monthly, based on fixed amounts agreed upon before the period starts, according to forecasted profits. Profit allocations for a period are determined in advance, calculated based on the capital each member has contributed to the LLP. Any undrawn profit shares at the reporting date are distributed after the year ends, subject to the cash requirements of the business.
 
 
Post balance sheet events
 
 
There are no post balance sheet events to report.
 
 
Disclosure of information to auditor
 
 
Each of the persons who are Members at the time when this Members' Report is approved has confirmed that:

so far as that Member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

This report was approved by the Members and signed on their behalf by: 






J Chadburn
Designated Member


Date: 5 September 2024

 
Page 2

 
DEAN WILSON LLP
 

MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the Members to prepare financial statements for each financial year. Under that law the Members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.

 In preparing these financial statements, the Members are required to:

select suitable accounting policies for the LLP's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.

The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Page 3

 
DEAN WILSON LLP
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEAN WILSON LLP
 

Qualified opinion
 

We have audited the financial statements of Dean Wilson LLP (the 'Limited Liability Partnership') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:


give a true and fair view of the state of the Limited Liability Partnership's affairs as at 31 March 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to Limited Liability Partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for qualified opinion


The LLP does not consistently record time across all fee earners and departments in relation to amounts recoverable on contracts. Management have therefore been unable to provide sufficient evidence to support the calculations of percentage of completion in respect of those jobs that were in progress at the year end. We were unable to satisfy ourselves by alternative means concerning the Amounts recoverable on contracts at 31 March 2024 and 2023, which are included in the balance sheet at £2,708,203 and £2,470,383 respectively and the related impact on turnover. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Limited Liability Partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.


Other matter
The financial statements of the Limited Liability Partnership for the year ended 31 March 2023  were not audited.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the Members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Limited Liability Partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report.


Page 4

 
DEAN WILSON LLP
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEAN WILSON LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

Arising solely from the limitation on the scope of our work relating to Amounts recoverable on contracts, referred to above:
we have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and
adequate accounting records have not been kept.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to Limited Liability Partnerships, requires us to report to you if, in our opinion:


returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement on page 3, the Members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Members are responsible for assessing the Limited Liability Partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members either intend to liquidate the Limited Liability Partnership or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DEAN WILSON LLP
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEAN WILSON LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regularity framework applicable to the entity and the industry in which it operates and considered the risk of the entity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. Furthermore this included a review of the key laws and regulations in respect of the Limited Liability Partnership’s registration with the Solicitor Regulation Authority. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:
 
Reviewing legal fees incurred;
Agreeing the financial statement disclosures to underlying supporting documentation;
Enquiring of management including those responsible for the key regulations;
Reviewing the key accounting policies and estimates; and
Reviewing minutes of meetings between those charged with governance.

To address the risk of  management override of controls, we  carried out testing  of journal  entries and other  adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more  that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 6

 
DEAN WILSON LLP
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEAN WILSON LLP (CONTINUED)


Use of our report
 

This report is made solely to the Limited Liability Partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the Limited Liability Partnership's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Limited Liability Partnership and the Limited Liability Partnership's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Roach (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditor
  
24 Old Bond Street
London
W1S 4AP

6 September 2024
Page 7

 
DEAN WILSON LLP
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
Unaudited restated 2023
Note
£
£

  

Turnover
 4 
11,032,407
10,545,344

Other operating charges
  
(2,706,835)
(2,201,378)

Staff costs
 7 
(4,408,597)
(3,601,009)

Depreciation and amortisation
 12 
(80,786)
(109,820)

Operating profit
 5 
 
3,836,189
 
4,633,137

Interest receivable and similar income
 9 
637,948
83,025

Interest payable and similar expenses
 10 
(89,600)
(32,350)

Profit before tax
  
 
4,384,537
 
4,683,812

Profit before members' remuneration and profit shares
  
 
4,384,537
 
4,683,812

Profit for the year before members' remuneration and profit shares
  
4,384,537
4,683,812

Members' remuneration charged as an expense
  
(4,384,537)
(4,683,812)

Results for the year available for discretionary division among members
  
 
-
 
-

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 8

 
DEAN WILSON LLP
REGISTERED NUMBER: OC351755

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
-

Tangible assets
 12 
235,715
297,837

  
235,715
297,837

Current assets
  

Debtors: amounts falling due within one year
 13 
5,338,149
4,516,068

Cash at bank and in hand
 14 
1,020,166
660,668

  
6,358,315
5,176,736

Creditors: Amounts Falling Due Within One Year
 15 
(2,561,127)
(1,301,864)

Net current assets
  
 
 
3,797,188
 
 
3,874,872

Total assets less current liabilities
  
4,032,903
4,172,709

Creditors: amounts falling due after more than one year
 16 
-
(2,790)

  
4,032,903
4,169,919

Provisions for liabilities
  

Other provisions
 17 
(277,657)
(139,051)

  
 
 
(277,657)
 
 
(139,051)

Net assets
  
3,755,246
4,030,868


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
2,115,000
1,815,000

Other amounts
 18 
1,640,246
2,215,868

  

  
3,755,246
4,030,868


Total members' interests
  

Loans and other debts due to members
 18 
3,755,246
4,030,868


The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 5 September 2024.


J Chadburn
Designated Member

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
DEAN WILSON LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024





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

£
£
£

Amounts due to members 

1,846,011
1,469,539
3,315,550

Balance at 1 April 2022 (Unaudited) 
1,846,011
1,469,539
3,315,550

Members' remuneration charged as an expense (restated)
-
4,683,812
4,683,812

Members' interests after profit for the year (restated)
1,846,011
6,153,351
7,999,362

Transfers from current account
165,000
346,011
511,011

Repayment of capital
(196,011)
-
(196,011)

Drawings on account and distribution of profit (restated)
-
(2,521,821)
(2,521,821)

Tax payments
 
-
(1,761,673)
(1,761,673)

Amounts due to members
 
1,815,000
2,215,868
4,030,868

Balance at 31 March 2023 (Unaudited)
 
1,815,000
2,215,868
4,030,868

Members' remuneration charged as an expense
-
4,384,537
4,384,537

Members' interests after profit for the year
1,815,000
6,600,405
8,415,405

Transfers from current account
360,000
(360,000)
-

Repayment of capital
(60,000)
-
(60,000)

Drawings on account and distribution of profit
-
(2,546,042)
(2,546,042)

Tax payments
 
-
(2,054,117)
(2,054,117)

Amounts due to members
 
2,115,000
1,640,246
3,755,246

Balance at 31 March 2024 
2,115,000
1,640,246
3,755,246

The notes on pages 12 to 24 form part of these financial statements.

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 10

 
DEAN WILSON LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
Unaudited 2023
£
£


Profit for the financial year
-
-

Adjustments for:

Depreciation of tangible assets
80,786
109,821

Loss on disposal of tangible assets
78
1,421

Interest paid
89,600
32,350

Interest received
(637,948)
(83,025)

(Increase) in debtors
(822,081)
(484,163)

Increase in creditors
217,469
181,258

Increase/(decrease) in provisions
138,606
(45,512)

Net cash generated from operating activities before transactions with members

(933,490)
(287,850)


Members' remuneration charged as an expense
4,384,537
4,683,812

Net cash generated from operating activities
3,451,047
4,395,962

Cash flows from investing activities

Purchase of tangible fixed assets
(20,577)
(59,790)

Sale of tangible fixed assets
1,835
400

Interest received
637,948
83,025

Net cash from investing activities

619,206
23,635

Cash flows from financing activities

New unsecured loans
1,925,289
633,348

Repayment of loans
(886,285)
(452,841)

Interest paid
(89,600)
(32,350)

Members' capital contributed
-
165,000

Members' capital repaid
(60,000)
(196,011)

Amounts introduced by members
-
346,011

Drawings paid to members
(4,600,159)
(4,283,494)

Net cash used in financing activities
(3,710,755)
(3,820,337)

Net increase in cash and cash equivalents
359,498
599,260

Cash and cash equivalents at beginning of year
660,668
61,408

Cash and cash equivalents at the end of year
1,020,166
660,668


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,020,166
660,668


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Dean Wilson LLP is a Limited Liability Partnership incorporated in England and Wales, within the United Kingdom. The registered LLP number is OC351755 and the LLP's registered office and trading address is Ridgeland House, 165 Dyke Road, Brighton, BN3 1TL.
The reporting and presentational currency of the LLP is UK Sterling.

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 Financial Reporting Standard 102,
the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Any services provided and un-billed at the reporting date are recognised as amounts recoverable on contracts as described in accounting policy 2.12.

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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

Taxation

Taxation payable on the profits of the LLP is a personal liability of the members. As such no provision
for this is made in these accounts.

 
2.8

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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is charged over a useful life of 3 years. 

 
2.10

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 13

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the remaining lease term
Fixtures and fittings
-
15% on reducing balance
Computer equipment
-
33% on cost

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.

 
2.11

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.

  
2.12

Amounts recoverable on contracts

Amounts recoverable on contracts are split between conditional and non-conditional work.
Non-conditional income represents the estimated selling value of work completed by the balance sheet date where the LLP has a contractual right to be paid but has not yet raised an invoice for the work completed.
Conditional revenue is where the right to consideration is contingent on a specific trigger event, the outcome of which is outside the LLP's control. The LLP reviews cases settled and cases where liability has been admitted at the year end, and makes a judgement about the ability to estimate revenue reliably based on the stage of negotiation regarding settlement damages and costs. Revenue is recognised where, in the opinion of the members, the conditions for revenue recognition in note 2.2 are met but the LLP has not yet raised an invoice for the work completed as the case is not fully closed and therefore it is not appropriate to do so.

 
2.13

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand.

 
2.14

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 14

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the LLP a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the LLP becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


 
2.16

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Judgements in applying the above accounting policies are detailed in the individual policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, not always equal the related actual results. These assumptions are regularly monitored and kept under close review by management.
Significant judgements have been made by management in respect of the valuation of Amounts recoverable on contracts in line with accounting policy note 2.2 and 2.12. The value of Amounts recoverable on contracts included in the Balance Sheet at the reporting date is £2,708,203 (2023 - £2,470,383).


4.


Turnover

The whole of the turnover is attributable to rendering of services. 

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
257,219
214,165

Depreciation
80,786
109,820

Profit/loss on disposal of fixed assets
78
1,421

Page 15

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditor's remuneration

During the year, the LLP obtained the following services from the LLP's auditor:


2024
Unaudited 2023
£
£

Fees payable to the LLP's auditor for the audit of the LLP's financial statements
25,000
-

7.


Employees

Staff costs were as follows:


2024
Unaudited restated 2023
£
£

Wages and salaries
3,881,742
3,195,329

Social security costs
414,008
323,501

Cost of defined contribution scheme
112,847
82,179

4,408,597
3,601,009


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


        2024
   Unaudited
2023
            No.
            No.







Members
16
17



Professional
51
48



Admin
60
51

127
116

Page 16

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Information in relation to members

2024
Unaudited 2023
Number
Number


The average number of members during the year was
16
17

2024
2023
£
£


The average members remuneration during the year was
274,034
275,518






The amount of profit attributable to the member with the largest entitlement was
396,019
477,153


The profit attributable to each member consists of members' remuneration and interest earned on members' capital invested into the LLP.
Profit attributable to the member with the largest entitlement is calculated based upon any remuneration included within ‘members’ remuneration charged as an expense’ this year.


9.


Interest receivable

2024
Unaudited 2023
£
£


Other interest receivable
637,948
83,025

637,948
83,025


10.


Interest payable and similar expenses

2024
Unaudited 2023
£
£


Other loan interest payable
-
(26)

Loan interest payable
34,265
19,363

Other interest payable
55,335
13,013

89,600
32,350

Page 17

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Intangible assets




Computer software

£



Cost


At 1 April 2023
103,333



At 31 March 2024

103,333



Amortisation


At 1 April 2023
103,333



At 31 March 2024

103,333



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 18

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
239,122
305,752
703,348
1,248,222


Additions
-
2,327
18,250
20,577


Disposals
-
-
(396,091)
(396,091)



At 31 March 2024

239,122
308,079
325,507
872,708



Depreciation


At 1 April 2023
119,563
202,668
628,154
950,385


Charge for the year on owned assets
16,010
15,753
49,023
80,786


Disposals
-
-
(394,178)
(394,178)



At 31 March 2024

135,573
218,421
282,999
636,993



Net book value



At 31 March 2024
103,549
89,658
42,508
235,715



At 31 March 2023
119,559
103,084
75,194
297,837

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


2024
Unaudited 2023
£
£



Computer equipment
-
12,132

-
12,132

Page 19

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Debtors

2024
Unaudited 2023
£
£


Trade debtors
2,087,119
1,783,801

Other debtors
5,432
5,454

Prepayments
537,395
256,430

Amounts recoverable on contracts
2,708,203
2,470,383

5,338,149
4,516,068



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,020,166
660,668

1,020,166
660,668



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
1,285,352
243,558

Trade creditors
393,731
266,630

Other taxation and social security
550,547
506,424

Other creditors
23,304
20,353

Accruals and deferred income
308,193
264,899

2,561,127
1,301,864


Within other loans is a loan with a balance of £2,790 (2023: £32,442) which is secured against the IT equipment in which it relates to.
Although not in use at the year end, there is a fixed and floating charge over the undertaking and all property and assets in respect of the overdraft facility.

Page 20

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
2,790

-
2,790


Within other loans is a loan with a balance of £Nil (2023: £2,790) which is secured against the IT equipment in which it relates to.


17.


Provisions





Dilapidation provision
Legal provision
Credit note provision
Onerous contract provision
Total

£
£
£
£
£





At 1 April 2023
132,000
-
7,051
-
139,051


Charged to profit or loss
18,000
50,000
13,942
56,664
138,606



At 31 March 2024
150,000
50,000
20,993
56,664
277,657

Dilapidations provision:
Dilapidations provisions are recognised at the point in which the Member's believe that they can reliably be measured. The balance comprises of the best estimate of expected dilapidations costs in relation to
relevant property leases. This is expected to be utilised as operating leases cease, if they are not extended further than the current commitment.
Legal provision: 
The legal provision represents the expected amount of compensation payments regarding legal cases brought against the LLP to the extent a claim can be reliably measured. For compensation payments above the PI insurance excess, a corresponding debtor is included within other debtors. The LLP aims to resolve any outstanding claims as soon as practically possible. At the reporting date there was one claim the Members expect a compensation payment to be paid however the Members are unable to fully quantify this payment at the reporting date. The Members deem disclosing further details of this claim would be prejudicial to the LLP and have therefore applied paragraph 21.17 of FRS 102.
Credit note provision: 
The credit note provision represents the expected amount of credit notes raised after the year end. Provisions include the best estimate of the credit note to be raised. This is expected to be utilised within the next year.
Onerous contract provision:
The onerous contract provision represents two operating lease commitments where the LLP are no longer receiving any economic benefits. The provision includes the best estimate of the expected costs payable in relation to the two leases. This is expected to be utilised within the next year.  

Page 21

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Loans and other debts due to members


2024
2023
£
£



Members' capital treated as debt
2,115,000
1,815,000

Other amounts due to members
1,640,246
2,215,868

3,755,246
4,030,868

None of the amounts included above fall due after more than one year.

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

Page 22

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Analysis of net debt





At 1 April 2023
Arising from cash flows
New loans
At 31 March 2024
£

£

£

£

Cash at bank and in hand

660,668

359,498

-

1,020,166

Borrowings due within 1 year

(211,116)

853,843

(1,925,289)

(1,282,562)

Finance leases

(35,232)

32,442

-

(2,790)

Net debt (before members' debt)
414,320
1,245,783
(1,925,289)
(265,186)

Loans and other debts due to members





Members' capital

(1,815,000)

(300,000)

-

(2,115,000)

Other amounts due to members
(2,215,868)

575,622

-

(1,640,246)

Net debt


(3,616,548)
1,521,405
(1,925,289)
(4,020,432)


20.


Prior year adjustment

The LLP identified remuneration paid to salaried partners during the period ended 31 March 2023 was classified and disclosed as Staff costs in the Statement of comprehensive income. Costs of £254,302 have been reclassified and presented as members remuneration charged as an expense.


21.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £112,847 (2023 - £82,179). Contributions totalling £8,624 (2023 - £7,337) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
240,903
280,863

Later than 1 year and not later than 5 years
144,768
349,560

385,671
630,423

The total lease payments in expense is £257,219 (2023: £214,165). 
 

Page 23

 
DEAN WILSON LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Related party transactions

At the year end, there were balances totalling £102 (2023: £2,678) owed to the LLP by two members. 


24.


Controlling party

The members collectively control the LLP, albeit with different voting rights. There is no one member who is considered to be the controlling party.


Page 24