Caseware UK (AP4) 2023.0.135 2023.0.135 22023-04-01falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC350148 2023-04-01 2024-03-31 OC350148 2022-04-01 2023-03-31 OC350148 2024-03-31 OC350148 2023-03-31 OC350148 c:Buildings 2023-04-01 2024-03-31 OC350148 c:Buildings 2024-03-31 OC350148 c:Buildings 2023-03-31 OC350148 c:Buildings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC350148 c:MotorVehicles 2023-04-01 2024-03-31 OC350148 c:MotorVehicles 2024-03-31 OC350148 c:MotorVehicles 2023-03-31 OC350148 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC350148 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC350148 c:CurrentFinancialInstruments 2024-03-31 OC350148 c:CurrentFinancialInstruments 2023-03-31 OC350148 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC350148 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC350148 d:FRS102 2023-04-01 2024-03-31 OC350148 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC350148 d:FullAccounts 2023-04-01 2024-03-31 OC350148 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC350148 2 2023-04-01 2024-03-31 OC350148 d:PartnerLLP2 2023-04-01 2024-03-31 OC350148 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC350148 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC350148 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC350148










Lilley Tile and Stone LLP








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Lilley Tile and Stone LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Lilley Tile and Stone 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 Lilley Tile and Stone 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 23 September 2022Our work has been undertaken solely to prepare for your approval the financial statements of Lilley Tile and Stone LLP and state those matters that we have agreed to state to the Lilley Tile and Stone 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 Lilley Tile and Stone LLP and its members for our work or for this report. 

It is your duty to ensure that Lilley Tile and Stone 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 Lilley Tile and Stone LLP. You consider that Lilley Tile and Stone 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 Lilley Tile and Stone 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
  
Canterbury
18 September 2024
Page 1

 
Lilley Tile and Stone LLP
Registered number: OC350148

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
426,635
433,775

  
426,635
433,775

Current assets
  

Debtors: amounts falling due within one year
 5 
62,410
35,625

Bank and cash balances
  
198,519
202,882

  
260,929
238,507

Creditors: amounts falling due within one year
 6 
(5,916)
(11,637)

Net current assets
  
 
 
255,013
 
 
226,870

Total assets less current liabilities
  
681,648
660,645

  

Net assets
  
681,648
660,645


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
681,648
660,645

  
681,648
660,645

  

  
681,648
660,645


Total members' interests
  

Loans and other debts due to members
  
681,648
660,645

  
681,648
660,645


Page 2

 
Lilley Tile and Stone LLP
Registered number: OC350148

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 18 September 2024.




M A Lilley
Designated member

The notes on pages 5 to 8 form part of these financial statements.

Lilley Tile and Stone 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

 
Lilley Tile and Stone LLP
 

Reconciliation of members' interests
For the year ended 31 March 2024






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

£
£
£
£
£

Amounts due to members
660,645
660,645

Profit for the year available for discretionary division among members
 
33,003
33,003
-
-
33,003

Members' interests after profit for the year
33,003
33,003
660,645
660,645
693,648

Other division of profits
(33,003)
(33,003)
33,003
33,003
-

Drawings
-
-
(12,000)
(12,000)
(12,000)

Amounts due to members
681,648
681,648

Balance at 31 March 2024 
-
-
681,648
681,648
681,648

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 4

 
Lilley Tile and Stone LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

Lilley Tile and Stone LLP is a limited liability partnership incorporated in England and Wales with the registered number OC350148.
The LLP's registered office is Units 1b-3b Herne Business Park, The Links, Canterbury Road, Herne Bay, Kent, United Kingdom, CT6 7FE.

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 financial statements are presented in pound Sterling, and rounded to the nearest pound.

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

Interest income

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

 
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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

Page 5

 
Lilley Tile and Stone LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Motor vehicles
-
25% 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

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.

 
2.8

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.



 

Page 6

 
Lilley Tile and Stone LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.

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 2 (2023 - 2).

Page 7

 
Lilley Tile and Stone LLP
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
481,324
10,446
491,770



At 31 March 2024

481,324
10,446
491,770



Depreciation


At 1 April 2023
47,549
10,446
57,995


Charge for the year on owned assets
7,140
-
7,140



At 31 March 2024

54,689
10,446
65,135



Net book value



At 31 March 2024
426,635
-
426,635



At 31 March 2023
433,775
-
433,775

Included in freehold property is land at valuation of £124,000 which has not been depreciated.


5.


Debtors

2024
2023
£
£


Other debtors
62,410
35,625

62,410
35,625



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,575
8,787

Other taxation and social security
1,366
1,090

Accruals and deferred income
1,975
1,760

5,916
11,637



7.


Controlling party

The LLP is under control of its designated members.

Page 8