Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01truefalseThe principal object of the LLP is that of providing BVI legal services.33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC389982 2023-01-01 2023-12-31 OC389982 2022-01-01 2022-12-31 OC389982 2023-12-31 OC389982 2022-12-31 OC389982 c:FurnitureFittings 2023-01-01 2023-12-31 OC389982 c:FurnitureFittings 2023-12-31 OC389982 c:FurnitureFittings 2022-12-31 OC389982 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC389982 c:OfficeEquipment 2023-01-01 2023-12-31 OC389982 c:OfficeEquipment 2023-12-31 OC389982 c:OfficeEquipment 2022-12-31 OC389982 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC389982 c:ComputerEquipment 2023-01-01 2023-12-31 OC389982 c:ComputerEquipment 2023-12-31 OC389982 c:ComputerEquipment 2022-12-31 OC389982 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC389982 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC389982 c:CurrentFinancialInstruments 2023-12-31 OC389982 c:CurrentFinancialInstruments 2022-12-31 OC389982 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC389982 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC389982 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 OC389982 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 OC389982 d:FRS102 2023-01-01 2023-12-31 OC389982 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC389982 d:FullAccounts 2023-01-01 2023-12-31 OC389982 d:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC389982 c:WithinOneYear 2023-12-31 OC389982 c:WithinOneYear 2022-12-31 OC389982 d:PartnerLLP1 2023-01-01 2023-12-31 OC389982 d:PartnerLLP2 2023-01-01 2023-12-31 OC389982 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC389982 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC389982 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC389982 c:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 OC389982 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC389982









O'NEAL WEBSTER (UK) LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
O'NEAL WEBSTER (UK) LLP
 

INFORMATION



Designated Members
C McKenzie
ONW (UK) Limited

LLP registered number
OC389982

Registered office
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ

Accountants
Rawlinson & Hunter LLP
Chartered Accountants
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ


 
O'NEAL WEBSTER (UK) LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 9


 
O'NEAL WEBSTER (UK) LLP
REGISTERED NUMBER: OC389982

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,773
1,812

  
1,773
1,812

Current assets
  

Debtors: amounts falling due within one year
 5 
4,355
14,764

Cash at bank and in hand
 6 
14,682
10,850

  
19,037
25,614

Creditors: Amounts Falling Due Within One Year
 7 
(528,704)
(513,236)

Net current liabilities
  
 
 
(509,667)
 
 
(487,622)

Total assets less current liabilities
  
(507,894)
(485,810)

  

Net liabilities
  
(507,894)
(485,810)


Represented by:
  

Members' other interests
  

Members' capital classified as equity
  
1
1

Other reserves classified as equity
  
(507,895)
(485,811)

  
 
(507,894)
 
(485,810)

  
(507,894)
(485,810)


Total members' interests
  

Members' other interests
  
(507,894)
(485,810)

  
(507,894)
(485,810)


Page 1

 
O'NEAL WEBSTER (UK) LLP
REGISTERED NUMBER: OC389982
    
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 profit and loss account 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: 




C McKenzie
Designated member

Date: 17 September 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
O'NEAL WEBSTER (UK) LLP
 

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





EQUITY
Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Balance at 1 January 2022 
1
(419,083)
(419,082)

Loss for the year available for discretionary division among members
 
-
(66,728)
(66,728)

Members' interests after profit for the year
1
(485,811)
(485,810)

Balance at 31 December 2022
1
(485,811)
(485,810)

Loss for the year available for discretionary division among members
 
-
(22,084)
(22,084)

Members' interests after profit for the year
1
(507,895)
(507,894)

Balance at 31 December 2023 
1
(507,895)
(507,894)

The notes on pages 4 to 9 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 3

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

O'Neal Webster (UK) LLP is a limited liability partnership incorporated in England and Wales with registration number OC389982. The address of the registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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 Section 1A of 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the LLP will continue in operational existence for the forseeable future. The LLP expects the continued support of O'Neal Webster, a BVI incorporated entity, which has confirmed that it will provide such financial support as is necessary for the LLP to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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

In accordance with Section 10 of the Limited Liability Partnership Act 2000, any trade, profession or business carried on by the LLP is treated as though that business were carried on in partnership by its members. Accordingly, any liability to taxation is that of the members themselves and not of the LLP. Thus there is no provision for taxation in these financial statements.

Page 5

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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:

Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
25%

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

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.

 
2.10

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.

 
2.11

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

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,208
1,497
7,576
12,281


Additions
550
236
148
934



At 31 December 2023

3,758
1,733
7,724
13,215



Depreciation


At 1 January 2023
2,473
1,291
6,705
10,469


Charge for the year on owned assets
228
109
636
973



At 31 December 2023

2,701
1,400
7,341
11,442



Net book value



At 31 December 2023
1,057
333
383
1,773



At 31 December 2022
735
206
871
1,812

Page 7

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,194
14,026

Other debtors
3,161
738

4,355
14,764



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
14,682
10,850



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
481
84

Amounts owed to group undertakings
510,738
495,709

Other taxation and social security
6,902
6,644

Other creditors
10,583
10,799

528,704
513,236



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
14,682
10,850




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 8

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


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 £4,923 (2022 - £4,830) Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date.


10.


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
2022
£
£


Not later than 1 year
1,200
792

1,200
792

 
Page 9