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REGISTERED NUMBER: OC303145
Carroll & Williams LLP
Unaudited Financial Statements
31 December 2023
Carroll & Williams LLP
Financial Statements
Year ended 31 December 2023
Contents
Page
Members' report
1
Chartered accountants report to the members on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
The following pages do not form part of the financial statements
Members detailed schedules
14
Carroll & Williams LLP
Members' Report
Year ended 31 December 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was that of structural engineers.
Designated members
The designated members who served the LLP during the year were as follows:
Mr C J Ward
Mr A W Morris
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 25 September 2024 and signed on behalf of the members by:
Mr C J Ward
Mr A W Morris
Designated Member
Designated Member
Registered office:
25 Sandford Avenue
Shrewsbury
Shropshire
SY1 3BE
Carroll & Williams LLP
Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of Carroll & Williams LLP
Year ended 31 December 2023
In order to assist you to fulfil your duties under 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, we have prepared for your approval the financial statements of Carroll & Williams LLP for the year ended 31 December 2023, which comprise the statement of comprehensive income, statement of financial position, reconciliation of members' interests 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Carroll & Williams LLP, as a body, in accordance with the terms of our engagement letter dated 23 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Carroll & Williams LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carroll & Williams LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Carroll & Williams 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 loss of Carroll & Williams LLP. You consider that Carroll & Williams LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Carroll & Williams 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.
HEYWOODS Chartered Accountants
Countrywide House Knights Way Battlefield Enterprise Park Shrewsbury Shropshire SY1 3AB
25 September 2024
Carroll & Williams LLP
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
68,581
92,845
Cost of sales
166
532
--------
--------
Gross profit
68,415
92,313
Administrative expenses
85,322
83,987
--------
--------
Operating (loss)/profit
6
( 16,907)
8,326
Other interest receivable and similar income
7
( 964)
88
Interest payable and similar expenses
8
5,351
--------
--------
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(17,871)
3,063
--------
--------
All the activities of the LLP are from continuing operations.
Carroll & Williams LLP
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
9
11,048
16,526
Current assets
Work in progress
10
83,735
75,461
Debtors
11
13,986
27,731
Cash at bank and in hand
41
46
--------
---------
97,762
103,238
Creditors: amounts falling due within one year
12
67,726
61,233
--------
---------
Net current assets
30,036
42,005
--------
--------
Total assets less current liabilities
41,084
58,531
--------
--------
Net assets
41,084
58,531
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
13
41,084
58,531
--------
--------
Members' other interests
Other reserves, including the fair value reserve
--------
--------
41,084
58,531
--------
--------
Total members' interests
Loans and other debts due to members
13
41,084
58,531
Members' other interests
--------
--------
41,084
58,531
--------
--------
For the year ending 31 December 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
Carroll & Williams LLP
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 25 September 2024 , and are signed on their behalf by:
Mr C J Ward
Mr A W Morris
Designated Member
Designated Member
Registered number: OC303145
Carroll & Williams LLP
Reconciliation of Members' Interests
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2023
£
£
£
£
£
Balance at 1 January 2023
58,531
58,531
58,531
Loss for the financial year available for discretionary division among members
(17,871)
(17,871)
(17,871)
--------
--------
--------
--------
--------
Members' interests after loss for the year
(17,871)
(17,871)
58,531
58,531
40,660
Other division of profits
17,871
17,871
(17,871)
(17,871)
Introduced by members
23,500
23,500
23,500
Reclassifications
Members' drawings
(31,199)
(31,199)
(31,199)
Other movements
8,123
8,123
8,123
--------
--------
--------
--------
--------
Balance at 31 December 2023
41,084
41,084
41,084
--------
--------
--------
--------
--------
Carroll & Williams LLP
Reconciliation of Members' Interests (continued)
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2022
£
£
£
£
£
Balance at 1 January 2022
107,019
107,019
107,019
Profit for the financial year available for discretionary division among members
3,063
3,063
3,063
-------
-------
---------
---------
---------
Members' interests after profit for the year
3,063
3,063
107,019
107,019
110,082
Other division of profits
(3,063)
(3,063)
3,063
3,063
Introduced by members
4,419
4,419
4,419
Reclassifications
(18,631)
(18,631)
(18,631)
Members' drawings
(42,184)
(42,184)
(42,184)
Other movements
4,845
4,845
4,845
-------
-------
---------
---------
---------
Balance at 31 December 2022
58,531
58,531
58,531
-------
-------
---------
---------
---------
Carroll & Williams LLP
Notes to the Financial Statements
Year ended 31 December 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 25 Sandford Avenue, Shrewsbury, Shropshire, SY1 3BE.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: a) No cash flow statement has been presented for the LLP. b) Disclosures in respect of financial instruments have not been presented. c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold properties
-
12 years straight line
Plant and machinery
-
20% reducing balance
Fixtures, fittings and equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Work in progress
Work in progress is measured at the lower of cost and estimated selling price.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
68,581
92,845
--------
--------
The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.
5.
Staff costs
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:
2023
2022
No.
No.
Administrative
2
2
----
----
The aggregate employment costs incurred during the year (excluding members) were:
2023
2022
£
£
Wages and salaries
25,625
24,975
--------
--------
6.
Operating (loss)/profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
5,478
5,565
Loss on disposal of tangible assets
154
Impairment of trade debtors
2,385
5,535
-------
-------
7.
Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
14
15
Other interest receivable and similar income
( 978)
73
----
----
( 964)
88
----
----
8.
Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
5,351
----
-------
9.
Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
61,610
12,336
13,961
87,907
--------
--------
--------
--------
Depreciation
At 1 January 2023
46,798
11,607
12,976
71,381
Charge for the year
5,134
147
197
5,478
--------
--------
--------
--------
At 31 December 2023
51,932
11,754
13,173
76,859
--------
--------
--------
--------
Carrying amount
At 31 December 2023
9,678
582
788
11,048
--------
--------
--------
--------
At 31 December 2022
14,812
729
985
16,526
--------
--------
--------
--------
10.
Work in progress
2023
2022
£
£
Work in progress
83,735
75,461
--------
--------
Work in progress
11.
Debtors
2023
2022
£
£
Trade debtors
6,798
20,046
Prepayments and accrued income
7,188
7,648
Other debtors
37
--------
--------
13,986
27,731
--------
--------
12. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,952
7,639
Payments received on account
3,600
Trade creditors
8,404
7,132
Accruals and deferred income
15,290
15,230
Social security and other taxes
2,539
8,069
Other creditors
20,541
19,563
--------
--------
67,726
61,233
--------
--------
13.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
41,084
58,531
--------
--------
Carroll & Williams LLP
Management Information
Year ended 31 December 2023
The following pages do not form part of the financial statements.
Carroll & Williams LLP
Members Detailed Schedules
Year ended 31 December 2023
Members current account detailed analysis for the year ending 31 December 2023
Mr C J Ward
Mr A W Morris
Total
£
£
£
Balance at 1 January 2023
25,124
33,407
58,531
Capital introduced by members
23,500
23,500
Other movements
3,151
4,972
8,123
Members Drawings
(15,599)
(15,600)
(31,199)
Discretionary allocation of profits
(8,936)
(8,935)
(17,871)
--------
--------
--------
Balance at 31 December 2023
3,740
37,344
41,084
--------
--------
--------