3 false false false false false false false false false false false false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,885 3,446 14,331 6,743 3,250 9,993 4,338 4,142 xbrli:pure xbrli:shares iso4217:GBP OC329756 2023-06-01 2024-03-31 OC329756 2024-03-31 OC329756 2023-05-31 OC329756 2022-06-01 2023-05-31 OC329756 2023-05-31 OC329756 2022-05-31 OC329756 core:FurnitureFittings 2023-06-01 2024-03-31 OC329756 bus:RegisteredOffice 2023-06-01 2024-03-31 OC329756 bus:LeadAgentIfApplicable 2023-06-01 2024-03-31 OC329756 bus:Director1 2023-06-01 2024-03-31 OC329756 bus:Director2 2023-06-01 2024-03-31 OC329756 bus:Director3 2023-06-01 2024-03-31 OC329756 core:FurnitureFittings 2023-05-31 OC329756 core:FurnitureFittings 2024-03-31 OC329756 core:WithinOneYear 2024-03-31 OC329756 core:WithinOneYear 2023-05-31 OC329756 core:FurnitureFittings 2023-05-31 OC329756 bus:SmallEntities 2023-06-01 2024-03-31 OC329756 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-03-31 OC329756 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-03-31 OC329756 bus:LimitedLiabilityPartnershipLLP 2023-06-01 2024-03-31 OC329756 bus:FullAccounts 2023-06-01 2024-03-31 OC329756 core:OtherRelatedParties 2023-06-01 2024-03-31 OC329756 1 2023-06-01 2024-03-31
REGISTERED NUMBER: OC329756
ITWiser LLP
Filleted Unaudited Financial Statements
31 March 2024
ITWiser LLP
Financial Statements
Period from 1 June 2023 to 31 March 2024
Contents
Page
Designated members and professional advisers
1
Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
ITWiser LLP
Designated Members and Professional Advisers
Designated members
Mr M Clark
Mr S Gash
Mrs E Clark
Registered office
Second Floor Riverside Offices
26 St Georges Quay
Lancaster
LA1 1RD
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
ITWiser LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of ITWiser LLP
Period from 1 June 2023 to 31 March 2024
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 ITWiser LLP for the period ended 31 March 2024, which comprise the statement of financial position 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 ITWiser LLP, as a body, in accordance with the terms of our engagement letter dated 8 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of ITWiser 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 ITWiser LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that ITWiser 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 ITWiser LLP. You consider that ITWiser LLP is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of ITWiser 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.
Riverside Accountancy Lancaster Limited Chartered accountants
Second Floor, Riverside Offices 26 St George's Quay Lancaster LA1 1RD
9 October 2024
ITWiser LLP
Statement of Financial Position
31 March 2024
31 Mar 24
31 May 23
Note
£
£
£
Fixed assets
Tangible assets
5
4,338
4,142
Current assets
Stocks
565
Debtors
6
121,982
146,481
Cash at bank and in hand
48,970
55,067
---------
---------
170,952
202,113
Creditors: amounts falling due within one year
7
101,063
88,520
---------
---------
Net current assets
69,889
113,593
--------
---------
Total assets less current liabilities
74,227
117,735
--------
---------
Net assets
74,227
117,735
--------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
74,227
117,735
--------
---------
Members' other interests
Other reserves
--------
---------
74,227
117,735
--------
---------
Total members' interests
Loans and other debts due to members
8
74,227
117,735
Members' other interests
--------
---------
74,227
117,735
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the period ending 31 March 2024 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 .
ITWiser LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 9 October 2024 , and are signed on their behalf by:
Mr M Clark
Mr S Gash
Designated Member
Designated Member
Registered number: OC329756
ITWiser LLP
Notes to the Financial Statements
Period from 1 June 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Second Floor Riverside Offices, 26 St Georges Quay, Lancaster, LA1 1RD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A 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' 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. The financial statements are rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair 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 sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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 and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fittings
-
33% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 3 (2023: 2 ).
5.
Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 June 2023
10,885
10,885
Additions
3,446
3,446
--------
--------
At 31 March 2024
14,331
14,331
--------
--------
Depreciation
At 1 June 2023
6,743
6,743
Charge for the period
3,250
3,250
--------
--------
At 31 March 2024
9,993
9,993
--------
--------
Carrying amount
At 31 March 2024
4,338
4,338
--------
--------
At 31 May 2023
4,142
4,142
--------
--------
6.
Debtors
31 Mar 24
31 May 23
£
£
Trade debtors
110,798
115,553
Other debtors
11,184
30,928
---------
---------
121,982
146,481
---------
---------
7. Creditors: amounts falling due within one year
31 Mar 24
31 May 23
£
£
Trade creditors
27,482
16,370
Social security and other taxes
62,458
46,458
Other creditors
11,123
25,692
---------
--------
101,063
88,520
---------
--------
8.
Loans and other debts due to members
31 Mar 24
31 May 23
£
£
Amounts owed to members in respect of profits
74,227
117,735
--------
---------
9.
Related party transactions
During the year, recharges were made between ITWiser LLP and a related party. Included within creditors is a balance of £1,355 (2023 - £1,701) owed to a related party.
10.
Controlling party
The LLP is controlled by the members.