Registered number: OC304717
The Woodley Coles LLP
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2024
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The Woodley Coles LLP
Information
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Second floor
168 Shoreditch High Street
London
E1 6RA
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Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
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The Woodley Coles LLP
Contents
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Reconciliation of members' interests
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Notes to the financial statements
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The Woodley Coles LLP
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of The Woodley Coles 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 The Woodley Coles 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 5 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of The Woodley Coles LLP and state those matters that we have agreed to state to the The Woodley Coles 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 The Woodley Coles LLP and its members for our work or for this report.
It is your duty to ensure that The Woodley Coles 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 The Woodley Coles LLP. You consider that The Woodley Coles 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 The Woodley Coles 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
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
20 September 2024
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The Woodley Coles LLP
Registered number: OC304717
Balance sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Loans and other debts due to members
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Page 2
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The Woodley Coles LLP
Registered number: OC304717
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 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 on 20 September 2024.
The notes on pages 5 to 9 form part of these financial statements.
The Woodley Coles 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
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The Woodley Coles LLP
Reconciliation of members' interests
For the year ended 31 March 2024
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Equity
Members' other interests
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Debt
Loans and other debts due to members less any amounts due from members in debtors
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Profit for the year available for automatic division among members
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Members' interests after profit for the year
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Other division of profits
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Amounts introduced by members
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Drawings on account and distribution of profit
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Profit for the year available for automatic division among members
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Members' interests after profit for the year
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Other division of profits
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Amounts introduced by members
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Drawings on account and distribution of profit
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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.
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Page 4
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The Woodley Coles LLP
Notes to the financial statements
For the year ended 31 March 2024
The Woodley Coles LLP is a limited liability partnership incorporated and domiciled in England and Wales.
The LLP's registered office is Second Floor, 168 Shoreditch High Street, London, United Kingdom, E1 6RA.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
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.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 5
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The Woodley Coles LLP
Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
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Division and distribution of profits
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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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.
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 .
Depreciation is provided on the following basis:
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Short-term leasehold property
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over the term of the lease
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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.
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.
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.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
Page 6
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The Woodley Coles LLP
Notes to the financial statements
For the year ended 31 March 2024
The average monthly number of employees, including members, during the year was 18 (2023 - 17).
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Charge for the year on owned assets
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The Net Book Value of assets held under HP for the year was £27,765 (2023: £39,148)
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Page 7
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The Woodley Coles LLP
Notes to the financial statements
For the year ended 31 March 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Page 8
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The Woodley Coles LLP
Notes to the financial statements
For the year ended 31 March 2024
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The LLP is under control of its designated members.
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