Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-015falsefalseNo description of principal activity5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC359451 2023-01-01 2023-12-31 OC359451 2022-01-01 2022-12-31 OC359451 2023-12-31 OC359451 2022-12-31 OC359451 c:Buildings 2023-12-31 OC359451 c:Buildings 2022-12-31 OC359451 c:Buildings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC359451 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 OC359451 c:MotorVehicles 2023-01-01 2023-12-31 OC359451 c:MotorVehicles 2023-12-31 OC359451 c:MotorVehicles 2022-12-31 OC359451 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC359451 c:OfficeEquipment 2023-01-01 2023-12-31 OC359451 c:ComputerEquipment 2023-12-31 OC359451 c:ComputerEquipment 2022-12-31 OC359451 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC359451 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 OC359451 c:OtherPropertyPlantEquipment 2023-12-31 OC359451 c:OtherPropertyPlantEquipment 2022-12-31 OC359451 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC359451 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC359451 c:CurrentFinancialInstruments 2023-12-31 OC359451 c:CurrentFinancialInstruments 2022-12-31 OC359451 c:CurrentFinancialInstruments 2 2023-12-31 OC359451 c:CurrentFinancialInstruments 2 2022-12-31 OC359451 c:Non-currentFinancialInstruments 2023-12-31 OC359451 c:Non-currentFinancialInstruments 2022-12-31 OC359451 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC359451 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC359451 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 OC359451 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC359451 e:FRS102 2023-01-01 2023-12-31 OC359451 e:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC359451 e:FullAccounts 2023-01-01 2023-12-31 OC359451 e:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC359451 e:PartnerLLP4 2023-01-01 2023-12-31 OC359451 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC359451 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC359451 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC359451 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC359451 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC359451










Southern Cross Stud LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023





 
Southern Cross Stud LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Southern Cross Stud LLP for the Year Ended 31 December 2023

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 Southern Cross Stud LLP for the year ended 31 December 2023 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 29 August 2019Our work has been undertaken solely to prepare for your approval the financial statements of Southern Cross Stud LLP and state those matters that we have agreed to state to the Southern Cross Stud 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 Southern Cross Stud LLP and its members for our work or for this report. 

It is your duty to ensure that Southern Cross Stud 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 Southern Cross Stud LLP. You consider that Southern Cross Stud 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 Southern Cross Stud 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
7 January 2025
Page 1

 
Southern Cross Stud LLP
Registered number: OC359451

Balance sheet
As at 31 December 2023

2023
2022 (restated)
Note
£
£

Fixed assets
  

Tangible assets
 3 
449,858
468,582

  
449,858
468,582

Current assets
  

Stocks
  
50,520
24,820

Debtors: amounts falling due within one year
 4 
605,502
610,648

Cash at bank and in hand
 5 
1,005
775

  
657,027
636,243

Creditors: Amounts Falling Due Within One Year
 6 
(24,890)
(22,830)

Net current assets
  
 
 
632,137
 
 
613,413

Total assets less current liabilities
  
1,081,995
1,081,995

Creditors: amounts falling due after more than one year
 7 
(60,000)
(60,000)

  
1,021,995
1,021,995

  

Net assets
  
1,021,995
1,021,995


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
1,021,895
1,021,895

  
1,021,895
1,021,895

Members' other interests
  

Members' capital classified as equity
  
100
100

  
 
100
 
100

  
1,021,995
1,021,995


Total members' interests
  

Amounts due from members (included in debtors)
  
600,928
604,002

Loans and other debts due to members
 8 
1,021,895
1,021,895

Members' other interests
  
100
100

  
1,622,923
1,625,997


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.
Page 2

 
Southern Cross Stud LLP
Registered number: OC359451

Balance sheet (continued)
As at 31 December 2023


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 7 January 2025.




Mrs J J Walker
Designated member

The notes on pages 5 to 9 form part of these financial statements.

Southern Cross Stud 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

 
Southern Cross Stud LLP
 

Reconciliation of members' interests
For the Year Ended 31 December 2023








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

£
£
£
£
£
£
£

Amounts due to members
1,021,895
-
1,021,895

Amounts due from members
 




(604,002)
(604,002)


Balance at 31 December 2022 (restated)
100
-
100
1,021,895
(487,991)
533,904
534,004

Members' remuneration charged as an expense
-
-
-
-
(10,901)
(10,901)
(10,901)

Loss for the year available for discretionary division among members
 
-
(108,930)
(108,930)
-
-
-
(108,930)

Members' interests after profit for the year
100
(108,930)
(108,830)
1,021,895
(498,892)
523,003
414,173

Other division of losses
-
108,930
108,930
-
(108,930)
(108,930)
-

Amounts introduced by members
-
-
-
-
6,895
6,895
6,895

Amounts due to members
1,021,895
-
1,021,895

Amounts due from members
 




(600,928)
(600,928)


Balance at 31 December 2023 
100
-
100
1,021,895
(600,928)
420,967
421,067

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

 
Southern Cross Stud LLP
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Southern Cross Stud LLP is a limited liability partnership registered in the UK and in England. Partnership number OC359451.
The company's registered office is Westdown Farm, Shipley Hill Road, Meopham, Kent, DA13 0JP.
The financial statements have been presented in Sterling (£).

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of Covid-19 virus has been assessed by the members, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s trade, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, the members have a reasonable expectation that the company will continue in operational existence for the foreseeable future.  

 
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 that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
Southern Cross Stud 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

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 .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.6

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.

Page 6

 
Southern Cross Stud LLP
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance method.

Depreciation is provided on the following basis:

Leasehold property
-
2% Straight Line
Motor vehicles
-
15% Reducing Balance
Computer equipment
-
25% Straight Line
Office equipment
-
20% 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.

 
2.7

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.

 
2.8

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.

 
2.9

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 7

 
Southern Cross Stud LLP
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

3.


Tangible fixed assets





Leasehold property
Plant and equipment
Computer equipment
Other equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
580,824
52,797
5,058
59,755
698,434



At 31 December 2023

580,824
52,797
5,058
59,755
698,434



Depreciation


At 1 January 2023
137,927
36,198
5,058
50,669
229,852


Charge for the year on owned assets
11,616
1,811
-
5,297
18,724



At 31 December 2023

149,543
38,009
5,058
55,966
248,576



Net book value



At 31 December 2023
431,281
14,788
-
3,789
449,858



At 31 December 2022
442,897
16,600
-
9,085
468,582


4.


Debtors

2023
2022
£
£


Trade debtors
1,351
1,351

Other debtors
2,975
1,634

Prepayments and accrued income
248
3,661

Amounts due from members
600,928
604,002

605,502
610,648



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,005
775

1,005
775


Page 8

 
Southern Cross Stud LLP
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
20,097
17,962

Other taxation and social security
968
1,110

Other creditors
115
258

Accruals and deferred income
3,710
3,500

24,890
22,830



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
60,000
60,000

60,000
60,000



8.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
1,021,895
1,021,895

1,021,895
1,021,895



Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


9.


Controlling party

The LLP is jointly controlled by the Designated Members.


Page 9