Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseProperty management1012truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC354326 2023-05-01 2024-04-30 OC354326 2022-05-01 2023-04-30 OC354326 2024-04-30 OC354326 2023-04-30 OC354326 c:FurnitureFittings 2023-05-01 2024-04-30 OC354326 c:FurnitureFittings 2024-04-30 OC354326 c:FurnitureFittings 2023-04-30 OC354326 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 OC354326 c:CurrentFinancialInstruments 2024-04-30 OC354326 c:CurrentFinancialInstruments 2023-04-30 OC354326 c:CurrentFinancialInstruments 2 2024-04-30 OC354326 c:CurrentFinancialInstruments 2 2023-04-30 OC354326 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 OC354326 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC354326 e:FRS102 2023-05-01 2024-04-30 OC354326 e:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 OC354326 e:FullAccounts 2023-05-01 2024-04-30 OC354326 e:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC354326 c:WithinOneYear 2024-04-30 OC354326 c:WithinOneYear 2023-04-30 OC354326 c:BetweenOneFiveYears 2024-04-30 OC354326 c:BetweenOneFiveYears 2023-04-30 OC354326 c:MoreThanFiveYears 2024-04-30 OC354326 c:MoreThanFiveYears 2023-04-30 OC354326 e:PartnerLLP2 2023-05-01 2024-04-30 OC354326 c:FurtherSpecificReserve4ComponentTotalEquity 2024-04-30 OC354326 c:FurtherSpecificReserve4ComponentTotalEquity 2023-04-30 OC354326 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: OC354326










SMITH WATERS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
SMITH WATERS LLP
REGISTERED NUMBER: OC354326

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,989
3,441

  
1,989
3,441

Current assets
  

Debtors: amounts falling due within one year
 5 
378,219
280,123

Cash at bank and in hand
 6 
294,570
205,130

  
672,789
485,253

Creditors: Amounts Falling Due Within One Year
 7 
(174,729)
(148,546)

Net current assets
  
 
 
498,060
 
 
336,707

Total assets less current liabilities
  
500,049
340,148

  

Net assets
  
500,049
340,148


Represented by:
  

Loans and other debts due to members within one year
  

  

Other reserves classified as equity
  
500,049
340,148

  
500,049
340,148


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(274,589)
(254,737)

Members' other interests
  
500,049
340,148

  
225,460
85,411


Page 1

 
SMITH WATERS LLP
REGISTERED NUMBER: OC354326
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 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 by: 




R. C. Waters
Designated member
Date: 23 January 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
SMITH WATERS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due from members 

(214,914)
(214,914)


Balance at 1 May 2022 
290,177
290,177
(214,914)
(214,914)
75,263

Profit for the year available for discretionary division among members
 
340,148
340,148
-
-
340,148

Members' interests after profit for the year
630,325
630,325
(214,914)
(214,914)
415,411

Other division of profits
(290,177)
(290,177)
290,177
290,177
-

Drawings on account and distribution of profit
 
-
-
(330,000)
(330,000)
(330,000)

Amounts due from members
 


(254,737)
(254,737)


Balance at 30 April 2023
340,148
340,148
(254,737)
(254,737)
85,411

Profit for the year available for discretionary division among members
 
500,049
500,049
-
-
500,049

Members' interests after profit for the year
840,197
840,197
(254,737)
(254,737)
585,460

Other division of profits
(340,148)
(340,148)
340,148
340,148
-

Drawings on account and distribution of profit
 
-
-
(360,000)
(360,000)
(360,000)

Amounts due from members
 


(274,589)
(274,589)


Balance at 30 April 2024 
500,049
500,049
(274,589)
(274,589)
225,460

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

 
SMITH WATERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Smith Waters LLP is a Limited Liability Partnership, incorporated in England and Wales registration number OC354326. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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

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.

 
2.3

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.

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.

The LLP has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 May 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 4

 
SMITH WATERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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
-
Over 5 years on a straight line basis

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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
2.8

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 5

 
SMITH WATERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, excluding members, during the year was 12 (2023 - 10).

Page 6

 
SMITH WATERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 May 2023
9,102


Additions
425



At 30 April 2024

9,527



Depreciation


At 1 May 2023
5,661


Charge for the year on owned assets
1,877



At 30 April 2024

7,538



Net book value



At 30 April 2024
1,989



At 30 April 2023
3,441


5.


Debtors

2024
2023
£
£


Other debtors
22,603
3,452

Prepayments and accrued income
81,027
21,934

Amounts due from members
274,589
254,737

378,219
280,123



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
294,570
205,130


Page 7

 
SMITH WATERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
101,721
91,844

Other creditors
61,297
47,144

Accruals and deferred income
11,711
9,558

174,729
148,546



8.


Commitments under operating leases

At 30 April 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,000
10,000

Later than 1 year and not later than 5 years
40,000
40,000

Later than 5 years
8,333
18,333

58,333
68,333

 
Page 8