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REGISTERED NUMBER: OC307704
Edwards, Pearson & White LLP
Filleted Unaudited Financial Statements
31 March 2024
Edwards, Pearson & White LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
3
82,869
99,874
Current assets
Debtors
4
536,068
512,898
Cash at bank and in hand
45,109
53,709
--------
--------
581,177
566,607
Creditors: amounts falling due within one year
5
192,153
166,653
--------
--------
Net current assets
389,024
399,954
--------
--------
Total assets less current liabilities
471,893
499,828
Creditors: amounts falling due after more than one year
6
23,298
61,796
--------
--------
Net assets
448,595
438,032
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
7
298,595
288,032
Members' other interests
Members' capital classified as equity
150,000
150,000
Other reserves
--------
--------
448,595
438,032
--------
--------
Total members' interests
Loans and other debts due to members
7
298,595
288,032
Members' other interests
150,000
150,000
--------
--------
448,595
438,032
--------
--------
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 .
Edwards, Pearson & White LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 29 January 2025 , and are signed on their behalf by:
S.J. Hodgins
Designated Member
Registered number: OC307704
Edwards, Pearson & White LLP
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 8 Jury Street, Warwick, Warwickshire, CV34 4EW, England.
2.
Accounting policies
Basis of preparation
The financial statements have been prepare on 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 LLP and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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 and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The LLP only has basic financial instruments. Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the LLP considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. Financial liabilities Financial liabilities comprise items such as taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
3.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
21,417
169,784
118,114
309,315
Additions
2,525
1,926
4,451
-------
--------
--------
--------
At 31 March 2024
23,942
169,784
120,040
313,766
-------
--------
--------
--------
Depreciation
At 1 May 2023
18,106
90,621
100,714
209,441
Charge for the period
802
18,141
2,513
21,456
-------
--------
--------
--------
At 31 March 2024
18,908
108,762
103,227
230,897
-------
--------
--------
--------
Carrying amount
At 31 March 2024
5,034
61,022
16,813
82,869
-------
--------
--------
--------
At 30 April 2023
3,311
79,163
17,400
99,874
-------
--------
--------
--------
4.
Debtors
31 Mar 24
30 Apr 23
£
£
Trade debtors
495,279
473,798
Other debtors
40,789
39,100
--------
--------
536,068
512,898
--------
--------
5. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Trade creditors
62,159
61,146
Social security and other taxes
54,455
59,758
Other creditors
75,539
45,749
--------
--------
192,153
166,653
--------
--------
Bank Overdrafts and Loans are secured by an unlimited debenture.
6. Creditors: amounts falling due after more than one year
31 Mar 24
30 Apr 23
£
£
Other creditors
23,298
61,796
-------
-------
7.
Loans and other debts due to members
31 Mar 24
30 Apr 23
£
£
Amounts owed to members in respect of profits
298,595
288,032
--------
--------
8.
Related party transactions
During the period the LLP entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
31 Mar 24
30 Apr 23
31 Mar 24
30 Apr 23
£
£
£
£
Fees
77,062
70,938
14,048
14,867
Direct Costs
429,868
471,260
( 30,000)
( 34,622)
--------
--------
-------
-------