Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-015falseNo description of principal activity5truetrue OC345720 2023-02-01 2024-03-31 OC345720 2022-02-01 2023-01-31 OC345720 2024-03-31 OC345720 2023-01-31 OC345720 2022-02-01 OC345720 c:PlantMachinery 2023-02-01 2024-03-31 OC345720 c:PlantMachinery 2024-03-31 OC345720 c:PlantMachinery 2023-01-31 OC345720 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-02-01 2024-03-31 OC345720 c:MotorVehicles 2023-02-01 2024-03-31 OC345720 c:MotorVehicles 2024-03-31 OC345720 c:MotorVehicles 2023-01-31 OC345720 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-02-01 2024-03-31 OC345720 c:FurnitureFittings 2023-02-01 2024-03-31 OC345720 c:FurnitureFittings 2024-03-31 OC345720 c:FurnitureFittings 2023-01-31 OC345720 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-02-01 2024-03-31 OC345720 c:OfficeEquipment 2023-02-01 2024-03-31 OC345720 c:OfficeEquipment 2024-03-31 OC345720 c:OfficeEquipment 2023-01-31 OC345720 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-02-01 2024-03-31 OC345720 c:OwnedOrFreeholdAssets 2023-02-01 2024-03-31 OC345720 c:Goodwill 2023-02-01 2024-03-31 OC345720 c:Goodwill 2024-03-31 OC345720 c:Goodwill 2023-01-31 OC345720 c:CurrentFinancialInstruments 2024-03-31 OC345720 c:CurrentFinancialInstruments 2023-01-31 OC345720 c:CurrentFinancialInstruments 2 2024-03-31 OC345720 c:CurrentFinancialInstruments 2 2023-01-31 OC345720 c:Non-currentFinancialInstruments 2024-03-31 OC345720 c:Non-currentFinancialInstruments 2023-01-31 OC345720 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC345720 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 OC345720 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC345720 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 OC345720 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC345720 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-01-31 OC345720 c:OtherMiscellaneousReserve 2023-02-01 2024-03-31 OC345720 c:OtherMiscellaneousReserve 2024-03-31 OC345720 c:OtherMiscellaneousReserve 2022-02-01 2023-01-31 OC345720 c:OtherMiscellaneousReserve 2023-01-31 OC345720 c:OtherMiscellaneousReserve 2022-02-01 OC345720 e:FRS102 2023-02-01 2024-03-31 OC345720 e:AuditExemptWithAccountantsReport 2023-02-01 2024-03-31 OC345720 e:FullAccounts 2023-02-01 2024-03-31 OC345720 e:LimitedLiabilityPartnershipLLP 2023-02-01 2024-03-31 OC345720 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC345720 c:HirePurchaseContracts c:WithinOneYear 2023-01-31 OC345720 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC345720 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-01-31 OC345720 2 2023-02-01 2024-03-31 OC345720 c:Goodwill c:OwnedIntangibleAssets 2023-02-01 2024-03-31 OC345720 e:PartnerLLP4 2023-02-01 2024-03-31 OC345720 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-02-01 2024-03-31 OC345720 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC345720 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-02-01 2023-01-31 OC345720 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-01-31 OC345720 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-02-01 OC345720 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC345720 c:FurtherSpecificReserve3ComponentTotalEquity 2023-01-31 iso4217:GBP xbrli:pure

Registered number: OC345720









AKIN PALMER LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
AKIN PALMER LLP
 

CONTENTS



Page
Accountants' Report
1
Balance Sheet
2 - 3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 13


 
AKIN PALMER LLP
 
 
  
REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AKIN PALMER LLP
FOR THE PERIOD 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 Akin Palmer LLP for the period ended 31 March 2024 which comprise  the Balance Sheet, the Statement of Changes in Equity 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 Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Akin Palmer LLP  and state those matters that we have agreed to state to the Akin Palmer LLP's members in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Akin Palmer LLP and its members for our work or for this report. 

It is your duty to ensure that Akin Palmer 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 Akin Palmer LLP. You consider that Akin Palmer LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Akin Palmer 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.

  



Gilchrists AB LLP
Chartered Certified Accountants
Grove House
Woodberry Grove
London
N12 0DR
31 January 2025
Page 1

 
AKIN PALMER LLP
REGISTERED NUMBER: OC345720

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 January
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
126,667
150,000

Tangible assets
 4 
46,538
58,075

  
173,205
208,075

Current assets
  

Debtors: amounts falling due within one year
 5 
925,104
931,173

Cash at bank and in hand
 6 
10,177
9,908

  
935,281
941,081

Creditors: Amounts Falling Due Within One Year
 7 
(466,827)
(447,012)

Net current assets
  
 
 
468,454
 
 
494,069

Total assets less current liabilities
  
641,659
702,144

Creditors: amounts falling due after more than one year
 8 
(33,236)
(109,211)

  
608,423
592,933

  

Net assets
  
608,423
592,933


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 11 
142,913
127,423

  
142,913
127,423

Members' other interests
  

Members' capital classified as equity
  
465,510
465,510

  
 
465,510
 
465,510

  
608,423
592,933


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(699,713)
(805,409)

Loans and other debts due to members
 11 
142,913
127,423

Members' other interests
  
465,510
465,510
Page 2

 
AKIN PALMER LLP
REGISTERED NUMBER: OC345720
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


  
(91,290)
(212,476)


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 income statement 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 31 January 2025.




................................................
J Palmer
Designated member

The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
AKIN PALMER LLP
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Members capital (classified as equity)
Other reserves
Total equity

£
£
£


At 1 February 2022
465,510
-
465,510


Comprehensive income for the year

Profit for year for discretionary division among members

-
251,215
251,215

Allocated profit
-
(251,215)
(251,215)


Other comprehensive income for the year
-
(251,215)
(251,215)


Total transactions with members
-
-
-



At 1 February 2023
465,510
-
465,510


Comprehensive income for the period

Profit for period for discretionary division among members

-
579,435
579,435

Allocated profit
-
(579,434)
(579,434)


Other comprehensive income for the period
-
(579,434)
(579,434)


Total transactions with members
-
-
-


At 31 March 2024
465,510
1
465,511

The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Akin Palmer LLP is registered in England and Wales. The LLP's registered number and registered
office address can be found on the General Information page.
The presentation currency of the financial statements is the Pound 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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The members have a reasonable expectation that the LLP has adequate resources to continue in
operational existence for the foreseeable future. The LLP therefore continues to adopt the going
concern basis in preparing its consolidated financial statements.

 
2.3

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.

 
2.4

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.

Page 5

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Leased assets: the LLP as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 6

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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:

Plant and machinery
-
25%
on cost
Motor vehicles
-
20%
on reducing balance
Fixtures and fittings
-
20%
on cost
Office equipment
-
20%
on cost

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.

 
2.12

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.

Page 7

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the period was as follows:


        2024
        2023
            No.
            No.







Average number of employees during the year
5
5

Page 8

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

Intangible assets






Goodwill

£



Cost


At 1 February 2023
400,000



At 31 March 2024

400,000



Amortisation


At 1 February 2023
250,000


Charge for the period on owned assets
23,333



At 31 March 2024

273,333



Net book value



At 31 March 2024
126,667



At 31 January 2023
150,000



Page 9

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
1,169
297,632
21,295
17,173
337,269


Additions
-
-
158
211
369



At 31 March 2024

1,169
297,632
21,453
17,384
337,638



Depreciation


At 1 February 2023
1,169
241,785
20,224
16,016
279,194


Charge for the period on owned assets
-
11,169
387
349
11,905



At 31 March 2024

1,169
252,954
20,611
16,365
291,099



Net book value



At 31 March 2024
-
44,678
842
1,019
46,539



At 31 January 2023
-
55,847
1,071
1,157
58,075


5.


Debtors

31 March
31 January
2024
2023
£
£


Trade debtors
185,611
116,966

Other debtors
30,920
-

Prepayments and accrued income
8,860
8,799

Amounts due from members
699,713
805,408

925,104
931,173


Page 10

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Cash and cash equivalents

31 March
31 January
2024
2023
£
£

Cash at bank and in hand
10,176
9,907

Less: bank overdrafts
(45,978)
(69,011)

(35,802)
(59,104)



7.


Creditors: Amounts falling due within one year

31 March
31 January
2024
2023
£
£

Bank overdrafts
45,980
69,012

Bank loans
133,196
103,773

Other taxation and social security
60,020
67,845

Obligations under finance lease and hire purchase contracts
3,137
6,333

Other creditors
36,710
8,438

Accruals and deferred income
187,784
191,611

466,827
447,012



8.


Creditors: Amounts falling due after more than one year

31 March
31 January
2024
2023
£
£

Bank loans
33,230
104,989

Net obligations under finance leases and hire purchase contracts
-
4,222

33,230
109,211


Page 11

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


31 March
31 January
2024
2023
£
£

Amounts falling due within one year

Bank loans
133,196
103,773


133,196
103,773


Amounts falling due 2-5 years

Bank loans
33,236
104,989


33,236
104,989


166,432
208,762



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
31 January
2024
2023
£
£


HP, finance leases and other lease liabilities
3,137
6,333

Between 1-5 years
-
4,222

3,137
10,555

Page 12

 
AKIN PALMER LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Loans and other debts due to members


31 March
31 January
2024
2023
£
£



Other amounts due to members
142,913
127,423

142,913
127,423

Loans and other debts due to members may be further analysed as follows:

31 March
31 January
2024
2023
£
£



Falling due within one year
142,913
127,423

142,913
127,423

IIn the event of a winding up of the LLP, amounts classified as 'other debts due to members' would rank
behind other non-secured creditors. There are no restrictions that exist on the ability of members to
reduce the amounts classified as 'members' capital'.
Members have agreed not to take cash drawings where this would conflict with the adequacy of the
working capital of the LLP.


12.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £1,866 (2023 - £1,314) . Contributions totalling £1,035 (2023 - £1,153) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 13