Kreston Reeves Audit LLP
Members' report
For the year ended 31 May 2024
The members present their annual report together with the financial statements of Kreston Reeves Audit LLP (the "LLP") for the year ended 31 May 2024.
The LLP changed its name from Kreston Reeves Corporate Finance LLP to Kreston Reeves Audit LLP on 22 October 2024.
Designated Members
M Cook, AM Dwyer, MKR Dyer, SG Ediss, N Fright, DJ Grainge, AJQ Griggs, RW Heasman, GFP Hicks, GH Jones, TPW Levey, PAR Manser, SN Miles, M O'Brien, K Ondhia, LE Parry, JA Peach, AJ Pearce, SM Robinson, SM Rouse, RL Sellers, RCPP Spofforth, RM Sutton, SP Tanner, AJ Tate, CJ Took, SL Webber and JC Williamson were designated members of the LLP throughout the period.
PD Hudson resigned as a designated member on 31 March 2024.
MKR Dyer, SG Ediss, RW Heasman, GFP Hicks, GH Jones, TPW Levey, SN Miles, M O'Brien, K Ondhia, LE Parry, AJ Pearce, SM Robinson, SP Tanner, AJ Tate and CJ Took resigned as designated members on 29 October 2024. DJ Grainge resigned as a designated member on 25 November 2024.
N Fright, AJQ Griggs, JA Peach, SM Rouse, RCPP Spofforth and RM Sutton were reclassified to members on 29 October 2024.
G Hunt was reclassified to a designated member on 25 November 2024.
Kreston Reeves LLP was appointed as a designated member on 29 October 2024.
Members' capital and interests
Members are not required to contribute capital unless otherwise agreed.
Members are remunerated from the profits of the LLP and are required to make their own provision for tax, pensions and other benefits. The allocation of profits to members occurs regularly throughout the year, such that on approval of the annual financial statements, all profit realised by the partnership in the relevant period has been allocated to members.
Members are permitted to draw a proportion of their profit shares monthly net of a tax retention. Additional
drawings are made at six monthly intervals subject to the cash requirements of the LLP.
This report was approved by the members on 6 January 2025 and signed on their behalf by:
N Fright
Designated member
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Kreston Reeves Audit LLP
Members' responsibilities statement
For the year ended 31 May 2024
The members are responsible for preparing the annual report and thefinancial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Kreston Reeves Audit LLP
Registered number: OC306454
Statement of financial position
As at 31 May 2024
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Total assets less current liabilities
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Loans and other debts due to members within one year
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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 480 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 were approved and authorised for issue by the members and were signed on their behalf on 6 January 2025.
The notes on page 5 form part of these financial statements.
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Kreston Reeves Audit LLP
Notes to the financial statements
For the year ended 31 May 2024
Kreston Reeves Audit LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306454. The registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU.
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 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 entity's accounting policies.
The presentation currency of the financial statements is Pounds Sterling (£) and the financial statements are rounded to the nearest Pound.
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.
The entity has no employees.
The LLP is not subject to control by any single party.
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