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REGISTERED NUMBER: OC338237 (England and Wales)



















UNDERWOOD VINECOMBE LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






UNDERWOOD VINECOMBE LLP (REGISTERED NUMBER: OC338237)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


UNDERWOOD VINECOMBE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DESIGNATED MEMBERS: Mr M Vinecombe
Mr D N Furness





REGISTERED OFFICE: Telford House
Outrams Wharf
Little Eaton
DERBY
DE21 5EL





REGISTERED NUMBER: OC338237 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ

UNDERWOOD VINECOMBE LLP (REGISTERED NUMBER: OC338237)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,819 2,987

CURRENT ASSETS
Debtors 5 243,132 228,029
Cash at bank and in hand 131,914 120,292
375,046 348,321
CREDITORS
Amounts falling due within one year 6 147,379 180,060
NET CURRENT ASSETS 227,667 168,261
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

230,486

171,248

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

230,486

171,248

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 230,486 171,248

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 13 February 2025 and were signed by:





Mr M Vinecombe - Designated member

UNDERWOOD VINECOMBE LLP (REGISTERED NUMBER: OC338237)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Underwood Vinecombe LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 FRS102 (Section 1A). 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

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 Profit and Loss Account and are equity appropriations in the Balance Sheet.

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 LLPs has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 20 (2023 - 23 ) .

UNDERWOOD VINECOMBE LLP (REGISTERED NUMBER: OC338237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 September 2023 17,227 67,798 85,025
Additions - 1,068 1,068
At 31 August 2024 17,227 68,866 86,093
DEPRECIATION
At 1 September 2023 16,138 65,900 82,038
Charge for year 270 966 1,236
At 31 August 2024 16,408 66,866 83,274
NET BOOK VALUE
At 31 August 2024 819 2,000 2,819
At 31 August 2023 1,089 1,898 2,987

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 221,222 204,011
Prepayments and accrued income 21,910 24,018
243,132 228,029

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,372 19,094
Social security and other taxes 30,106 32,165
VAT 101,806 112,634
Other creditors 6,255 8,577
Accruals and deferred income 7,840 7,590
147,379 180,060

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of the LLP being wound up, and a surplus sum remains at the conclusion of the winding up, after payment of all monies due to the creditors of the LLP and all monies due to the Members, along with all expenses of the winding up, the liquidator shall pay that surplus to the Members.