9 false false false false false false false false false false false false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC312738 2023-05-01 2024-04-30 OC312738 2024-04-30 OC312738 2023-04-30 OC312738 2022-05-01 2023-04-30 OC312738 2023-04-30 OC312738 2022-04-30 OC312738 core:LandBuildings core:LongLeaseholdAssets 2023-05-01 2024-04-30 OC312738 core:FurnitureFittings 2023-05-01 2024-04-30 OC312738 core:MotorVehicles 2023-05-01 2024-04-30 OC312738 bus:Director1 2023-05-01 2024-04-30 OC312738 bus:Director2 2023-05-01 2024-04-30 OC312738 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 OC312738 core:FurnitureFittings 2023-04-30 OC312738 core:MotorVehicles 2023-04-30 OC312738 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 OC312738 core:LandBuildings core:LongLeaseholdAssets 2024-04-30 OC312738 core:FurnitureFittings 2024-04-30 OC312738 core:MotorVehicles 2024-04-30 OC312738 core:WithinOneYear 2024-04-30 OC312738 core:WithinOneYear 2023-04-30 OC312738 core:AfterOneYear 2024-04-30 OC312738 core:AfterOneYear 2023-04-30 OC312738 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 OC312738 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 OC312738 core:MotorVehicles 2023-04-30 OC312738 bus:SmallEntities 2023-05-01 2024-04-30 OC312738 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 OC312738 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 OC312738 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-04-30 OC312738 bus:FullAccounts 2023-05-01 2024-04-30 OC312738 core:ComputerEquipment 2023-05-01 2024-04-30 OC312738 core:ComputerEquipment 2024-04-30 OC312738 core:ComputerEquipment 2023-04-30 OC312738 core:AllAssociates 2023-05-01 2024-04-30
REGISTERED NUMBER: OC312738
Bevan Evans & Capehorn LLP
Filleted Unaudited Financial Statements
30 April 2024
Bevan Evans & Capehorn LLP
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
183,930
184,341
Current assets
Stocks
10,000
50,000
Debtors
6
382,968
346,940
Cash at bank and in hand
85
450
---------
---------
393,053
397,390
Creditors: amounts falling due within one year
7
179,581
162,664
---------
---------
Net current assets
213,472
234,726
---------
---------
Total assets less current liabilities
397,402
419,067
Creditors: amounts falling due after more than one year
8
28,257
33,544
---------
---------
Net assets
369,145
385,523
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
9
86,619
Other amounts
9
164,033
267,030
---------
---------
250,652
267,030
---------
---------
Members' other interests
Other reserves
---------
---------
250,652
267,030
---------
---------
Total members' interests
Loans and other debts due to members
9
250,652
267,030
Members' other interests
---------
---------
250,652
267,030
---------
---------
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.
Bevan Evans & Capehorn LLP
Statement of Financial Position (continued)
30 April 2024
For the year ending 30 April 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 .
These financial statements were approved by the members and authorised for issue on 10 December 2024 , and are signed on their behalf by:
Ms M Bevan-Evans
Dr McKenzie Evans Ltd
Designated Member
Designated Member
Registered number: OC312738
Bevan Evans & Capehorn LLP
Notes to the Financial Statements
Year ended 30 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 24 Moor Street, Chepstow, Monmouthshire, NP16 5DB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A 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' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the 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 entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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:
Long leasehold property
-
10% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
33% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 9 (2023: 9 ).
5.
Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023 and 30 Apr 2024
175,000
17,275
42,527
1,667
55,917
292,386
---------
--------
--------
-------
--------
---------
Depreciation
At 1 May 2023
8,637
42,527
1,303
55,578
108,045
Charge for the year
72
339
411
---------
--------
--------
-------
--------
---------
At 30 Apr 2024
8,637
42,527
1,375
55,917
108,456
---------
--------
--------
-------
--------
---------
Carrying amount
At 30 Apr 2024
175,000
8,638
292
183,930
---------
--------
--------
-------
--------
---------
At 30 Apr 2023
175,000
8,638
364
339
184,341
---------
--------
--------
-------
--------
---------
6.
Debtors
2024
2023
£
£
Trade debtors
123,348
Other debtors
382,968
223,592
---------
---------
382,968
346,940
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
75,436
126,883
Trade creditors
7,359
Social security and other taxes
7,576
13,127
Other creditors
8,014
Other creditors
421
Other creditors
96,569
6,860
---------
---------
179,581
162,664
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,257
33,544
--------
--------
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
164,033
267,030
Other amounts
86,619
---------
---------
250,652
267,030
---------
---------
10.
Related party transactions
As at the 30th April 2024 the partnership was controlled by the designated members, MC Bevan-Evans and Dr McKensie Evans Ltd. Related party transactions Also during the year the LLP made an addtional interest free, unsecured, repayable on demand loans to Riverside B & B Limited, a company which MC Bevan-Evans is a director and shareholder. At the 30th April 2024 Riverside B & B Limited owed Bevan-Evans & Capehorn Solicitors LLP £89,014 (2023: £68,330). Also during the year the LLP made an addtional interest free, unsecured, repayable on demand loans to The Cwtch Chepstow Limited, a company which MC Bevan-Evans is a director and shareholder. At the 30th April 2024 The Cwtch Chepstow Limited owed Bevan-Evans & Capehorn Solicitors LLP £24,094 (2023: Bevan-Evans & Capehorn Solicitors LLP owed The Cwtch Chepstow £9,000).