Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30false2023-10-01falseNo description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC420067 2023-10-01 2024-09-30 OC420067 2022-10-01 2023-09-30 OC420067 2024-09-30 OC420067 2023-09-30 OC420067 c:FurnitureFittings 2023-10-01 2024-09-30 OC420067 c:FurnitureFittings 2024-09-30 OC420067 c:FurnitureFittings 2023-09-30 OC420067 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 OC420067 c:OfficeEquipment 2023-10-01 2024-09-30 OC420067 c:OfficeEquipment 2024-09-30 OC420067 c:OfficeEquipment 2023-09-30 OC420067 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 OC420067 c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 OC420067 c:Goodwill 2023-10-01 2024-09-30 OC420067 c:Goodwill 2024-09-30 OC420067 c:Goodwill 2023-09-30 OC420067 c:CurrentFinancialInstruments 2024-09-30 OC420067 c:CurrentFinancialInstruments 2023-09-30 OC420067 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 OC420067 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 OC420067 d:FRS102 2023-10-01 2024-09-30 OC420067 d:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 OC420067 d:FullAccounts 2023-10-01 2024-09-30 OC420067 d:LimitedLiabilityPartnershipLLP 2023-10-01 2024-09-30 OC420067 6 2023-10-01 2024-09-30 OC420067 c:Goodwill c:OwnedIntangibleAssets 2023-10-01 2024-09-30 OC420067 d:PartnerLLP1 2023-10-01 2024-09-30 OC420067 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-09-30 OC420067 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-09-30 OC420067 c:FurtherSpecificReserve3ComponentTotalEquity 2024-09-30 OC420067 c:FurtherSpecificReserve3ComponentTotalEquity 2023-09-30 OC420067 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: OC420067









PRINCIPLE ESTATE MANAGEMENT LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

 
PRINCIPLE ESTATE MANAGEMENT LLP
REGISTERED NUMBER: OC420067

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
663,160
700,000

Tangible assets
 5 
73,247
102,763

Investments
 6 
65,000
-

  
801,407
802,763

Current assets
  

Debtors: amounts falling due within one year
 7 
278,249
259,424

Cash at bank and in hand
 8 
394,740
18,417

  
672,989
277,841

Creditors: Amounts Falling Due Within One Year
 9 
(1,315,441)
(857,264)

Net current liabilities
  
 
 
(642,452)
 
 
(579,423)

Total assets less current liabilities
  
158,955
223,340

  

Net assets
  
158,955
223,340


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
98,955
163,340

  
98,955
163,340

Members' other interests
  

Members' capital classified as equity
  
60,000
60,000

  
 
60,000
 
60,000

  
158,955
223,340


Total members' interests
  

Loans and other debts due to members
 10 
98,955
163,340

Members' other interests
  
60,000
60,000

  
158,955
223,340


Page 1

 
PRINCIPLE ESTATE MANAGEMENT LLP
REGISTERED NUMBER: OC420067
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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 statement of comprehensive income 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 by: 




B Williams
Designated member

Date: 30 January 2025

The notes on pages 4 to 11 form part of these financial statements.

Principle Estate Management LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
PRINCIPLE ESTATE MANAGEMENT LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
 
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total

£
£
£
£
£

Amounts due to members 
182,805


Balance at 1 October 2022 
60,000
-
60,000
182,805
242,805

Members' remuneration charged as an expense
-
-
-
(286,330)
(286,330)

Profit for the period available for discretionary division among members
 
-
522,974
522,974
-
522,974

Members' interests after profit for the period
60,000
522,974
582,974
(103,525)
479,449

Other division of profits
-
(522,974)
(522,974)
522,974
-

Drawings on account and distribution of profit
-
-
-
(256,109)
(256,109)

Amounts due to members
163,340

Balance at 30 September 2023
60,000
-
60,000
163,340
223,340

Members' remuneration charged as an expense
-
-
-
(331,286)
(331,286)

Profit for the period available for discretionary division among members
 
-
408,828
408,828
-
408,828

Members' interests after profit for the period
60,000
408,828
468,828
(167,946)
300,882

Other division of profits
-
(408,828)
(408,828)
408,828
-

Capital introduced
-
-
-
24,848
24,848

Drawings
-
-
-
(166,775)
(166,775)

Amounts due to members
98,955

Balance at 30 September 2024 
60,000
-
60,000
98,955
158,955

The notes on pages 4 to 11 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

Principle Estate Management LLP (the LLP) is a limited liability partnership incorporated and domiciled in the United Kingdom. 
The address of its registered office is:
137 Newhall Street
Birmingham
B3 1SF
The financial statements are prepared in Sterling (£) which is the functional currency of the LLP. The financial statements are for the year ended 30 September 2024 (2023: year ended 30 September 2023).
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The following principal accounting policies have been applied:

2.Accounting policies

 
2.1

Exemption from preparing consolidated financial statements

The LLP, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.2

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.

 
2.3

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits both automatically and discretionarily.

 
2.5

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 Statement of Comprehensive Income 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.

 
2.6

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.

Page 5

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
25%
Office equipment
-
33%

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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 employees, including directors, during the period was 5 (2023 - 5).

Page 6

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
700,000



At 30 September 2024

700,000



Amortisation


Charge for the period on owned assets
36,840



At 30 September 2024

36,840



Net book value



At 30 September 2024
663,160



At 30 September 2023
700,000

The Members have reclassified the investment in Myhill Newman LLP to Goodwill as the trade and business has since acquisition been gradually consumed into the business of Principle Estate Management LLP.



Page 7

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
111,518
129,046
240,564


Additions
2,797
24,331
27,128



At 30 September 2024

114,315
153,377
267,692



Depreciation


At 1 October 2023
60,586
77,215
137,801


Charge for the period on owned assets
26,132
30,512
56,644



At 30 September 2024

86,718
107,727
194,445



Net book value



At 30 September 2024
27,597
45,650
73,247



At 30 September 2023
50,932
51,831
102,763

Page 8

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

6.


Fixed asset investments





Investments in subsidiary

£



Cost or valuation


Additions
65,000



At 30 September 2024
65,000




The investment represents the purchase of FMS (Estate Management) Limited's entire share capital.

Page 9

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
56,180
56,466

Other debtors
63,774
38,352

Prepayments and accrued income
158,295
164,606

278,249
259,424



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
394,740
18,417

394,740
18,417



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
608,806
43,355

Amounts owed to connected company
576,124
503,860

Other taxation and social security
112,628
94,874

Other creditors
-
175,000

Accruals and deferred income
17,883
40,175

1,315,441
857,264


Page 10

 
PRINCIPLE ESTATE MANAGEMENT LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

10.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
98,955
163,340

98,955
163,340

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

2024
2023
£
£



Falling due within one year
98,955
163,340

98,955
163,340

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


11.


Commitments under operating leases

At 30 September 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Lease arrangements remain under renegotiation.


12.


Related party transactions


2024
2023
£
£

Management charge from company with members/directors in common
1,300,000
1,013,084
Balances due to company with members/directors in common
576,124
503,860

Page 11