Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-052024-04-05442023-04-06falseInsolvency practionersfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC311000 2023-04-06 2024-04-05 OC311000 2022-04-06 2023-04-05 OC311000 2024-04-05 OC311000 2023-04-05 OC311000 c:Buildings c:LongLeaseholdAssets 2023-04-06 2024-04-05 OC311000 c:Buildings c:LongLeaseholdAssets 2024-04-05 OC311000 c:Buildings c:LongLeaseholdAssets 2023-04-05 OC311000 c:FurnitureFittings 2023-04-06 2024-04-05 OC311000 c:FurnitureFittings 2024-04-05 OC311000 c:FurnitureFittings 2023-04-05 OC311000 c:OfficeEquipment 2023-04-06 2024-04-05 OC311000 c:OfficeEquipment 2024-04-05 OC311000 c:OfficeEquipment 2023-04-05 OC311000 c:OtherPropertyPlantEquipment 2023-04-06 2024-04-05 OC311000 c:OtherPropertyPlantEquipment 2024-04-05 OC311000 c:OtherPropertyPlantEquipment 2023-04-05 OC311000 c:CurrentFinancialInstruments 2024-04-05 OC311000 c:CurrentFinancialInstruments 2023-04-05 OC311000 c:Non-currentFinancialInstruments 2024-04-05 OC311000 c:Non-currentFinancialInstruments 2023-04-05 OC311000 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-05 OC311000 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-05 OC311000 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-05 OC311000 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-05 OC311000 d:FRS102 2023-04-06 2024-04-05 OC311000 d:AuditExempt-NoAccountantsReport 2023-04-06 2024-04-05 OC311000 d:FullAccounts 2023-04-06 2024-04-05 OC311000 d:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC311000 6 2023-04-06 2024-04-05 OC311000 d:PartnerLLP4 2023-04-06 2024-04-05 OC311000 c:FurtherSpecificReserve3ComponentTotalEquity 2024-04-05 OC311000 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-05 OC311000 e:PoundSterling 2023-04-06 2024-04-05 iso4217:GBP xbrli:pure
Registered number: OC311000










ELWELL WATCHORN & SAXTON LLP








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

 
ELWELL WATCHORN & SAXTON LLP
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9










 
ELWELL WATCHORN & SAXTON LLP
REGISTERED NUMBER:OC311000

BALANCE SHEET
AS AT 5 APRIL 2024

As restated
2024
2023
                                                                   Note
£
£

Fixed assets
  

Investments
 5 
2
2

  
2
2

Current assets
  

Work in progress
  
-
37,758

Debtors: amounts falling due within one year
 6 
1,247,577
1,253,743

  
1,247,577
1,291,501

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(190,723)
(223,858)

Net current assets
  
 
 
1,056,854
 
 
1,067,643

Total assets less current liabilities
  
1,056,856
1,067,645

Creditors: amounts falling due after more than one year
 8 
(15,431)
(24,916)

  

Net assets
  
1,041,425
1,042,729


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
90,000
90,000

Other amounts
 9 
951,425
952,729

  
1,041,425
1,042,729

  

  
1,041,425
1,042,729


Total members' interests
  

Loans and other debts due to members
 9 
1,041,425
1,042,729

  
1,041,425
1,042,729


Page 1

 
ELWELL WATCHORN & SAXTON LLP
REGISTERED NUMBER:OC311000
    
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 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: 




................................................
Mr G Wolloff
Director of Graham Wolloff Limited
Designated member







Date: 4 April 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.


General information

Elwell Watchorn & Saxton LLP is a Limited Liability Partnership which is incorporated in England and Wales. The registered office is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.

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 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 LLP has reduced its trade signficantly and now operates solely to complete pre-existing service contracts, realising the existing assets and settling the obligations of the LLP accordingly. The members acknowledge that there is ongoing uncertainty surrounding significant balances in these financial statements and that this may represent a material uncertainty with regards to the going concern status of the LLP (see note 11). However, the members fully expect the LLP to continue in operational existence for at least 12 months from the date of approval of the financial statements. These financial statements therefore continue to be prepared on a going concern basis. 
The LLP's functional and presentational currency is GBP. 

The following principal accounting policies have been applied:

 
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: the LLP as lessee

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

Page 3

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

  
2.5

Members' remuneration

A member's share in the Profit and Loss Account for the period is accounted for as an allocation of profits in accordance with the LLP membership agreement.

 
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.

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:

Leasehold property improvements
-
10% straight line per annum
Fixtures and fittings
-
10% straight line per annum
Office equipment
-
25% straight line per annum
Computer equipment
-
25% straight line per annum

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 the Profit and Loss Account.

  
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

Valuation of investments

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Work in progress

Work in progress represents disbursements not yet invoiced to clients and has been valued at the lower of cost and net realisable value.

Page 4

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date. 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
 
2.13

Operating leases: the LLP as lessor

Rental income from operating leases is credited to the Profit and Loss Account on a straight-line basis over the lease term.

Page 5

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

  
2.14

Operating leases: the LLP as lessee

Rental paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.

 
2.15

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 the Profit and Loss Account 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.


3.


Employees



The average monthly number of employees, including members, during the year was 4 (2023: 4).


4.


Tangible fixed assets





Leasehold property improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£





At 6 April 2023
23,726
40,109
20,571
77,895
162,301


Disposals
(23,726)
(40,109)
(20,571)
(77,895)
(162,301)



At 5 April 2024

-
-
-
-
-





At 6 April 2023
23,726
40,109
20,571
77,895
162,301


Disposals
(23,726)
(40,109)
(20,571)
(77,895)
(162,301)



At 5 April 2024

-
-
-
-
-



Net book value



At 5 April 2024
-
-
-
-
-



At 5 April 2023
-
-
-
-
-

Page 6

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 6 April 2023
2



At 5 April 2024
2





6.


Debtors

2024
2023
£
£


Trade debtors
77,892
116,238

Amounts recoverable on contracts
1,141,048
1,111,048

Amounts owed by former members
28,637
26,412

Other debtors
-
45

1,247,577
1,253,743



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
139,597
135,566

Bank loans
9,583
9,251

Amounts owed to former members
14,475
75,041

Other taxation and social security
2,201
-

Other creditors
6,000
-

Accruals and deferred income
18,867
4,000

190,723
223,858


The bank overdrafts and bank loans are secured by way of fixed and floating charge over the assets of the LLP.

Page 7

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,431
24,916

15,431
24,916


The bank loans are secured by way of fixed and floating charge over the assets of the LLP.


9.


Loans and other debts due to members


As restated
2024
2023
£
£



Members' capital treated as debt
90,000
90,000

Other amounts due to members
951,425
952,729

1,041,425
1,042,729

All loans and other debts due to members are due within one year.
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a
winding up.
Members capital treated as debt is repayable following retirement from the LLP.
There are no restrictions or limitations on the ability of the members to reduce the amount of other
amounts due to members.



10.Financial commitments

At the year end, the total amount of financial commitments payable not included in the Balance Sheet is £54,697 (2023: £85,362).
At the year end, the total amount of financial commitments receivable not included in the Balance Sheet is £30,000 (2023: £Nil).

Page 8

 
ELWELL WATCHORN & SAXTON LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

11.


Significant accounting estimates

Due to ongoing uncertainty and negotiations surrounding work in progress, amounts recoverable on contracts and  historical and current profit share allocations amongst members, several balances in these financial statements contain signficant accounting estimates which have been valued and presented in these financial statements by the members. Due to the nature of these estimates they are not derived from factual data and the members have therefore presented these amounts in the financial statements at their best estimate as at the time of approval of the financial statements. The amounts in these financial statements which are directly affected by this estimation uncertainty are:
- Amounts recoverable on contracts of £1,141,048;
- Amounts owed by former members of £28,637;
- Amounts owed to former members of £14,475; and
- Other amounts due to members of £951,425.
The members acknowledge that other balances in these financial statements may also be indirectly affected by these estimates including, but not limited to, the revenue amount disclosed in the Profit and Loss Account. 


12.


Other information

Liam Short Limited remained a member of the LLP as at the balance sheet date and the capital and current account balances due are included within Members’ Interests at the year end.  
On 17 March 2025, Liam Short Limited ceased to be a member of the LLP and the outstanding current account balance of £112,237 and capital account balance of £30,000 will be dealt with in accordance with the LLP agreement, as modified. This represents a non-adjusting post-balance sheet event, and no reclassification to creditors has been made in the financial statements as at the balance sheet date.


13.


Prior year adjustment

During the year ended 5 April 2024, it was determined that the profit allocation for the year ending 5 April 2023 had not been allocated to members in accordance with the Partnership Agreement. 
To rectify this, the Members’ remuneration was allocated to the Partners’ Current Accounts in accordance with the agreed profit-sharing ratios outlined in the Partnership Agreement. 
This correction had no impact on the LLP’s net assets or reported profit. The adjustment was made to accurately reflect the allocation of profits among members and ensure compliance with FRS 102 Section 1A. 
Comparative figures for the prior year have been restated in the profit and loss members' remuneration charged as an expense to reflect this adjustment.
During the year ending 5th April 2024, it was identified that an amount of £23,837 had been incorrectly classified as legal and professional fees within the Profit and Loss Account. The amount related to Subcontractor Fees and has now been correctly reclassified under cost of sales.
This adjustment is a reclassification only, with no impact on the Company’s net assets, profit or loss, or taxation figures. The correction ensures accurate representation of expenses under the appropriate headings.
 
Page 9