Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-312025-05-29falsetrue2024-04-01No description of principal activity2831falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC422486 2024-04-01 2025-03-31 OC422486 2023-01-01 2024-03-31 OC422486 2025-03-31 OC422486 2024-03-31 OC422486 c:FurnitureFittings 2024-04-01 2025-03-31 OC422486 c:FurnitureFittings 2025-03-31 OC422486 c:FurnitureFittings 2024-03-31 OC422486 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC422486 c:OfficeEquipment 2024-04-01 2025-03-31 OC422486 c:OfficeEquipment 2025-03-31 OC422486 c:OfficeEquipment 2024-03-31 OC422486 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC422486 c:ComputerEquipment 2024-04-01 2025-03-31 OC422486 c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC422486 c:Goodwill 2025-03-31 OC422486 c:Goodwill 2024-03-31 OC422486 c:CurrentFinancialInstruments 2025-03-31 OC422486 c:CurrentFinancialInstruments 2024-03-31 OC422486 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 OC422486 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC422486 d:FRS102 2024-04-01 2025-03-31 OC422486 d:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 OC422486 d:FullAccounts 2024-04-01 2025-03-31 OC422486 d:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC422486 c:WithinOneYear 2025-03-31 OC422486 c:WithinOneYear 2024-03-31 OC422486 c:BetweenOneFiveYears 2025-03-31 OC422486 c:BetweenOneFiveYears 2024-03-31 OC422486 c:MoreThanFiveYears 2025-03-31 OC422486 c:MoreThanFiveYears 2024-03-31 OC422486 2 2024-04-01 2025-03-31 OC422486 9 2024-04-01 2025-03-31 OC422486 c:Goodwill c:OwnedIntangibleAssets 2024-04-01 2025-03-31 OC422486 d:PartnerLLP1 2024-04-01 2025-03-31 OC422486 d:PartnerLLP2 2024-04-01 2025-03-31 OC422486 d:PartnerLLP3 2024-04-01 2025-03-31 OC422486 d:PartnerLLP4 2024-04-01 2025-03-31 OC422486 d:PartnerLLP5 2024-04-01 2025-03-31 OC422486 c:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC422486 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC422486 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: OC422486









SPRAKE & KINGSLEY LLP







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
SPRAKE & KINGSLEY LLP
 

INFORMATION




Designated Members
K J Roberts
F J Davy
A Farquharson
J W S Hay
J R Williams

 
SPRAKE & KINGSLEY LLP
REGISTERED NUMBER: OC422486

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 4 
50,275
75,413

Tangible assets
 5 
14,976
5,104

  
65,251
80,517

Current assets
  

Debtors: amounts falling due within one year
 6 
409,382
461,189

Cash at bank and in hand
  
141,355
126,190

  
550,737
587,379

Creditors: amounts falling due within one year
 7 
(178,302)
(146,620)

Net current assets
  
 
 
372,435
 
 
440,759

Total assets less current liabilities
  
437,686
521,276

  

Net assets
  
437,686
521,276


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
300,000
375,000

Other amounts
 8 
137,686
146,276

  
437,686
521,276

  

  
437,686
521,276


Total members' interests
  

Loans and other debts due to members
 8 
437,686
521,276

  
437,686
521,276


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)
Page 1

 
SPRAKE & KINGSLEY LLP
REGISTERED NUMBER: OC422486
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

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 profit and loss account 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 on 29 May 2025.




K J Roberts
Designated member

The notes on pages 3 to 11 form part of these financial statements.

Sprake & Kingsley 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

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

The entity is a Limited Liability Partnership incorporpated in England and Wales. The address of its registered office is 16 Broad Street, Bungay, Suffolk, NR35 1EN.
The LLP's principal activity is that of the provision of legal services.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents the fair value of services provided during the period on client assignments. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred.Turnover excludes Value Added Tax.
Turnover in respect of contingent fee assignments (over and above any agreed minimum fee which is recognised as above) is recognised in the period when the contingent event occurs and the collectability of the fee is assured.
Unbilled turnover on individual client assignments is included as accrued income within debtors.

 
2.3

Operating leases: the LLP as lessee

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

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.

Page 3

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.6

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 profit and loss account over its useful economic life of 10 years.

 
2.7

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:

Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

Page 4

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.11
Financial instruments (continued)

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 5

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows 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
Page 6

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.

 
2.12

Member's remuneration

Under the Members' Agreement, to which the LLP is party, all profits are automatically treated as being allocated in the financial year and therefore disclosed as members' remuneration treated as an expense.

 
2.13

Members' interest

Members subscribe capital to the LLP in accordance with amounts determined by the Members' Agreement. Members' capital may only be withdrawn when a member leaves the firm. On leaving the LLP, a member's capital is repaid as soon as possible and in any event within 3 months of the Succession Date. Any instalments unpaid after the due date shall bear interest until paid at 3% above Barclays Bank Plc base lending rate from time to time.

  
2.14

Taxation

The taxation payable on the LLP profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of the members. Consequently, neither partnership taxation nor deferred taxation are accounted for in the financial statements.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2024 - 31).

Page 7

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Intangible assets



Goodwill

£



Cost


At 1 April 2024
158,765



At 31 March 2025

158,765



Amortisation


At 1 April 2024
83,352


Charge for the year on owned assets
25,138



At 31 March 2025

108,490



Net book value



At 31 March 2025
50,275



Page 8

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2024
73,344
59,966
133,310


Additions
-
16,847
16,847


Disposals
-
(45,980)
(45,980)



At 31 March 2025

73,344
30,833
104,177



Depreciation


At 1 April 2024
71,287
56,920
128,207


Charge for the year on owned assets
1,040
5,895
6,935


Disposals
-
(45,941)
(45,941)



At 31 March 2025

72,327
16,874
89,201



Net book value



At 31 March 2025
1,017
13,959
14,976

Page 9

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Debtors

2025
2024
£
£


Trade debtors
134,940
164,934

Prepayments and accrued income
274,442
296,258

409,382
461,192



7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
50,969
52,735

Other taxation and social security
99,179
81,537

Accruals and deferred income
28,154
12,348

178,302
146,620





8.


Loans and other debts due to members


2025
2024
£
£



Members' capital treated as debt
300,000
375,000

Other amounts due to members
137,686
146,276

437,686
521,276

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

2025
2024
£
£



Falling due within one year
437,686
521,276

437,686
521,276

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

Page 10

 
SPRAKE & KINGSLEY LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Commitments under operating leases

At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
42,500
42,500

Later than 1 year and not later than 5 years
170,000
170,000

Later than 5 years
138,125
180,625

350,625
393,125

 
Page 11