Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false2023-07-01falseNo description of principal activity6452truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC436935 2023-07-01 2024-06-30 OC436935 2022-07-01 2023-06-30 OC436935 2024-06-30 OC436935 2023-06-30 OC436935 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 OC436935 c:Buildings c:LongLeaseholdAssets 2024-06-30 OC436935 c:Buildings c:LongLeaseholdAssets 2023-06-30 OC436935 c:PlantMachinery 2023-07-01 2024-06-30 OC436935 c:PlantMachinery 2024-06-30 OC436935 c:PlantMachinery 2023-06-30 OC436935 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 OC436935 c:MotorVehicles 2023-07-01 2024-06-30 OC436935 c:MotorVehicles 2024-06-30 OC436935 c:MotorVehicles 2023-06-30 OC436935 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 OC436935 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 OC436935 c:CurrentFinancialInstruments 2024-06-30 OC436935 c:CurrentFinancialInstruments 2023-06-30 OC436935 c:Non-currentFinancialInstruments 2024-06-30 OC436935 c:Non-currentFinancialInstruments 2023-06-30 OC436935 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 OC436935 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 OC436935 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 OC436935 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 OC436935 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 OC436935 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 OC436935 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 OC436935 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 OC436935 d:FRS102 2023-07-01 2024-06-30 OC436935 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 OC436935 d:FullAccounts 2023-07-01 2024-06-30 OC436935 d:LimitedLiabilityPartnershipLLP 2023-07-01 2024-06-30 OC436935 2 2023-07-01 2024-06-30 OC436935 d:PartnerLLP1 2023-07-01 2024-06-30 OC436935 d:PartnerLLP2 2023-07-01 2024-06-30 OC436935 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: OC436935










STERNBERG REED LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
STERNBERG REED
REGISTERED NUMBER: OC436935

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
32,396
57,697

  
32,396
57,697

Current assets
  

Debtors: amounts falling due within one year
 5 
4,425,212
3,564,552

Cash at bank and in hand
 6 
4,054
272,675

  
4,429,266
3,837,227

Creditors: amounts falling due within one year
 7 
(2,284,280)
(1,634,952)

Net current assets
  
 
 
2,144,986
 
 
2,202,275

Total assets less current liabilities
  
2,177,382
2,259,972

Creditors: amounts falling due after more than one year
 8 
(279,914)
(257,584)

  
1,897,468
2,002,388

  

Net assets
  
1,897,468
2,002,388


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
1,897,468
2,002,388

  


Total members' interests
  

Loans and other debts due to members
 10 
1,897,468
2,002,388


Page 1

 
STERNBERG REED
REGISTERED NUMBER: OC436935
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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: 




K J Rotheram
D B B Thomas
Designated member
Designated member


Date: 27 June 2025

The notes on pages 4 to 10 form part of these financial statements.

Sternberg Reed 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

 
STERNBERG REED
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 JUNE 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Profit for the year available for discretionary division among members
 
1,575,403
1,575,403
-
-
1,575,403

Members' interests after profit for the year
1,575,403
1,575,403
1,006,862
1,006,862
2,582,265

Other division of profits
(1,575,403)
(1,575,403)
1,575,403
1,575,403
-

Amounts introduced by members
-
-
1,198,000
1,198,000
1,198,000

Drawings
-
-
(1,527,435)
(1,527,435)
(1,527,435)

Tax payments
-
-
(250,442)
(250,442)
(250,442)

Amounts due to members
2,002,388
2,002,388

Balance at 30 June 2023
-
-
2,002,388
2,002,388
2,002,388

Profit for the year available for discretionary division among members
 
1,477,514
1,477,514
-
-
1,477,514

Members' interests after profit for the year
1,477,514
1,477,514
2,002,388
2,002,388
3,479,902

Other division of profits
(1,477,514)
(1,477,514)
1,477,514
1,477,514
-

Drawings
-
-
(1,040,357)
(1,040,357)
(1,040,357)

Tax payments
-
-
(542,077)
(542,077)
(542,077)

Amounts due to members
1,897,468
1,897,468

Balance at 30 June 2024 
-
-
1,897,468
1,897,468
1,897,468

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

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Sternberg Reed LLP, registered number OC436935, is a limited liability partnership incorporated in England. The principal place of business is Focal House, 12-18 Station Parade, Barking, Essex, England, IG11 8DN. The principal activity of the LLP during the year was that of providing legal services.
The financial statements are presented in GBP rounded to the nearest £1.

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

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

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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 profit or loss 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 adminstered funds.

 
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:

Long-term leasehold property
-
over period of 5 years, 20%.
Plant and machinery
-
over period of 5 years, 20%.
Motor vehicles
-
over period of 5 years, 20%.

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

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

Page 5

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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.

 
2.12

Financial instruments

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
Page 6

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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

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.

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
Page 7

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

or cancelled.


3.


Employees

The average monthly number of employees during the year was 64 (2023 - 52).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2023
206,086
57,697
8,990
272,773


Additions
-
9,602
-
9,602



At 30 June 2024

206,086
67,299
8,990
282,375



Depreciation


At 1 July 2023
206,086
-
8,990
215,076


Charge for the year on owned assets
-
34,903
-
34,903



At 30 June 2024

206,086
34,903
8,990
249,979



Net book value



At 30 June 2024
-
32,396
-
32,396



At 30 June 2023
-
57,697
-
57,697

Page 8

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,588,714
1,219,876

Other debtors
86,189
6,790

Prepayments and accrued income
401,016
409,800

Work in progress
2,349,293
1,928,086

4,425,212
3,564,552



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,054
272,675

Less: bank overdrafts
(62,882)
-



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
62,882
-

Bank loans
991,241
708,614

Trade creditors
732,144
616,495

Other taxation and social security
215,174
97,794

Other creditors
126,002
5,144

Accruals and deferred income
156,837
206,905

2,284,280
1,634,952



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
279,914
257,584


Page 9

 
STERNBERG REED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
991,241
708,614

Amounts falling due 1-2 years

Bank loans
159,779
173,880

Amounts falling due 2-5 years

Bank loans
120,135
83,704




10.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,897,468
2,002,388

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

2024
2023
£
£



Falling due within one year
1,897,468
2,002,388

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
A floating charge is noted over the property, book debts and other debts of the LLP.


11.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £9,339 (2023 - £5,043) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10