Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-013truefalseThe principal object of the LLP is that of providing BVI legal services.3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC389982 2024-01-01 2024-12-31 OC389982 2023-01-01 2023-12-31 OC389982 2024-12-31 OC389982 2023-12-31 OC389982 c:FurnitureFittings 2024-01-01 2024-12-31 OC389982 c:FurnitureFittings 2024-12-31 OC389982 c:FurnitureFittings 2023-12-31 OC389982 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC389982 c:OfficeEquipment 2024-01-01 2024-12-31 OC389982 c:OfficeEquipment 2024-12-31 OC389982 c:OfficeEquipment 2023-12-31 OC389982 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC389982 c:ComputerEquipment 2024-01-01 2024-12-31 OC389982 c:ComputerEquipment 2024-12-31 OC389982 c:ComputerEquipment 2023-12-31 OC389982 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC389982 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC389982 c:CurrentFinancialInstruments 2024-12-31 OC389982 c:CurrentFinancialInstruments 2023-12-31 OC389982 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 OC389982 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC389982 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 OC389982 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 OC389982 d:FRS102 2024-01-01 2024-12-31 OC389982 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 OC389982 d:FullAccounts 2024-01-01 2024-12-31 OC389982 d:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC389982 c:WithinOneYear 2024-12-31 OC389982 c:WithinOneYear 2023-12-31 OC389982 d:PartnerLLP1 2024-01-01 2024-12-31 OC389982 d:PartnerLLP2 2024-01-01 2024-12-31 OC389982 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-12-31 OC389982 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC389982 c:FurtherSpecificReserve2ComponentTotalEquity 2024-12-31 OC389982 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC389982 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: OC389982









O'NEAL WEBSTER (UK) LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
O'NEAL WEBSTER (UK) LLP
 

INFORMATION



Designated Members
C McKenzie
ONW (UK) Limited

LLP registered number
OC389982

Registered office
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ

Accountants
Rawlinson & Hunter LLP
Chartered Accountants
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ


 
O'NEAL WEBSTER (UK) LLP
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Reconciliation of Members' Interests
 
3
Notes to the Financial Statements
 
4 - 10


 
O'NEAL WEBSTER (UK) LLP
REGISTERED NUMBER: OC389982

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,606
1,773

  
2,606
1,773

Current assets
  

Debtors: amounts falling due within one year
 5 
1,177
4,355

Cash at bank and in hand
 6 
11,601
14,682

  
12,778
19,037

Creditors: Amounts Falling Due Within One Year
 7 
(546,492)
(528,704)

Net current liabilities
  
 
 
(533,714)
 
 
(509,667)

Total assets less current liabilities
  
(531,108)
(507,894)

  

Net liabilities
  
(531,108)
(507,894)


Represented by:
  

Members' other interests
  

Members' capital classified as equity
  
1
1

Other reserves classified as equity
  
(531,109)
(507,895)

  
 
(531,108)
 
(507,894)

  
(531,108)
(507,894)


Total members' interests
  

Members' other interests
  
(531,108)
(507,894)

  
(531,108)
(507,894)


Page 1

 
O'NEAL WEBSTER (UK) LLP
REGISTERED NUMBER: OC389982
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 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 by: 




C McKenzie
Designated member

Date: 8 August 2025

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

Page 2

 
O'NEAL WEBSTER (UK) LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024





EQUITY
Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Balance at 1 January 2023 
1
(485,811)
(485,810)

Loss for the year available for discretionary division among members
 
-
(22,084)
(22,084)

Members' interests after loss for the year
1
(507,895)
(507,894)

Balance at 31 December 2023
1
(507,895)
(507,894)

Loss for the year available for discretionary division among members
 
-
(23,214)
(23,214)

Members' interests after loss for the year
1
(531,109)
(531,108)

Balance at 31 December 2024 
1
(531,109)
(531,108)

The notes on pages 4 to 10 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

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

O'Neal Webster (UK) LLP is a limited liability partnership incorporated in England and Wales with registration number OC389982. The address of the registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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

Going concern

The financial statements have been prepared on a going concern basis which assumes that the LLP will continue in operational existence for the forseeable future. The LLP expects the continued support of O'Neal Webster, a BVI incorporated entity, which has confirmed that it will provide such financial support as is necessary for the LLP to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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 administered funds.

 
2.7

Taxation

In accordance with Section 10 of the Limited Liability Partnership Act 2000, any trade, profession or business carried on by the LLP is treated as though that business were carried on in partnership by its members. Accordingly, any liability to taxation is that of the members themselves and not of the LLP. Thus there is no provision for taxation in these financial statements.

Page 5

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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
-
20%
Office equipment
-
20%
Computer equipment
-
25%

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.

 
2.9

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.

Page 6

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Employees

The average monthly number of employees, including members, during the year was 3 (2023 - 3).

Page 7

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
3,758
1,733
7,724
13,215


Additions
1,525
-
137
1,662



At 31 December 2024

5,283
1,733
7,861
14,877



Depreciation


At 1 January 2024
2,701
1,400
7,341
11,442


Charge for the year on owned assets
433
130
266
829



At 31 December 2024

3,134
1,530
7,607
12,271



Net book value



At 31 December 2024
2,149
203
254
2,606



At 31 December 2023
1,057
333
383
1,773

Page 8

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
-
1,194

Other debtors
1,177
3,161

1,177
4,355



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,601
14,682



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
265
481

Amounts owed to associated undertakings
528,756
510,738

Other taxation and social security
7,076
6,902

Other creditors
10,395
10,583

546,492
528,704



8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
11,601
14,682




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 9

 
O'NEAL WEBSTER (UK) LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


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. The pension cost charge represents contributions payable by the entity to the fund and amounted to £17,445 (2023 - £4,923) Contributions totalling £145 (2023 - £NIL) were payable to the fund at the balance sheet date.


10.


Commitments under operating leases

At 31 December 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,380
1,200

1,380
1,200

 
Page 10