ITWiser LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC329756

ITWiser LLP

Filleted Unaudited Financial Statements

31 March 2025

ITWiser LLP

Financial Statements

Year ended 31 March 2025

Contents	Page

Designated members and professional advisers	1

Chartered accountant's report to the members on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

ITWiser LLP

Designated Members and Professional Advisers

Designated members	Mr M Clark
	Mr S Gash
	Mrs E Clark

Registered office	Suite 2, Riverside Offices
	2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

Accountants	Riverside Accountancy Lancaster Limited
	Chartered accountants
	Suite 2, 2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

ITWiser LLP

Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of ITWiser LLP

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of ITWiser LLP for the year ended 31 March 2025, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of ITWiser LLP, as a body, in accordance with the terms of our engagement letter dated 8 July 2020. Our work has been undertaken solely to prepare for your approval the financial statements of ITWiser LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ITWiser LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that ITWiser LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ITWiser LLP. You consider that ITWiser LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of ITWiser LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Riverside Accountancy Lancaster Limited Chartered accountants

Suite 2, 2 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SU

5 November 2025

ITWiser LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		1,391	4,338

Current assets

Debtors	6	189,842	121,982
Cash at bank and in hand		61,461	48,970
		---------	---------
		251,303	170,952

Creditors: amounts falling due within one year	7	99,049		101,063
		---------		---------
Net current assets			152,254	69,889
			---------	--------
Total assets less current liabilities			153,645	74,227
			---------	--------
Net assets			153,645	74,227
			---------	--------

Represented by:

Loans and other debts due to members

Other amounts	8	153,645	74,227
		---------	--------

Members' other interests

Other reserves	–	–
	---------	--------
	153,645	74,227
	---------	--------

Total members' interests

Loans and other debts due to members	8	153,645	74,227
Members' other interests		–	–
		---------	--------
		153,645	74,227
		---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2025 the LLP 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

ITWiser LLP

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the members and authorised for issue on 5 November 2025 , and are signed on their behalf by:

Mr M Clark	Mr S Gash
Designated Member	Designated Member

Registered number: OC329756

ITWiser LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Suite 2, Riverside Offices, 2 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SU.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2024: 3 ).

5.	Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 April 2024	14,331	14,331
Additions	365	365
	--------	--------
At 31 March 2025	14,696	14,696
	--------	--------
Depreciation
At 1 April 2024	9,993	9,993
Charge for the year	3,312	3,312
	--------	--------
At 31 March 2025	13,305	13,305
	--------	--------
Carrying amount
At 31 March 2025	1,391	1,391
	--------	--------
At 31 March 2024	4,338	4,338
	--------	--------

6.	Debtors

	2025	2024
	£	£
Trade debtors	167,014	110,798
Other debtors	22,828	11,184
	---------	---------
	189,842	121,982
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	27,123	27,482
Social security and other taxes	48,089	62,458
Other creditors	23,837	11,123
	--------	---------
	99,049	101,063
	--------	---------

8.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	153,645	74,227
	---------	--------

9.	Related party transactions

During the year, recharges were made between ITWiser LLP and a related party. Included within creditors is a balance of £4,896 (2024 - £1,355) owed to a related party.

10.	Controlling party

The LLP is controlled by the members.