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Registered number: OC312683 STACE LLP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
STACE LLP INFORMATION
Designated Members G F Crawley
J T Noble
M A Whitehead
LLP registered number OC312683
Registered office 273 High Street, Epping, Essex, CM16 4DA
Independent auditors Haslers, Old Station Road, Loughton, Essex, IG10 4PL
STACE LLP CONTENTS
| Page
Members' Report | 1
Members' Responsibilities Statement | 2
Independent Auditors' Report | 3 - 7
Statement of Comprehensive Income | 8
Balance Sheet | 9 - 10
Reconciliation of Members' Interests | 11
Statement of Cash Flows | 12 - 13
Notes to the Financial Statements | 14 - 26
STACE LLP MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The members present their annual report together with the audited financial statements of Stace LLP (the "LLP") for the ended 31 March 2025. Principal activities The principal activity of the LLP in the year under review was that of Construction and Property Consultants. Designated Members G F Crawley, J T Noble and M A Whitehead were designated members of the LLP throughout the period. Members' capital and interests Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP. Details of changes in members' capital in the ended 31 March 2025 are set out in the Reconciliation of Members' Interests. Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business. Disclosure of information to auditors Each of the persons who are members at the time when this Members' Report is approved has confirmed that: ∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and ∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. This report was approved by the members on 28 November 2025 and signed on their behalf by:
J T Noble |
Page 1
STACE LLP MEMBERS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: ∙select suitable accounting policies for the LLP's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2
STACE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STACE LLP
Opinion
We have audited the financial statements of Stace LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the LLP's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of 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.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Page 3
STACE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STACE LLP (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of members
As explained more fully in the Members' Responsibilities Statement on page 2, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. Page 4
STACE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STACE LLP (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that: • had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc; and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include operational and employment laws and regulations including health and safety regulations, environmental regulations, GDPR and Subcontractor requirements. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. We discussed among the audit engagement team, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: The principal risks related to management override in relation to posting of non-standard manual journals in respect of revenue and misstatement of expenses in relation to work in progress. Procedures performed to address these were as follows: • Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud, including known of suspected instances or non-compliance with laws and regulations and fraud; • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; • Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; • Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management; Page 5
STACE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STACE LLP (CONTINUED) • Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, and journal entries crediting revenue or cash. These were scrutinised for evidence of unusual entries; • Reviewing revenue recognition policies and general policies in relation to work in progress. We assessed the accuracy and completeness of the management’s estimates through developing a detailed understanding of the contract stage and reviewing post year end activity; • Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business; and • Reviewing compliance with the Health & Safety accreditations and confirming no breaches in the year. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 6
STACE LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STACE LLP (CONTINUED)
Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Matthew Wells ACA (Senior Statutory Auditor) for and on behalf of Haslers Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL 28 November 2025 Page 7
STACE LLP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 24,925,237 | 24,333,902
Cost of sales |  | (13,557,064) | (13,332,921)
Gross profit |  | 11,368,173 | 11,000,981
Administrative expenses |  | (4,629,889) | (4,489,032)
Operating profit | 5 | 6,738,284 | 6,511,949
Interest receivable and similar income |  | 117,818 | 100,816
Profit before tax |  | 6,856,102 | 6,612,765
Profit for the year before members' remuneration and profit shares |  | 6,856,102 | 6,612,765
Profit for the year before members' remuneration and profit shares |  | 6,856,102 | 6,612,765
Members' remuneration charged as an expense |  | (5,956,102) | (5,912,765)
Profit for the financial year available for discretionary division among members |  | 900,000 | 700,000
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025(2024:£NIL).
The notes on pages 14 to 26 form part of these financial statements.
Page 8
STACE LLP REGISTERED NUMBER: OC312683 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 9 |  | 173,021 |  | 87,255
Tangible assets | 10 |  | 221,524 |  | 341,519
Investments | 11 |  | 1,000 |  | 1,000
|  |  | 395,545 |  | 429,774
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 6,438,136 |  | 7,183,190 |
Cash at bank and in hand | 13 | 2,518,190 |  | 2,614,117 |
|  | 8,956,326 |  | 9,797,307 |
Creditors: Amounts Falling Due Within One Year | 14 | (3,372,328) |  | (4,496,613) |
Net current assets |  |  | 5,583,998 |  | 5,300,694
Total assets less current liabilities |  |  | 5,979,543 |  | 5,730,468
Net assets |  |  | 5,979,543 |  | 5,730,468
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 16 |  | 3,979,543 |  | 4,130,468
|  |  | 3,979,543 |  | 4,130,468
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 1,100,000 |  | 900,000 |
Other reserves classified as equity |  | 900,000 |  | 700,000 |
|  |  | 2,000,000 |  | 1,600,000
|  |  | 5,979,543 |  | 5,730,468
Total members' interests |  |  |  |  |
Loans and other debts due to members | 16 |  | 3,979,543 |  | 4,130,468
Members' other interests |  |  | 2,000,000 |  | 1,600,000
|  |  | 5,979,543 |  | 5,730,468
Page 9
STACE LLP REGISTERED NUMBER: OC312683 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the members and were signed on their behalf on 28 November 2025.
J T Noble
Designated member
The notes on pages 14 to 26 form part of these financial statements. Page 10
STACE LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2025
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £
Amounts due to members |  |  |  | 4,185,032 | 4,185,032 |
Balance at 1 April 2023 | 900,000 | 700,000 | 1,600,000 | 4,185,032 | 4,185,032 | 5,785,032
Members' remuneration charged as an expense | - | - | - | 5,912,765 | 5,912,765 | 5,912,765
Profit for the year available for discretionary division among members | - | 700,000 | 700,000 | - | - | 700,000
Members' interests after profit for the year | 900,000 | 1,400,000 | 2,300,000 | 10,097,797 | 10,097,797 | 12,397,797
Other division of profits | - | (700,000) | (700,000) | 700,000 | 700,000 | -
Drawings on account and distribution of profit | - | - | - | (6,667,329) | (6,667,329) | (6,667,329)
Amounts due to members |  |  |  | 4,130,468 | 4,130,468 |
Balance at 31 March 2024 | 900,000 | 700,000 | 1,600,000 | 4,130,468 | 4,130,468 | 5,730,468
Members' remuneration charged as an expense | - | - | - | 5,956,102 | 5,956,102 | 5,956,102
Profit for the year available for discretionary division among members | - | 900,000 | 900,000 | - | - | 900,000
Members' interests after profit for the year | 900,000 | 1,600,000 | 2,500,000 | 10,086,570 | 10,086,570 | 12,586,570
Other division of profits | - | (700,000) | (700,000) | 700,000 | 700,000 | -
Amounts introduced by members | 200,000 | - | 200,000 | - | - | 200,000
Drawings on account and distribution of profit | - | - | - | (6,807,027) | (6,807,027) | (6,807,027)
Amounts due to members |  |  |  | 3,979,543 | 3,979,543 |
Balance at 31 March 2025 | 1,100,000 | 900,000 | 2,000,000 | 3,979,543 | 3,979,543 | 5,979,543
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 11
STACE LLP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 900,000 | 700,000
Adjustments for: |  |
Members' remuneration charged as an expense | 5,956,102 | 5,912,765
Amortisation of intangible assets | 17,840 | 9,352
Depreciation of tangible assets | 201,252 | 241,747
Loss on disposal of tangible assets | (500) | (21,013)
Interest received | (117,818) | (100,816)
Decrease/(increase) in debtors | 939,679 | (1,739,292)
(Decrease) in creditors | (1,318,911) | (136,857)
Net cash generated from operating activities before transactions with members | 6,577,644 | 4,865,886
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (103,606) | (96,607)
Purchase of tangible fixed assets | (81,256) | (44,983)
Sale of tangible fixed assets | 500 | 41,377
Interest received | 117,818 | 100,816
Net cash from investing activities | (66,544) | 603
Page 12
STACE LLP STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Members' capital contributed | 200,000 | -
Distribution paid to members | (6,807,027) | (7,367,329)
Other transactions with members | 5,956,102 | 6,612,765
Members' remuneration charged as an expense | (5,956,102) | (5,912,764)
Net cash used in financing activities | (6,607,027) | (6,667,328)
Net (decrease) in cash and cash equivalents | (95,927) | (1,800,839)
Cash and cash equivalents at beginning of year | 2,614,117 | 4,414,956
Cash and cash equivalents at the end of year | 2,518,190 | 2,614,117
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,518,190 | 2,614,117
| 2,518,190 | 2,614,117
The notes on pages 14 to 26 form part of these financial statements.
Page 13
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Stace LLP is a limited liability partnership incorporated in England and Wales, United Kingdom, with a registration number OC312683. The address of the registered office is 273 High Street, Epping, Essex, CM16 4DA. The principal activity during the period continued to be that of Construction and Property Consultants. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The partnership has a subsidiary undertaking which is dormant and is not material for the purpose of giving a true and fair view. The partnership is therefore exempt from preparing consolidated accounts under section 405(2) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
| 2.3 | Revenue
Revenue represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, revenue represents the value of the service provided to date based on the proportion of completion. Where payments are received from customers in advance of services provided, the amounts are recorded as payments on account and included as part of creditors due within one year.
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 administered funds.
| 2.7 | 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 the Statement of Comprehensive Income. The LLP retains £700,000 of profit share each year in reserves.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. Intangible assets are amortised over 5 years.
| 2.9 | 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. Page 15
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
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% on cost (straight-line)
|  |  |  | Office equipment | - | 33% on cost (straight-line)
|  |  |  | Telephone & mobiles | - | 50% on cost (straight-line)
|  |  |  | Building improvement | - | Straight line over the life of the lease
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.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | 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.
| 2.12 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.
| 2.13 | 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 16
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | 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. 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 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. Basic 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. 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 Page 17
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In applying the LLP''s accounting policies, the member is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The member's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Work in progress and accrued income. Management review these estimates on a regular basis throughout the contract life based on latest avaliable information and adjustments are made where necessary. Further details on how management calculate accrued income is set out in note 4. The member does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Page 18
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the valuation of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date based on the proportion of completion. Where the payments are received from customers in advance of services provided, the amounts are recorded as payments on account and included as part of creditors due within one year.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 24,925,237 | 24,333,902
|  | 24,925,237 | 24,333,902
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation - Owned Assets | 201,252 | 459,068
| Operating lease | 990,004 | 939,957
6. | Auditors' remuneration
| During the year, the LLP obtained the following services from the LLP's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 19,740 | 18,980
Page 19
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 11,032,550 | 11,002,381
| Social security costs | 1,254,414 | 1,215,047
| Cost of defined contribution scheme | 413,527 | 474,086
|  | 12,700,491 | 12,691,514
| The average monthly number of persons (including members with contracts of employment) employed during the year were 185 (2024: 163).
8. | Information in relation to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | Number | Number
| The average number of members during the year was | 25 | 25
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| The amount of profit attributable to the member with the largest entitlement was | 583,657 | 565,767
Page 20
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Intangible assets
|  | Rebranding | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | - | 96,607 | 96,607
| Additions | 80,938 | 22,668 | 103,606
| At 31 March 2025 | 80,938 | 119,275 | 200,213
| Amortisation |  |  |
| At 1 April 2024 | - | 9,352 | 9,352
| Charge for the year on owned assets | - | 17,840 | 17,840
| At 31 March 2025 | - | 27,192 | 27,192
| Net book value |  |  |
| At 31 March 2025 | 80,938 | 92,083 | 173,021
| At 31 March 2024 | - | 87,255 | 87,255
Page 21

|  | STACE LLP |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 10. | Tangible fixed assets
|  | Building Improvements | Fixtures and fittings | Office equipment | Telephone and Mobile | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 834,037 | 60,101 | 134,702 | 81,558 | 1,110,398
| Additions | - | - | 39,186 | 42,070 | 81,256
| Disposals | - | - | - | (9,139) | (9,139)
| At 31 March 2025 | 834,037 | 60,101 | 173,888 | 114,489 | 1,182,515
| Depreciation |  |  |  |  |
| At 1 April 2024 | 596,181 | 22,843 | 76,166 | 73,689 | 768,879
| Charge for the year on owned assets | 120,106 | 12,053 | 55,857 | 13,236 | 201,252
| Disposals | - | - | - | (9,140) | (9,140)
| At 31 March 2025 | 716,287 | 34,896 | 132,023 | 77,785 | 960,991
| Net book value |  |  |  |  |
| At 31 March 2025 | 117,750 | 25,205 | 41,865 | 36,704 | 221,524
| At 31 March 2024 | 237,856 | 37,258 | 58,536 | 7,869 | 341,519
Page 22

STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 1,000
| At 31 March 2025 | 1,000
| Subsidiary undertaking
| The following was a subsidiary undertaking of the LLP:
| Name | Class of shares | Holding
| Stace Mangement Limited | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
| Name | Aggregate of share capital and reserves
| Stace Mangement Limited | 1,000
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,571,442 | 4,775,426
| Other debtors | 6,349 | 16,640
| Prepayments | 1,091,932 | 992,937
| Amounts recoverable on long-term contracts | 1,768,413 | 1,398,186
|  | 6,438,136 | 7,183,189
Page 23
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,518,190 | 2,614,117
|  | 2,518,190 | 2,614,117
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | 928,069 | 1,763,959
| Trade creditors | 513,381 | 544,083
| Other taxation and social security | 1,062,928 | 1,264,772
| Other creditors | 423,846 | 640,495
| Accruals and deferred income | 444,104 | 283,304
|  | 3,372,328 | 4,496,613
15. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,518,190 | 2,614,117
| Financial assets consist of cash and bank balances.
Page 24
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Loans and other debts due to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | 3,979,543 | 4,130,468
|  | 3,979,543 | 4,130,468
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Falling due within one year | 3,979,543 | 4,130,468
|  | 3,979,543 | 4,130,468
All the amounts reflected in loans and other debts due to members relate to allocated profits. There are no loans or other amounts payable to members. Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Members' equity interests would rank behind unsecured creditors in any winding up. Page 25
STACE LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 17. | Analysis of net debt
|  |  | At 1 April 2024 | Arising from cash flows | At 31 March 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 2,614,117 | (95,927) | 2,518,190
| Net debt (before members' debt) | 2,614,117 | (95,927) | 2,518,190
| Loans and other debts due to members |  |  |
| Other amounts due to members | (3,985,032) | 5,489 | (3,979,543)
| Net debt | (1,370,915) | (90,438) | (1,461,353)
18. | 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 | 96,200 | 96,200
| Later than 1 year and not later than 5 years | 384,800 | 374,300
| Later than 5 years | 112,233 | 183,400
|  | 593,233 | 653,900
19. | Controlling party
There is no ultimate controlling party.
Page 26