Company No: OC446049 (England and Wales)

Contents

• Limited Liability Partnership Information
• Accountants' Report
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

Designated members	Philip Clapham
	Nicholas Marston (Appointed 01 April 2024)

Registered office	43 Castle Hill Avenue
	Folkestone
	Kent
	CT20 2RB
	United Kingdom

Registered number

OC446049 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margarets Street
	Canterbury
	Kent
	CT1 2TU

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited Liability Partnerships, we have prepared for your approval the financial statements of Smith Woolley (Folkestone) LLP for the financial year ended 31 March 2025 which comprise the Balance Sheet, the Reconciliation of Members' Interests and the related notes 1 to 9 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/regulation.

It is your duty to ensure that Smith Woolley (Folkestone) 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 Smith Woolley (Folkestone) LLP. You consider that Smith Woolley (Folkestone) LLP is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Smith Woolley (Folkestone) 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.

This report is made solely to the members of Smith Woolley (Folkestone) LLP, as a body, in accordance with the terms of our engagement letter dated 2 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Smith Woolley (Folkestone) LLP and state those matters that we have agreed to state to members of Smith Woolley (Folkestone) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smith Woolley (Folkestone) LLP and its members as a body for our work or for this report.

Kreston Reeves LLP

37 St Margarets Street
Canterbury
Kent
CT1 2TU

10 December 2025

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	67,438		36,215
		67,438		36,215
Current assets
Stocks	4	4,507		4,348
Debtors	5	147,966		90,491
Cash at bank and in hand	6	60,621		103,077
		213,094		197,916
Creditors: amounts falling due within one year	7	( 198,765)		( 234,061)
Net current assets/(liabilities)		14,329		(36,145)
Total assets less current liabilities		81,767		70
Creditors: amounts falling due after more than one year	8, 9	( 36,168)		( 15,984)
Net assets/(liabilities) attributable to members		45,599		( 15,914)
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability	10	45,599		(15,914)
		45,599		(15,914)
Members' other interests
		0		0
		45,599		(15,914)
Total members' interests
Loans and other debts due to members		45,599		(15,914)
		45,599		(15,914)

For the financial 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.

Members' responsibilities:

• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Smith Woolley (Folkestone) LLP (registered number: OC446049) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

Philip Clapham Designated member

	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	Members' capital (classified as debt)	Total
	£	£	£
Balance at 01 March 2023	0	0	0
Profit for the financial year/period available for discretionary division among members	196,184	0	196,184
Members' interest after profit for the financial year/period	196,184	0	196,184
Introduced by members	0	70,770	70,770
Drawings on account and distribution of profit	0	(145,866)	(145,866)
Interest on capital	0	3,176	3,176
Tax payments	0	(140,178)	(140,178)
Other division of profits	(196,184)	196,184	0
Amounts due to members		(15,914)
Balance at 31 March 2024	0	(15,914)	(15,914)
Profit for the financial year/period available for discretionary division among members	162,298	0	162,298
Members' interest after profit for the financial year/period	162,298	(15,914)	146,384
Introduced by members	0	(20,000)	(20,000)
Drawings on account and distribution of profit	0	(31,716)	(31,716)
Interest on capital	0	1,738	1,738
Tax payments	0	(50,807)	(50,807)
Other division of profits	(162,298)	162,298	0
Amounts due to members		45,599
Balance at 31 March 2025	0	45,599	45,599

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

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Smith Woolley (Folkestone) LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 43 Castle Hill Avenue, Folkestone, Kent, CT20 2RB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Computer equipment	33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

	Year ended 31.03.2025		Period from 01.03.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	17		17

2. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	6,513		28,939		8,814		6,050		50,316
Additions	2,515		65,921		0		5,865		74,301
Disposals	0		( 28,939)		0		0		( 28,939)
At 31 March 2025	9,028		65,921		8,814		11,915		95,678
Accumulated depreciation
At 01 April 2024	977		7,235		1,322		4,567		14,101
Charge for the financial year	1,019		16,480		3,071		804		21,374
Disposals	0		( 7,235)		0		0		( 7,235)
At 31 March 2025	1,996		16,480		4,393		5,371		28,240
Net book value
At 31 March 2025	7,032		49,441		4,421		6,544		67,438
At 31 March 2024	5,536		21,704		7,492		1,483		36,215

3. Stocks

	31.03.2025		31.03.2024
	£		£
Stocks	2,443		2,371
Work in progress	2,064		1,977
	4,507		4,348

4. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	119,827		65,873
Prepayments	28,060		24,545
Other debtors	79		73
	147,966		90,491

5. Cash and cash equivalents

	31.03.2025		31.03.2024
	£		£
Cash at bank and in hand	60,621		103,077

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Trade creditors	55,833		62,718
Accruals and deferred income	89,102		108,727
Other taxation and social security	47,466		53,061
Obligations under finance leases and hire purchase contracts	2,731		5,848
Other creditors	3,633		3,707
	198,765		234,061

7. Creditors: amounts falling due after more than one year

	31.03.2025		31.03.2024
	£		£
Obligations under finance leases and hire purchase contracts	36,168		15,984

8. Hire purchase and finance leases

	31.03.2025		31.03.2024
	£		£
Within one year	(2,731)		(5,848)
Between 1-5 years	(36,168)		(15,984)
	(38,899)		(21,832)

9. Loans and other debts due to members

	31.03.2025		31.03.2024
	£		£
Other amounts due to members	45,599		(15,914)