Sibley Pares LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC400776

Sibley Pares LLP

Filleted Unaudited Financial Statements

31 March 2025

Sibley Pares LLP

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	60,692	67,436
Tangible assets	6	86,551	116,726
Investments	7	60,000	60,000
		-----------	-----------
		207,243	244,162

Current assets

Stocks		61,125	62,175
Debtors	8	225,893	341,893
Cash at bank and in hand		73,737	78,563
		-----------	-----------
		360,755	482,631

Creditors: amounts falling due within one year	9	494,665		585,372
		-----------		-----------
Net current liabilities			133,910	102,741
			-----------	-----------
Total assets less current liabilities			73,333	141,421

Creditors: amounts falling due after more than one year	10	45,087	93,510
		----------	-----------
Net assets		28,246	47,911
		----------	-----------

Represented by:

Loans and other debts due to members

Other amounts	11	28,246	47,911
		----------	----------

Members' other interests

Other reserves	–	–
	----------	----------
	28,246	47,911
	----------	----------

Total members' interests

Loans and other debts due to members	11	28,246	47,911
Members' other interests		–	–
		----------	----------
		28,246	47,911
		----------	----------

Sibley Pares LLP

Statement of Financial Position (continued)

31 March 2025

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 .

These financial statements were approved by the members and authorised for issue on 29 December 2025 , and are signed on their behalf by:

Ms S Raggett	Mr P Hubbard
Designated Member	Designated Member

Registered number: OC400776

Sibley Pares 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 1 Ashford Road, Maidstone, Kent, ME14 5BJ.

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 2018 (SORP 2018).

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

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'.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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 and Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	15 % reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Work in progress and stock

Work in progress and stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the work in progress and stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 14 (2024: 14 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	176,578
	-----------
Amortisation
At 1 April 2024	109,142
Charge for the year	6,744
	-----------
At 31 March 2025	115,886
	-----------
Carrying amount
At 31 March 2025	60,692
	-----------
At 31 March 2024	67,436
	-----------

6.	Tangible assets

	Leasehold improvements	Fixtures and fittings	Motor vehicles	Furniture & Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	27,854	157,507	143,631	39,103	368,095
Additions	–	–	–	1,464	1,464
Disposals	–	–	( 66,692)	–	( 66,692)
	----------	-----------	-----------	----------	-----------
At 31 March 2025	27,854	157,507	76,939	40,567	302,867
	----------	-----------	-----------	----------	-----------
Depreciation
At 1 April 2024	–	142,960	77,673	30,736	251,369
Charge for the year	–	2,046	12,698	1,729	16,473
Disposals	–	–	( 51,526)	–	( 51,526)
	----------	-----------	-----------	----------	-----------
At 31 March 2025	–	145,006	38,845	32,465	216,316
	----------	-----------	-----------	----------	-----------
Carrying amount
At 31 March 2025	27,854	12,501	38,094	8,102	86,551
	----------	-----------	-----------	----------	-----------
At 31 March 2024	27,854	14,547	65,958	8,367	116,726
	----------	-----------	-----------	----------	-----------

7.	Investments

	Other investments other than loans
	£
Cost
At 1 April 2024 and 31 March 2025	60,000
	----------
Impairment
At 1 April 2024 and 31 March 2025	–
	----------

Carrying amount
At 31 March 2025	60,000
	----------
At 31 March 2024	60,000
	----------

8.	Debtors

	2025	2024
	£	£
Trade debtors	123,573	188,758
Other debtors	102,320	153,135
	-----------	-----------
	225,893	341,893
	-----------	-----------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	55,044	67,659
Trade creditors	70,673	129,138
Social security and other taxes	99,206	105,785
Contra items	5,355	( 288)
Other creditors	–	1,950
Other creditors	264,387	281,128
	-----------	-----------
	494,665	585,372
	-----------	-----------

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

	2025	2024
	£	£
Bank loans and overdrafts	13,333	53,333
Other creditors	31,754	40,177
	----------	----------
	45,087	93,510
	----------	----------

11.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	28,246	47,911
	----------	----------

12.	Related party transactions

In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8.