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Registration number: OC364714

Field Overell LLP
Unaudited Filleted Financial Statements
for the period from 1 May 2024 to 31 October 2025

Field Overell LLP

Contents

Limited liability partnership information | 1
Financial Statements | 2 to 8
Balance Sheet | 2
Notes to the Financial Statements | 3

Field Overell LLP

Limited liability partnership information

Designated members | Ms S Vincent G R Lowe

Members | D R Hardy

Registered office | 42 Warwick Street Leamington Spa Warwick CV32 5JS

Bankers | HSBC Bank plc 126 The Parade Leamington Spa CV32 4AJ

Accountants | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Field Overell LLP

(Registration number: OC364714)
Balance Sheet as at 31 October 2025

| Note | 31 October 2025 £ | 30 April 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 37,448 | 37,906
Current assets |  |  |
Debtors | 5 | 384,292 | 328,206
Cash and short-term deposits |  | 230,851 | 177,756
|  | 615,143 | 505,962
Creditors: Amounts falling due within one year | 6 | (259,721) | (99,538)
Net current assets |  | 355,422 | 406,424
Total assets less current liabilities |  | 392,870 | 444,330
Provisions for liabilities | 8 | (5,000) | (15,000)
Net assets attributable to members |  | 387,870 | 429,330
Represented by: |  |  |
Loans and other debts due to members |  |  |
Other amounts | 7 | 387,870 | 429,330
|  | 387,870 | 429,330
Total members' interests |  |  |
Loans and other debts due to members |  | 387,870 | 429,330
|  | 387,870 | 429,330

For the period ending 31 October 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Field Overell LLP (registered number OC364714) were approved by the Board and authorised for issue on 6 May 2026. They were signed on behalf of the limited liability partnership by:

......................................... Ms S Vincent Designated member

Field Overell LLP

Notes to the Financial Statements for the Period from 1 May 2024 to 31 October 2025

1 | General information

The place of registration of the limited liability partnership is England and Wales.

The address of the registered office is:
42 Warwick Street
Leamington Spa
Warwick
CV32 5JS

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Field Overell LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.

Judgements

In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
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 only affects that period, or in the period of revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £327,913 (2024 - £208,443).

Bad debt provision - due to the nature of the business, there are high levels of trade debtors at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £1,176 (2024 - £5,320).

Field Overell LLP

Notes to the Financial Statements for the Period from 1 May 2024 to 31 October 2025

Revenue recognition

Fees receivable represents the fair value of services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fee income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.
Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.

Members' remuneration and division of profits

The profits for the LLP are automatically divided amongst the members in accordance with the agreed profit share arrangements.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Leasehold improvements | Straight line over the term of the lease
Office equipment | 15% reducing balance
Computer equipment | 15% straight line
Fixtures and fittings | 15% reducing balance

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Field Overell LLP

Notes to the Financial Statements for the Period from 1 May 2024 to 31 October 2025

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Field Overell LLP

Notes to the Financial Statements for the Period from 1 May 2024 to 31 October 2025

Impairment of financial 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 profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3 | Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 15 (2024 - 16).

Field Overell LLP

Notes to the Financial Statements for the Period from 1 May 2024 to 31 October 2025

4 | Tangible fixed assets

| Leasehold improvements £ | Office and computer equipment £ | Fixtures and fittings £ | Total £
Cost |  |  |  |
At 1 May 2024 | 3,482 | 266,398 | 78,032 | 347,912
Additions | - | 12,421 | - | 12,421
Disposals | - | (55,680) | - | (55,680)
At 31 October 2025 | 3,482 | 223,139 | 78,032 | 304,653
Depreciation |  |  |  |
At 1 May 2024 | 3,482 | 229,879 | 76,645 | 310,006
Charge for the year | - | 12,250 | 312 | 12,562
Eliminated on disposals | - | (55,363) | - | (55,363)
At 31 October 2025 | 3,482 | 186,766 | 76,957 | 267,205
Net book value |  |  |  |
At 31 October 2025 | - | 36,373 | 1,075 | 37,448
At 30 April 2024 | - | 36,519 | 1,387 | 37,906

5 | Debtors

| 31 October 2025 £ | 30 April 2024 £
Trade debtors | 17,252 | 34,126
Amounts recoverable on contracts | 327,913 | 208,443
Other debtors | - | 6,157
Prepayments and accrued income | 39,127 | 79,480
| 384,292 | 328,206

6 | Creditors: Amounts falling due within one year

| 31 October 2025 £ | 30 April 2024 £
Trade creditors | 1,232 | 3,525
Other creditors | 3,432 | 7,210
Accruals and deferred income | 24,855 | 28,577
Amounts due to former members | 135,246 | -
Taxation and social security | 77,685 | 60,226
Other loans | 17,271 | -
| 259,721 | 99,538

7 | Analysis of other amounts

| 31 October 2025 £ | 30 April 2024 £
Money advanced to the LLP by the members by way of loan | 45,000 | 90,000
Money owed to members by the LLP in respect of profits | 342,870 | 339,330
| 387,870 | 429,330

Field Overell LLP

Notes to the Financial Statements for the Period from 1 May 2024 to 31 October 2025

8 | Provisions

| Dilapidations provision £ | Client claims provision £ | Total £
At 1 May 2024 | 5,000 | 10,000 | 15,000
Decrease in existing provisions | - | (10,000) | (10,000)
At 31 October 2025 | 5,000 | - | 5,000

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2024 - £1,165).