Cheeswrights LLP - Period Ending 2022-04-30
Cheeswrights LLP - Period Ending 2022-04-30
Registration number:
Cheeswrights LLP
for the Year Ended 30 April 2022
Cheeswrights LLP
(Registration number: OC426084)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
127,017 |
152,252 |
|
Current assets |
|||
Debtors |
2,324,986 |
2,308,070 |
|
Cash and short-term deposits |
2,024,462 |
1,678,052 |
|
4,349,448 |
3,986,122 |
||
Creditors: Amounts falling due within one year |
(799,455) |
(979,669) |
|
Net current assets |
3,549,993 |
3,006,453 |
|
Net assets attributable to members |
3,677,010 |
3,158,705 |
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
1,500,000 |
1,500,000 |
|
Other amounts |
2,177,010 |
1,658,705 |
|
3,677,010 |
3,158,705 |
||
3,677,010 |
3,158,705 |
||
Total members' interests |
|||
Loans and other debts due to members |
3,677,010 |
3,158,705 |
|
3,677,010 |
3,158,705 |
Cheeswrights LLP
(Registration number: OC426084)
Balance Sheet as at 30 April 2022 (continued)
For the year ending 30 April 2022 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
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 Cheeswrights LLP (registered number OC426084) were approved by the
.........................................
Designated member
.........................................
Designated member
Cheeswrights LLP
Notes to the Financial Statements for the Year Ended 30 April 2022
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.
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 Cheeswrights 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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Cheeswrights LLP
Notes to the Financial Statements for the Year Ended 30 April 2022 (continued)
1 |
Accounting policies (continued) |
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Foreign currency
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Tangible fixed assets
Individual fixed assets costing or more are initially recorded at cost.
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:
Cheeswrights LLP
Notes to the Financial Statements for the Year Ended 30 April 2022 (continued)
1 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Fixtures and fittings |
5% straight line basis |
Computer and office equipment |
25% straight line basis |
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the
ordinary course of business.
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,
where the debt instrument is measured at the present value of the future payments discounted at a market rate of
interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any
impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Trade creditors are classified as current liabilities if the company 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.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Cheeswrights LLP
Notes to the Financial Statements for the Year Ended 30 April 2022 (continued)
1 |
Accounting policies (continued) |
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:
2022 |
2021 |
|
Administration and support |
|
|
|
|
|
|
Tangible fixed assets |
Fixtures and fittings |
Office equipment |
Total |
|
Cost |
|||
At 1 May 2021 |
|
|
|
At 30 April 2022 |
|
|
|
Depreciation |
|||
At 1 May 2021 |
|
|
|
Charge for the year |
|
|
|
At 30 April 2022 |
|
|
|
Net book value |
|||
At 30 April 2022 |
|
|
|
At 30 April 2021 |
|
|
|
Cheeswrights LLP
Notes to the Financial Statements for the Year Ended 30 April 2022 (continued)
Notes to the Financial Statements (continued) |
Debtors |
2022 |
2021 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
2,324,986 |
2,308,070 |
Creditors: Amounts falling due within one year |
2022 |
2021 |
|
Trade creditors |
109,304 |
57,756 |
Other creditors |
263,113 |
551,705 |
Accruals |
149,374 |
131,259 |
Taxation and social security |
277,664 |
238,949 |
799,455 |
979,669 |