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Company registration number: OC382852
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2023
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SCOTT WHITE AND HOOKINS LLP
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SCOTT WHITE AND HOOKINS LLP
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INFORMATION
Designated Members
Mr I J Llewellyn
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LLP registered number
OC382852
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Registered office
Harman House, Andover Road, Winchester, Hampshire, SO23 7BS
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Accountants
Menzies LLP, 3000a Parkway, Whiteley, Hampshire, PO15 7FX
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SCOTT WHITE AND HOOKINS LLP
REGISTERED NUMBER:OC382852
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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SCOTT WHITE AND HOOKINS LLP
REGISTERED NUMBER:OC382852
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 480 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
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.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the income statement in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 3 to 9 form part of these financial statements.
Scott White and Hookins LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Scott White and Hookins LLP is a limited liability partnership incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 turnover shown in the income statement represents amounts receivable for services provided during the
year in the normal course of business, net of trade discounts, VAT and other related taxes.
Revenue is either recognised on work completed in the year, or in the case of ongoing service contracts
revenue represents the value of work done in the year including estimates of amounts not invoiced
On the basis that Scott White Hookins LLP ceased to trade in its own right at 31 March 2023, the partners have considered that it is no longer appropriate for the entity to be treated as a going concern at the year end date and have therefore prepared these accounts under a basis other than the going concern basis. The approach taken in respect of the preparation of these accounts is as follows:
All accounting transactions occurring during the year which would ordinarily be recognised in the Income Statement have been recorded under the historical cost convention an in accordance with FRS 102.
All assets and liabilities still in existence at the year end date have been assessed and the carrying amounts adjusted to the recoverable amount. Any movements between the carrying value under the historical cost convention and the assessment of the recoverable amounts have been recognised in the Income Statement.
No adjustments have been made to the comparative values stated in these financial statements.
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Operating lease agreements
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Members' participation rights
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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. lf 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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
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 Profit and Loss Account and are equity appropriations in the Balance Sheet.
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 Balance Sheet within ‘Loans and other debts due to members‘ and are charged to the Profit and Loss Account within ‘Members’ remuneration charged as an expense’.
Amounts due to members that are classified as equity are shown in the Balance Sheet within ‘Members’ other interests‘.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
The LLP operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the LLP. The annual contributions payable are charged to the profit and loss account.
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Post-retirement payments due to members
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The post-retirement payments due to members are determined annually based upon a formula directly linked to the profits of the partnership. Provision is made for such payments when a member obtains an actual or constructive right to the payments, which the LLP has no discretion to withhold. The provision is based upon the estimated present value of the expected future payments to members.
Amounts recognised in respect of current members are charged to the profit and loss account within members‘ remuneration charged as an expense. The liability for post-retirement payments due to current members is recorded in the balance sheet within loans and other debts due to members. In the year in which a member retires, the liability is transferred from loans and other debts due to members and is recorded as a liability due to former members within either creditors or provisions for liabilities.
Where provision for post-retirement payments due to former members is a contractual liability or a constructive obligation of certain timing amount, the provision will be recorded within creditors falling due within or after more than one year. In all other cases, the provision will be recorded within provisions for liabilities.
The unwinding of the discount on provisions for post-retirement payments due to current members is charged to the profit and loss account as part of members‘ remuneration charged as an expense.
The unwinding of the discount on provisions for post-retirement payments due to former members is charged to the profit and loss account and included adjacent to interest payable and similar charges.
All provisions are re-assessed annually and any changes in estimates are included within the profit and loss account.
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Division and distribution of profits
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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 .
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.
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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 and reducing balance basis.
Depreciation is provided on the following basis:
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.
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the LLP's Statement of Financial Position 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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SCOTT WHITE AND HOOKINS LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.
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