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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
OC316217
2022-01-01
2022-12-31
OC316217
2022-12-31
OC316217
2021-12-31
OC316217
2021-01-01
2021-12-31
OC316217
2021-12-31
OC316217
2020-12-31
OC316217
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-01-01
2022-12-31
OC316217
core:FurnitureFittings
2022-01-01
2022-12-31
OC316217
core:MotorVehicles
2022-01-01
2022-12-31
OC316217
bus:Director1
2022-01-01
2022-12-31
OC316217
bus:Director2
2022-01-01
2022-12-31
OC316217
core:LandBuildings
2021-12-31
OC316217
core:FurnitureFittings
2021-12-31
OC316217
core:LandBuildings
2022-12-31
OC316217
core:FurnitureFittings
2022-12-31
OC316217
core:MotorVehicles
2022-12-31
OC316217
core:LandBuildings
2022-01-01
2022-12-31
OC316217
core:WithinOneYear
2022-12-31
OC316217
core:WithinOneYear
2021-12-31
OC316217
core:AfterOneYear
2022-12-31
OC316217
core:LandBuildings
2021-12-31
OC316217
core:FurnitureFittings
2021-12-31
OC316217
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2022-12-31
OC316217
bus:SmallEntities
2022-01-01
2022-12-31
OC316217
bus:AuditExemptWithAccountantsReport
2022-01-01
2022-12-31
OC316217
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
OC316217
bus:LimitedLiabilityPartnershipLLP
2022-01-01
2022-12-31
OC316217
bus:FullAccounts
2022-01-01
2022-12-31
OC316217
core:OfficeEquipment
2022-01-01
2022-12-31
OC316217
core:OfficeEquipment
2021-12-31
OC316217
core:OfficeEquipment
2022-12-31
REGISTERED NUMBER:
OC316217
Coltman Warner Cranston LLP |
|
Filleted Unaudited Financial Statements |
|
Coltman Warner Cranston LLP |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
4 |
|
78,822 |
18,930 |
|
|
|
|
|
Current assets
Debtors |
5 |
684,675 |
|
577,309 |
Cash at bank and in hand |
691,721 |
|
417,799 |
|
----------- |
|
-------- |
|
1,376,396 |
|
995,108 |
|
|
|
|
|
Prepayments and accrued income |
30,898 |
|
38,535 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
846,946 |
|
579,475 |
|
----------- |
|
-------- |
Net current assets |
|
560,348 |
454,168 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
639,170 |
473,098 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
39,225 |
– |
|
|
-------- |
-------- |
Net assets |
|
599,945 |
473,098 |
|
|
-------- |
-------- |
|
|
|
|
|
Represented by:
Loans and other debts due to members
Other amounts |
8 |
|
489,945 |
363,098 |
|
|
|
|
|
Members' other interests
Members' capital classified as equity |
|
110,000 |
110,000 |
Other reserves |
|
– |
– |
|
|
-------- |
-------- |
|
|
599,945 |
473,098 |
|
|
-------- |
-------- |
|
|
|
|
Total members' interests
Loans and other debts due to members |
8 |
|
489,945 |
363,098 |
Members' other interests |
|
110,000 |
110,000 |
|
|
-------- |
-------- |
|
|
599,945 |
473,098 |
|
|
-------- |
-------- |
|
|
|
|
|
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 December 2022 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
.
Coltman Warner Cranston LLP |
|
Statement of Financial Position (continued) |
|
31 December 2022
These financial statements were approved by the
members
and authorised for issue on
14 September 2023
, and are signed on their behalf by:
L. Coltman |
D. Davoile |
Designated Member |
Designated Member |
|
|
Registered number:
OC316217
Coltman Warner Cranston LLP |
|
Notes to the Financial Statements |
|
Year ended 31 December 2022
The LLP is registered and trading in England and Wales with company number
OC316217
. The address of the registered office is Unit 3 The Innovation Village, Cheetah Road, Coventry CV1 2TL.
Basis of preparation
The financial statements have been prepare on 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 LLP and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.
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'.
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:
|
Freehold Property |
- |
2% straight line |
|
Fixtures & Fittings |
- |
20% reducing balance |
|
Motor Vehicles |
- |
33% reducing balance |
|
Equipment |
- |
20% reducing balance |
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The LLP only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the LLP considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
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.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
12
(2021:
11
).
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2022 |
2,951 |
18,411 |
– |
102,463 |
123,825 |
Additions |
– |
772 |
62,235 |
2,369 |
65,376 |
|
------ |
------- |
------- |
-------- |
-------- |
At 31 December 2022 |
2,951 |
19,183 |
62,235 |
104,832 |
189,201 |
|
------ |
------- |
------- |
-------- |
-------- |
Depreciation |
|
|
|
|
|
At 1 January 2022 |
472 |
17,720 |
– |
86,703 |
104,895 |
Charge for the year |
59 |
254 |
1,729 |
3,442 |
5,484 |
|
------ |
------- |
------- |
-------- |
-------- |
At 31 December 2022 |
531 |
17,974 |
1,729 |
90,145 |
110,379 |
|
------ |
------- |
------- |
-------- |
-------- |
Carrying amount |
|
|
|
|
|
At 31 December 2022 |
2,420 |
1,209 |
60,506 |
14,687 |
78,822 |
|
------ |
------- |
------- |
-------- |
-------- |
At 31 December 2021 |
2,479 |
691 |
– |
15,760 |
18,930 |
|
------ |
------- |
------- |
-------- |
-------- |
|
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 31 December 2022 |
60,506 |
|
------- |
At 31 December 2021 |
– |
|
------- |
|
|
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
684,649 |
568,935 |
Other debtors |
26 |
8,374 |
|
-------- |
-------- |
|
684,675 |
577,309 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
– |
15,259 |
Trade creditors |
91,904 |
92,200 |
Social security and other taxes |
63,598 |
47,406 |
Other creditors |
691,444 |
424,610 |
|
-------- |
-------- |
|
846,946 |
579,475 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Other creditors |
39,225 |
– |
|
------- |
---- |
|
|
|
8. |
Loans and other debts due to members |
|
|
|
2022 |
2021 |
|
£ |
£ |
Amounts owed to members in respect of profits |
489,945 |
363,098 |
|
-------- |
-------- |
|
|
|