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REGISTERED NUMBER: OC430005 (England and Wales)












WELLING PARTNERSHIP LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLING PARTNERSHIP LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DESIGNATED MEMBERS: R Russo
D V Wagg





REGISTERED OFFICE: 6 Mountbatten Bus Centre
Viceroy House
Millbrook Road East
Southampton
SO15 1HY





REGISTERED NUMBER: OC430005 (England and Wales)

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £ £
FIXED ASSETS
Intangible assets 4 75,000 75,000
Tangible assets 5 47,737 46,425
122,737 121,425

CURRENT ASSETS
Debtors 6 1,001,264 516,192
Cash at bank and in hand 627,507 512,040
1,628,771 1,028,232
CREDITORS
Amounts falling due within one year 7 (956,048 ) (711,837 )
NET CURRENT ASSETS 672,723 316,395
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

795,460

437,820

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

795,460

437,820

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 795,460 437,820

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

BALANCE SHEET - continued
31 MARCH 2022


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2022.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10 August 2022 and were signed by:





R Russo - Designated member

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Welling Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the partnership. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern
The members have considered the impact and risk on the partnership of COVID-19 and the business' prospects, recognising the high degree of uncertainty. The members have concluded that with the right management actions the business is a going concern for at least 12 months following the signature of the financial statements. Accordingly the members have prepared the financial statements on this basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business and has been transferred over from the partnership, is not being amortised because the partners believe the value is in excess of that shown.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 15% Straight line
Plant and machinery - 15% Straight line
Motor vehicles - Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

Financial assets
The partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the partnership's statement of financial position when the partnership becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the partnership are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the partnership.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

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 FRS102. A member's participation right results in a liability unless the right to any payment is discretionary to 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, such profits are classed as an appropriation of equity rather than as an expense. They are shown as a residual amount available for the discretionary division among members on the Income Statement and are equity appropriations in the reconciliation of members' interests.

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 Income Statement as shown in the reconciliation of members interests with 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Total members' interests'.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 30 (2021 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2021
and 31 March 2022 75,000
NET BOOK VALUE
At 31 March 2022 75,000
At 31 March 2021 75,000

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


5. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£ £ £ £
COST
At 1 April 2021 123 47,091 1,980 49,194
Additions - 14,396 - 14,396
At 31 March 2022 123 61,487 1,980 63,590
DEPRECIATION
At 1 April 2021 82 1,895 792 2,769
Charge for year 41 11,855 1,188 13,084
At 31 March 2022 123 13,750 1,980 15,853
NET BOOK VALUE
At 31 March 2022 - 47,737 - 47,737
At 31 March 2021 41 45,196 1,188 46,425

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 704,556 378,515
Other debtors 296,708 137,677
1,001,264 516,192

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade creditors 50,454 38,044
Taxation and social security 191,822 115,209
Other creditors 713,772 558,584
956,048 711,837

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2022 2021
£ £
Amounts owed to members in respect of profits 445,460 87,820
Capital account 350,000 350,000
795,460 437,820

Falling due within one year 795,460 437,820

In the event of a winding up of the LLP, amounts classified as 'other debts due to members' would rank behind other non-secured creditors. There are no restrictions that exist on the ability of the members to reduce the amounts classified as 'members' capital'.

Members have agree not to take cash drawings where this would conflict with the adequacy of the working capital of the LLP.

9. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the LLP had future commitments under operating leases which totalled £36,152 (2021: £88,136).

10. ULTIMATE CONTROLLING PARTY

The LLP is controlled by its members as delegated to the board and as such there is no one controlling party.