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Registration number: OC396632

Watling Street Advisors LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Watling Street Advisors LLP

Contents

Financial Statements

1 to 10

Balance Sheet

1

Statement of Changes in Members’ Interests

3

Notes to the Financial Statements

5

 

Watling Street Advisors LLP

(Registration number: OC396632)
Balance Sheet as at 31 December 2021

Note

2021
 £

2020
 £

Fixed assets

 

Investments

4

507,068

1,341,144

Current assets

 

Debtors

11,101

26,705

Cash and short-term deposits

 

7,506

171,617

 

18,607

198,322

Creditors: Amounts falling due within one year

6

(522,675)

(1,536,466)

Net current liabilities

 

(504,068)

(1,338,144)

Net assets attributable to members

 

3,000

3,000

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

3,000

3,000

   

3,000

3,000

Total members' interests

 

Amounts due to members

 

519,792

1,371,581

Equity

 

3,000

3,000

   

522,792

1,374,581

For the year ending 31 December 2021 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 provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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.

 

Watling Street Advisors LLP

(Registration number: OC396632)
Balance Sheet as at 31 December 2021 (continued)

The financial statements of Watling Street Advisors LLP (registered number OC396632) were approved by the Members and authorised for issue on 1 June 2022. They were signed on behalf of the limited liability partnership by:

.........................................
Malone Park Limited
Designated member

.........................................
Ennismore Consultants Limited
Designated member

.........................................
Whittlewood Consulting Services LLP
Designated member

 

Watling Street Advisors LLP

Statement of Changes in Members’ Interests
At 31 December 2021

 

Equity

 

Loans and other debts due to/(from) members

 

Members' capital
£

Total equity
£

Members' capital classified as a liability
£

Total
2021
 £

Members' interest at 1 January 2021

3,000

3,000

1,371,581

1,374,581

Loss for the financial year available for discretionary division among members

-

-

(774,840)

(774,840)

Members' interests after total comprehensive income

3,000

3,000

596,741

599,741

Drawings (including tax payments)

-

-

(76,949)

(76,949)

At 31 December 2021

3,000

3,000

519,792

522,792

 

Equity

 

Loans and other debts due to/(from) members

 

Members' capital
£

Total equity
£

Members' capital classified as a liability
£

Total
2020
 £

Members' interest at 1 January 2020

3,000

3,000

789,819

792,819

Profit for the financial year available for discretionary division among members

-

-

932,288

932,288

Members' interests after total comprehensive income

3,000

3,000

1,722,107

1,725,107

Other amounts introduced by members

-

-

55,498

55,498

Drawings (including tax payments)

-

-

(406,024)

(406,024)

At 31 December 2020

3,000

3,000

1,371,581

1,374,581

 

Watling Street Advisors LLP

Statement of Changes in Members’ Interests
At 31 December 2021 (continued)

 

2021

2020

Due within one year
£

Total
£

Due within one year
£

Total
£

Members' capital classified as a liability

519,792

519,792

1,371,581

1,371,581

Amounts due from members included in debtors

-

-

-

-

 

519,792

519,792

1,371,581

1,371,581

Loans and other debts due to members are unsecured and would rank pari passu with other unsecured creditors in the event of a winding up.

 

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2021

1

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 under the Limited Liability Partnership Act 2000. 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 Watling Street Advisors 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.

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.

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.

 

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

1

Accounting policies (continued)

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation or related deferred taxation are accounted for in these financial statements.

other taxes policy

Tangible fixed assets

Individual fixed assets costing £500 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:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

Short leasehold improvements

50% straight line

Fixed asset investments

Fixed asset investments are initially measured at historic cost with revaluations made at the balance sheet date for movements in fair value. Fair value adjustments are reported in the profit and loss account.

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.

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.

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.

 

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

1

Accounting policies (continued)

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).

 

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

1

Accounting policies (continued)

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.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2020 - 2).

 

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

3

Tangible fixed assets

Office equipment
£

Total
£

Cost

At 1 January 2021

5,219

5,219

At 31 December 2021

5,219

5,219

Depreciation

At 1 January 2021

5,219

5,219

At 31 December 2021

5,219

5,219

Net book value

At 31 December 2021

-

-

At 31 December 2020

-

-

4

Investments held as fixed assets

2021
 £

2020
 £

Other investments

507,068

1,341,144

 

Watling Street Advisors LLP

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

4

Investments held as fixed assets (continued)

Other investments

Other investments
£

Total
£

Cost

At 1 January 2021

1,341,143

1,341,143

Revaluation

(749,052)

(749,052)

Additions

122,749

122,749

Disposals

(207,772)

(207,772)

At 31 December 2021

507,068

507,068

Net book value

At 31 December 2021

507,068

507,068

At 31 December 2020

1,341,143

1,341,143

5

Debtors

2021
 £

2020
 £

Trade debtors

-

829

Other debtors

1,170

8,700

Prepayments and accrued income

9,931

17,176

Total current trade and other debtors

11,101

26,705

6

Creditors: Amounts falling due within one year

2021
 £

2020
 £

Trade creditors

-

5,758

Amounts owed to group undertakings and undertakings in which the limited liability partnership has a participating interest

519,792

1,371,581

Other creditors

72

26,430

Accruals and deferred income

2,811

25,877

Taxation and social security

-

106,820

522,675

1,536,466

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.