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REGISTERED NUMBER: OC350431 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

CHAPEL WEALTH MANAGEMENT LLP

CHAPEL WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC350431)






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


CHAPEL WEALTH MANAGEMENT LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DESIGNATED MEMBERS: G S Kingston
T A Miller
A J Burns





REGISTERED OFFICE: 40 Rayne Road
Braintree
Essex
CM7 2QP





REGISTERED NUMBER: OC350431 (England and Wales)





ACCOUNTANTS: Hackett Griffey LLP
Chartered Certified Accountants
31 High Street
Haverhill
Suffolk
CB9 8AD

CHAPEL WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC350431)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 217,590 227,643
Tangible assets 5 4,330 2,799
221,920 230,442

CURRENT ASSETS
Debtors 6 193,114 168,051
Cash at bank and in hand 400,180 495,803
593,294 663,854
CREDITORS
Amounts falling due within one year 7 45,283 53,701
NET CURRENT ASSETS 548,011 610,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

769,931

840,595

CREDITORS
Amounts falling due after more than one
year

8

244,400

218,532
NET ASSETS ATTRIBUTABLE TO
MEMBERS

525,531

622,063

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

525,531

622,063

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 525,531 622,063

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.

CHAPEL WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC350431)

BALANCE SHEET - continued
31 MARCH 2022


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 2 September 2022 and were signed by:




A J Burns - Designated member




T A Miller - Designated member


CHAPEL WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC350431)

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

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount derived from ordinary activities, stated after trade discounts, other sales taxes and net of VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & equipment - 25% on cost
Computer equipment - 25% on cost

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised as income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised as income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2021 - 5 ) .

CHAPEL WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC350431)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021 267,859
Additions 66,965
At 31 March 2022 334,824
AMORTISATION
At 1 April 2021 40,216
Amortisation for year 77,018
At 31 March 2022 117,234
NET BOOK VALUE
At 31 March 2022 217,590
At 31 March 2021 227,643

5. TANGIBLE FIXED ASSETS
Fixtures Computer
& equipment equipment Totals
£    £    £   
COST
At 1 April 2021 8,836 15,455 24,291
Additions 709 2,386 3,095
At 31 March 2022 9,545 17,841 27,386
DEPRECIATION
At 1 April 2021 8,725 12,767 21,492
Charge for year 126 1,438 1,564
At 31 March 2022 8,851 14,205 23,056
NET BOOK VALUE
At 31 March 2022 694 3,636 4,330
At 31 March 2021 111 2,688 2,799

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 192,847 167,708
Prepayments 267 343
193,114 168,051

CHAPEL WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC350431)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 24,456 23,593
Other loans 13,392 15,444
Trade creditors - 4,827
Other creditors 308 2,540
Accrued expenses 7,127 7,297
45,283 53,701

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 1-2 years 25,334 24,456
Bank loans - 2-5 years 81,756 78,853
Bank loans more than 5 years by instalments 87,086 115,223
Other loans 50,224 -
244,400 218,532

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 87,086 115,223

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 218,632 242,125

Bank loans are secured by a fixed and floating charge over the assets of the LLP.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

11. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £628,034 (2021: £451,244).