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REGISTERED NUMBER: OC307133 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

WELLS PROFESSIONAL PARTNERSHIP LLP

WELLS PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC307133)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WELLS PROFESSIONAL PARTNERSHIP LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: Mrs J L Barker
Ms S A Kesby
K Havard
Miss E J Gooch
D A Clarke





REGISTERED OFFICE: 10 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU





REGISTERED NUMBER: OC307133 (England and Wales)





ACCOUNTANTS: Wells Associates
10 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU

WELLS PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC307133)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 750,000 750,000
Tangible assets 5 22,695 36,739
772,695 786,739

CURRENT ASSETS
Stocks 73,325 41,302
Debtors 6 336,710 266,539
Cash at bank and in hand 179,909 154,013
589,944 461,854
CREDITORS
Amounts falling due within one year 7 176,537 198,478
NET CURRENT ASSETS 413,407 263,376
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,186,102

1,050,115

CREDITORS
Amounts falling due after more than one
year

8

32,875

32,875
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,153,227

1,017,240

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

403,227

267,240

MEMBERS' OTHER INTERESTS
Capital accounts 750,000 750,000
1,153,227 1,017,240

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 403,227 267,240
Members' other interests 750,000 750,000
Amounts due from members 6 - (14,520 )
1,153,227 1,002,720

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 2023.

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.

WELLS PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC307133)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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 11 October 2023 and were signed by:





Miss E J Gooch - Designated member

WELLS PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC307133)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Wells Professional 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 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 represents net invoiced fee income in respect of services provided, excluding value added tax.

Goodwill
The goodwill as owned by the designated members was introduced into the LLP on 6 April 2010. Given that the goodwill has not depreciated in value, no amortisation charge is required for the year.

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.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on cost

Work in progress
Work in progress is valued at the lower of cost and net realisable value.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 8 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 750,000
NET BOOK VALUE
At 31 March 2023 750,000
At 31 March 2022 750,000

WELLS PROFESSIONAL PARTNERSHIP LLP (REGISTERED NUMBER: OC307133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 139,348
Additions 423
At 31 March 2023 139,771
DEPRECIATION
At 1 April 2022 102,609
Charge for year 14,467
At 31 March 2023 117,076
NET BOOK VALUE
At 31 March 2023 22,695
At 31 March 2022 36,739

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 279,183 213,612
Other debtors 57,527 52,927
336,710 266,539

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 9,462
Trade creditors 66,888 26,222
Taxation and social security 70,987 72,699
Other creditors 38,662 90,095
176,537 198,478

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 32,875 32,875

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 32,875 42,337

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. Members' other interests rank pari passu with unsecured creditors.

11. RELATED PARTY DISCLOSURES

For the period under review the LLP was controlled by its designated members.