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REGISTERED NUMBER: OC320806 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

FOR

WESTMINSTER WEALTH MANAGEMENT LLP

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WESTMINSTER WEALTH MANAGEMENT LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2023







DESIGNATED MEMBERS: M J LOCKYER
J CORCORAN





REGISTERED OFFICE: 167 FLEET STREET
LONDON
EC4A 2EA





REGISTERED NUMBER: OC320806 (England and Wales)





ACCOUNTANTS: GOLDWYNS
CHARTERED ACCOUNTANTS
109 BAKER STREET
LONDON
W1U 6RP

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

BALANCE SHEET
5 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 195,202 293,388

CURRENT ASSETS
Debtors 5 2,017,171 1,589,688
Cash at bank 857,443 828,044
2,874,614 2,417,732
CREDITORS
Amounts falling due within one year 6 2,186,168 1,846,920
NET CURRENT ASSETS 688,446 570,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

883,648

864,200

CREDITORS
Amounts falling due after more than one year 7 87,963 143,519
NET ASSETS ATTRIBUTABLE TO
MEMBERS

795,685

720,681

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

795,685

720,681

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 795,685 720,681

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 5 April 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.

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

BALANCE SHEET - continued
5 APRIL 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 and authorised for issue by the members of the LLP and authorised for issue on 24 October 2023 and were signed by:





M J LOCKYER - Designated member

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1. STATUTORY INFORMATION

Westminster 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.

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 commission and fee income. Turnover is recognised when the income is receivable, based on delivery of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the remaining period of the lease
Fixtures and fittings - 33% on cost
Computer equipment - 50% on cost

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.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the LLP has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 53 (2022 - 49 ) .

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 6 April 2022 188,991 137,522 323,826 650,339
Additions - 367 61,442 61,809
At 5 April 2023 188,991 137,889 385,268 712,148
DEPRECIATION
At 6 April 2022 69,561 33,585 253,805 356,951
Charge for year 47,277 42,332 70,386 159,995
At 5 April 2023 116,838 75,917 324,191 516,946
NET BOOK VALUE
At 5 April 2023 72,153 61,972 61,077 195,202
At 5 April 2022 119,430 103,937 70,021 293,388


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 196,673 224,492
Prepayments and accrued income 1,820,498 1,365,196
2,017,171 1,589,688

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 55,556 55,556
Trade creditors 185,134 175,846
Social security and other taxes 55,338 51,864
VAT 1,643 1,781
Other creditors 2,863 2,874
Accrued expenses 1,885,634 1,558,999
2,186,168 1,846,920

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 87,963 143,519

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 145,137 146,164
Between one and five years 186,667 331,804
331,804 477,968

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 143,519 199,075

The loan is secured on guarantees and other supporting collateral provided to the bank.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Amounts owed to members in respect of profits 795,685 720,681

Falling due within one year 795,685 720,681

Loans and other debts due to members in excess of the fixed capital ranks equally with other creditors in the case of a winding up.