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Registration number: OC386383

Property Wealth Insurance Brokers LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Property Wealth Insurance Brokers LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Notes to the Financial Statements

3

 

Property Wealth Insurance Brokers LLP

(Registration number: OC386383)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

46,958

50,007

Current assets

 

Debtors

191,800

130,625

Cash and short-term deposits

 

156,031

186,984

 

347,831

317,609

Creditors: Amounts falling due within one year

5

(95,352)

(66,207)

Net current assets

 

252,479

251,402

Total assets less current liabilities

 

299,437

301,409

Creditors: Amounts falling due after more than one year

6

(20,180)

(25,615)

Net assets attributable to members

 

279,257

275,794

Represented by:

 

Loans and other debts due to members

 

Other amounts

7

102,061

151,582

Members’ other interests

 

Other reserves

 

177,196

124,212

   

279,257

275,794

Total members' interests

 

Loans and other debts due to members

 

102,061

151,582

Equity

 

177,196

124,212

   

279,257

275,794

 

Property Wealth Insurance Brokers LLP

(Registration number: OC386383)
Balance Sheet as at 31 March 2023

For the year ending 31 March 2023 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.

The financial statements of Property Wealth Insurance Brokers LLP (registered number OC386383) were approved by the Board and authorised for issue on 17 November 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr K Callaway
Designated member

 

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

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 address of the registered office is given on the limited liability partnership information page. 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 Property Wealth Insurance Brokers 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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

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.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

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.

 

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing £0.00 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

25% reducing balance

Office conversion

Over 5 years

Fixtures and fittings

25% reducing balance

Motor vehicle

25% reducing balance


Due to market volatility and second hand car values, where normal motor vehicle depreciation methods would produce an excessive charge, the depreciation charge is restricted to actual market value.
 

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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 7 (2022 - 5).

 

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Tangible fixed assets

Office conversion costs
£

Fixtures and fittings
£

Motor
vehicles
£

Office equipment
£

Website
£

Total
£

Cost

At 1 April 2022

19,165

12,267

46,500

12,450

3,264

93,646

Additions

-

3,824

-

750

-

4,574

At 31 March 2023

19,165

16,091

46,500

13,200

3,264

98,220

Depreciation

At 1 April 2022

15,332

9,089

12,118

6,447

653

43,639

Charge for the year

3,833

1,512

-

1,588

690

7,623

At 31 March 2023

19,165

10,601

12,118

8,035

1,343

51,262

Net book value

At 31 March 2023

-

5,490

34,382

5,165

1,921

46,958

At 31 March 2022

3,833

3,178

34,382

6,003

2,611

50,007

4

Debtors

2023
 £

2022
 £

Trade debtors

171,168

105,125

Other debtors

630

13,834

Prepayments and accrued income

20,002

11,666

 

191,800

130,625

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

73,765

33,525

Other creditors

5,503

25,663

Accruals and deferred income

10,365

3,716

Taxation and social security

5,719

3,303

95,352

66,207

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

 

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Creditors: Amounts falling due within one year (continued)

2023
 £

2022
 £

Hire purchase

5,036

5,036

6

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Other creditors

20,180

25,615

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Hire purchase

20,180

25,615

7

Analysis of other amounts

2023
 £

2022
 £

Loans from members

-

73,791

Amounts owed (from) to members

102,061

77,791

102,061

151,582

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,466 (2022 - £7,200).