Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-3012022-05-01falsetrueInvestment2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC437855 2022-05-01 2023-04-30 OC437855 2021-06-11 2022-04-30 OC437855 2023-04-30 OC437855 2022-04-30 OC437855 c:PlantMachinery 2022-05-01 2023-04-30 OC437855 c:PlantMachinery 2023-04-30 OC437855 c:PlantMachinery 2022-04-30 OC437855 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC437855 c:OfficeEquipment 2022-05-01 2023-04-30 OC437855 c:OfficeEquipment 2023-04-30 OC437855 c:OfficeEquipment 2022-04-30 OC437855 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC437855 c:ComputerEquipment 2022-05-01 2023-04-30 OC437855 c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 OC437855 c:CurrentFinancialInstruments 2023-04-30 OC437855 c:CurrentFinancialInstruments 2022-04-30 OC437855 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC437855 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 OC437855 d:FRS102 2022-05-01 2023-04-30 OC437855 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 OC437855 d:FullAccounts 2022-05-01 2023-04-30 OC437855 d:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC437855 c:WithinOneYear 2023-04-30 OC437855 c:WithinOneYear 2022-04-30 OC437855 c:BetweenOneFiveYears 2023-04-30 OC437855 c:BetweenOneFiveYears 2022-04-30 OC437855 d:PartnerLLP1 2022-05-01 2023-04-30 OC437855 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-30 OC437855 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-30 iso4217:GBP xbrli:pure

Registered number: OC437855










WELLINGS & CO SURVEYORS LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
WELLINGS & CO SURVEYORS LLP
REGISTERED NUMBER: OC437855

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,714
771

  
2,714
771

Current assets
  

Debtors: amounts falling due within one year
 5 
45,918
32,846

Cash at bank and in hand
 6 
173,687
79,435

  
219,605
112,281

Creditors: Amounts Falling Due Within One Year
 7 
(54,919)
(20,218)

Net current assets
  
 
 
164,686
 
 
92,063

Total assets less current liabilities
  
167,400
92,834

  

Net assets
  
167,400
92,834


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
200
200

Other amounts
 8 
167,200
92,634

  
167,400
92,834

  

  
167,400
92,834


Total members' interests
  

Loans and other debts due to members
 8 
167,400
92,834

  
167,400
92,834


Page 1

 
WELLINGS & CO SURVEYORS LLP
REGISTERED NUMBER: OC437855
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 27 November 2023.




Mr JAF Wellings
Designated member

The notes on pages 4 to 10 form part of these financial statements.

Wellings & Co Surveyors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
WELLINGS & CO SURVEYORS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2023





DEBT
Loans and other debts due to members less any amounts due from members in debtors
Members' capital (classified as debt)
Other amounts
Total

£
£
£

Other division of profits
-
137,634
137,634

Amounts introduced by members
200
-
200

Drawings on account and distribution of profit
-
(45,000)
(45,000)

Amounts due to members
200
92,634
92,834

Balance at 30 April 2022
200
92,634
92,834

Members' interests after profit for the year
200
92,634
92,834

Other division of profits
-
201,372
201,372

Drawings on account and distribution of profit
-
(126,806)
(126,806)

Amounts due to members
200
167,200
167,400

Balance at 30 April 2023 
200
167,200
167,400

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Wellings & Co Surveyors LLP is a limited liability partnership incorporated in England. Its registered office is 2nd Floor, 39 Brown Street, Salisbury, Wiltshire, SP1 2AS. The financial statements are prepared in pound sterling, which is the functional currency of the LLP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 6

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 1).

Page 7

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 May 2022
-
1,028
1,028


Additions
1,539
1,395
2,934



At 30 April 2023

1,539
2,423
3,962



Depreciation


At 1 May 2022
-
257
257


Charge for the year on owned assets
385
606
991



At 30 April 2023

385
863
1,248



Net book value



At 30 April 2023
1,154
1,560
2,714



At 30 April 2022
-
771
771


5.


Debtors

2023
2022
£
£


Trade debtors
42,841
32,745

Other debtors
2,147
101

Prepayments and accrued income
930
-

45,918
32,846



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
173,687
79,435

173,687
79,435


Page 8

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
5,794
5,794

Other taxation and social security
42,499
11,225

Other creditors
3,732
-

Accruals and deferred income
2,894
3,199

54,919
20,218



8.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
200
200

Other amounts due to members
167,200
92,634

167,400
92,834

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
167,400
92,834

167,400
92,834

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


9.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity  in an independently administered fund. The pension cost charge represents contributions payable by the entity  to the fund and amounted to £196 (2022 - £nil) . Contributions totalling £nil (2022 - £nil) were payable to the fund at the reporting date and are included in creditors.

Page 9

 
WELLINGS & CO SURVEYORS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Commitments under operating leases

At 30 April 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,278
-

Later than 1 year and not later than 5 years
4,093
-

16,371
-

 
Page 10