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Registration number: OC381165

Wiltshire Daniels LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Wiltshire Daniels LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

Wiltshire Daniels LLP

Limited liability partnership information

Designated members

Mr Daniel Isaacs

Mrs Elizabeth Isaacs
 

Registered office

31a Thayer Street
London
W1U 2QS

Accountants

Williamson Croft Accountants Limited
York House
20 York Street
Manchester
M2 3BB

 

Wiltshire Daniels LLP

(Registration number: OC381165)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

9,102

14,255

Current assets

 

Debtors

4

59,328

48,933

Cash and short-term deposits

 

(19,703)

111

 

39,625

49,044

Creditors: Amounts falling due within one year

5

(52,785)

(38,354)

Net current (liabilities)/assets

 

(13,160)

10,690

Total assets less current liabilities

 

(4,058)

24,945

Creditors: Amounts falling due after more than one year

6

(27,735)

(37,687)

Net liabilities attributable to members

 

(31,793)

(12,742)

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(31,793)

(12,742)

   

(31,793)

(12,742)

Total members' interests

 

Loans and other debts due to members

 

(31,793)

(12,742)

   

(31,793)

(12,742)

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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

Wiltshire Daniels LLP

(Registration number: OC381165)
Balance Sheet as at 31 March 2023

The financial statements of Wiltshire Daniels LLP (registered number OC381165) were approved by the Board and authorised for issue on 20 December 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Daniel Isaacs
Designated member

 

Wiltshire Daniels 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 and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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 Wiltshire Daniels 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.

Going concern

The LLP has been impacted by COVID-19 with the loss of agency fees . However the LLP continues to receive new instructions, though at a lower level than is normally expected.

At the time of approving the financial statements the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover represents the fees receivable for the sale and lettings of property and excludes discounts, rebates and value added tax. Turnover in relation to sale of properties is recognised at completion. Turnover in relation to lettings fees is recognised monthly on the receivable basis. Rental income receivable from letting the office space is recognised on an accruals basis.

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.

 

Wiltshire Daniels LLP

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

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.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures and fittings

25% reducing balance

Computers

25% reducing balance

Plant and equipment

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Wiltshire Daniels LLP

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

Hire purchase and leasing

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life.

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

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.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2022 - 1).

 

Wiltshire Daniels LLP

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

3

Tangible fixed assets

Plant and machinery
 £

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 April 2022

4,198

32,622

19,625

56,445

Additions

-

-

1,616

1,616

At 31 March 2023

4,198

32,622

21,241

58,061

Depreciation

At 1 April 2022

3,884

23,668

14,638

42,190

Charge for the year

79

2,238

4,452

6,769

At 31 March 2023

3,963

25,906

19,090

48,959

Net book value

At 31 March 2023

235

6,716

2,151

9,102

At 31 March 2022

314

8,954

4,987

14,255

4

Debtors

2023
 £

2022
 £

Trade debtors

19,816

11,786

Other debtors

25,009

25,000

Prepayments and accrued income

14,503

12,147

59,328

48,933

5

Creditors: Amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

14,952

9,707

Other creditors

28,376

24,925

Accruals and deferred income

3,212

2,863

Taxation and social security

6,245

859

52,785

38,354

 

Wiltshire Daniels LLP

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

6

Creditors: Amounts falling due after more than one year

2023
£

2022
£

Bank loans and overdrafts

22,435

32,387

Other creditors

5,300

5,300

27,735

37,687

7

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 £Nil (2022 - £40,000). The balance relates to the undiscounted minimum future payments due under non-cancellable operating leases over the term of the lease. No security has been provided.