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REGISTERED NUMBER: SO305663 (Scotland)












Report of the Members and

Financial Statements

for the Year Ended 31 March 2024

for

A.S.K. Wealth Management LLP

A.S.K. Wealth Management LLP (Registered number: SO305663)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


A.S.K. Wealth Management LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: I W A Smith
Mrs K King





REGISTERED OFFICE: 15 Arx House
Scottish Technology Park
James Watt Avenue
East Kilbride
G75 0QD





REGISTERED NUMBER: SO305663 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

A.S.K. Wealth Management LLP (Registered number: SO305663)

Report of the Members
for the Year Ended 31 March 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

DESIGNATED MEMBERS
The designated members during the year under review were:

I W A Smith
Mrs K King

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £97,575 (2023 - £110,013 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





Mrs K King - Designated member


17 July 2024

A.S.K. Wealth Management LLP (Registered number: SO305663)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

REVENUE 219,000 237,299

Administrative expenses 136,636 139,512
82,364 97,787

Other operating income 16,385 12,969
OPERATING PROFIT 4 98,749 110,756


Interest payable and similar expenses 1,174 743
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




97,575




110,013

A.S.K. Wealth Management LLP (Registered number: SO305663)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 23,911 15,885

CURRENT ASSETS
Debtors 6 12,445 9,874
Cash at bank and in hand 3,614 3,766
16,059 13,640
CREDITORS
Amounts falling due within one year 7 7,206 5,911
NET CURRENT ASSETS 8,853 7,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,764

23,614

CREDITORS
Amounts falling due after more than one
year

8

19,834

13,144
NET ASSETS ATTRIBUTABLE TO
MEMBERS

12,930

10,470

LOANS AND OTHER DEBTS DUE TO
MEMBERS

12,930

10,470

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12,930 10,470

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 2024.

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.

A.S.K. Wealth Management LLP (Registered number: SO305663)

Balance Sheet - continued
31 March 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 17 July 2024 and were signed by:





I W A Smith - Designated member

A.S.K. Wealth Management LLP (Registered number: SO305663)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

A.S.K. Wealth Management LLP is registered in Scotland. 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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
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.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2023 - 2 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 5,089 6,967

A.S.K. Wealth Management LLP (Registered number: SO305663)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 1,039 26,386 15,482 42,907
Additions - 26,497 - 26,497
Disposals - (26,386 ) - (26,386 )
At 31 March 2024 1,039 26,497 15,482 43,018
DEPRECIATION
At 1 April 2023 821 10,719 15,482 27,022
Charge for year 44 5,045 - 5,089
Eliminated on disposal - (13,004 ) - (13,004 )
At 31 March 2024 865 2,760 15,482 19,107
NET BOOK VALUE
At 31 March 2024 174 23,737 - 23,911
At 31 March 2023 218 15,667 - 15,885

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,445 9,874

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 4,290 4,051
Taxation and social security 2,017 960
Other creditors 899 900
7,206 5,911

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 19,834 13,144