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REGISTERED NUMBER: OC386137
LWM LLP
Unaudited Financial Statements
31 March 2024
LWM LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Members' report
1
Chartered accountants report to the members on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income (including profit and loss account)
3
Balance sheet
4
Reconciliation of members' interests
6
Notes to the financial statements
8
LWM LLP
Members' Report
Year ended 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was the provision of independent financial advice.
Designated members
The designated members who served the LLP during the year were as follows:
Mr A J Leedham
Mrs L J Leedham
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 2 August 2024 and signed on behalf of the members by:
Mr A J Leedham
Designated Member
Registered office:
21 Hooley Range
Stockport
Cheshire
SK4 4UH
LWM LLP
Chartered Accountants Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of LWM LLP
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of LWM LLP for the year ended 31 March 2024, which comprise the statement of comprehensive income (including profit and loss account), balance sheet, reconciliation of members' interests and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of LWM LLP, as a body, in accordance with the terms of our engagement letter dated 26 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of LWM LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LWM LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that LWM LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LWM LLP. You consider that LWM LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of LWM LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DED ACCOUNTANCY SERVICES LTD Chartered Accountants
Cors Afanen Eryrys Road Mynydd Du Denbighshire CH7 4BR
2 August 2024
LWM LLP
Statement of Comprehensive Income (Including Profit and Loss Account)
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
415,347
406,707
Cost of sales
44,617
39,009
---------
---------
Gross profit
370,730
367,698
Distribution costs
1,695
2,408
Administrative expenses
72,385
77,543
---------
---------
Operating profit
5
296,650
287,747
Other interest receivable and similar income
253
63
Interest payable and similar expenses
6,772
6,579
---------
---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
290,131
281,231
---------
---------
All the activities of the LLP are from continuing operations.
LWM LLP
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
111,423
83,298
Current assets
Debtors
7
40,860
44,936
Cash at bank and in hand
15,290
17,785
--------
--------
56,150
62,721
Creditors: amounts falling due within one year
8
19,140
15,730
--------
--------
Net current assets
37,010
46,991
---------
---------
Total assets less current liabilities
148,433
130,289
Creditors: amounts falling due after more than one year
9
93,462
76,944
---------
---------
Net assets
54,971
53,345
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
10
39,971
38,345
Members' other interests
Members' capital classified as equity
15,000
15,000
Other reserves
--------
--------
54,971
53,345
--------
--------
Total members' interests
Loans and other debts due to members
10
39,971
38,345
Members' other interests
15,000
15,000
--------
--------
54,971
53,345
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
LWM LLP
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 2 August 2024 , and are signed on their behalf by:
Mr A J Leedham
Designated Member
Registered number: OC386137
LWM LLP
Reconciliation of Members' Interests
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2024
£
£
£
£
£
£
Balance at 1 April 2023
15,000
15,000
38,345
38,345
53,345
Members remuneration charged as an expense
(288,505)
(288,505)
(288,505)
Profit for the financial year available for discretionary division among members
290,131
290,131
290,131
--------
---------
---------
---------
---------
---------
Members' interests after profit for the year
15,000
290,131
305,131
(250,160)
(250,160)
54,971
Other division of profits
(290,131)
(290,131)
290,131
290,131
--------
---------
---------
---------
---------
--------
Balance at 31 March 2024
15,000
15,000
39,971
39,971
54,971
--------
---------
---------
---------
---------
--------
LWM LLP
Reconciliation of Members' Interests (continued)
Year ended 31 March 2024
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 1 April 2022
15,000
15,000
43,678
43,678
58,678
Members remuneration charged as an expense
(286,564)
(286,564)
(286,564)
Profit for the financial year available for discretionary division among members
281,231
281,231
281,231
--------
---------
---------
---------
---------
---------
Members' interests after profit for the year
15,000
281,231
296,231
(242,886)
(242,886)
53,345
Other division of profits
(281,231)
(281,231)
281,231
281,231
--------
---------
---------
---------
---------
--------
Balance at 31 March 2023
15,000
15,000
38,345
38,345
53,345
--------
---------
---------
---------
---------
--------
LWM LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 21 Hooley Range, Stockport, Cheshire, SK4 4UH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
LWM LLP
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Members' participation rights (continued)
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income (including profit and loss account) in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income (including profit and loss account) and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the statement of comprehensive income (including profit and loss account) within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to Nil (2023: Nil).
5.
Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
18,709
23,216
--------
--------
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
917
118,645
9,823
129,385
Additions
79,923
79,923
Disposals
( 57,643)
( 57,643)
----
---------
-------
---------
At 31 March 2024
917
140,925
9,823
151,665
----
---------
-------
---------
Depreciation
At 1 April 2023
917
36,568
8,602
46,087
Charge for the year
18,404
305
18,709
Disposals
( 24,554)
( 24,554)
----
---------
-------
---------
At 31 March 2024
917
30,418
8,907
40,242
----
---------
-------
---------
Carrying amount
At 31 March 2024
110,507
916
111,423
----
---------
-------
---------
At 31 March 2023
82,077
1,221
83,298
----
---------
-------
---------
7.
Debtors
2024
2023
£
£
Trade debtors
33,000
32,000
Other debtors
7,860
12,936
--------
--------
40,860
44,936
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
19,140
15,730
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
93,462
76,944
--------
--------
10.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
39,971
38,345
--------
--------
Amounts due to members rank as unsecured creditors