Registration number:
Wright & Wright Architects LLP
for the period from 1 August 2023 to 31 March 2024
Wright & Wright Architects LLP
Contents
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
Wright & Wright Architects LLP
(Registration number: OC341138)
Balance Sheet as at 31 March 2024
Note |
31 March 2024 |
31 July 2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash and short-term deposits |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
380,858 |
262,454 |
|
Members’ other interests |
|||
Members' capital classified as equity |
145,000 |
140,000 |
|
Other reserves |
|
|
|
477,493 |
714,121 |
||
858,351 |
976,575 |
||
Total members' interests |
|||
Loans and other debts due to members |
380,858 |
262,454 |
|
Equity |
|
|
|
858,351 |
976,575 |
For the year ending 31 March 2024 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’.
Wright & Wright Architects LLP
(Registration number: OC341138)
Balance Sheet as at 31 March 2024 (continued)
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 financial statements of Wright & Wright Architects LLP (registered number OC341138) were approved by the
......................................... |
......................................... |
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.
Wright & Wright Architects LLP
Notes to the Financial Statements for the Period from 1 August 2023 to 31 March 2024
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 the United Kingdom 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 Wright & Wright Architects LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates and rounded to the nearest £1. Foreign operations are included in accordance with the policies set out below.
Wright & Wright Architects LLP
Notes to the Financial Statements for the Period from 1 August 2023 to 31 March 2024 (continued)
1 |
Accounting policies (continued) |
Revenue recognition
Turnover represents net invoiced sales of services excluding value added tax.
Amounts under contracts not yet invoiced are valued in accordance with UITF 40 (Application Note G) at the recoverable standard value of time charged by personnel engaged in the provision of services. Revenue is recognised as the work progresses to reflect the LLP's partial performance of the contractual obligation. The amount of revenue recognised reflects the accrual of the right for consideration as contract activity progresses by reference to the value of work performed.
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.
Where remuneration is paid to certain members under a contract of employment, it is included as an expense in the profit and loss account after arriving at 'profit for the financial year before members' remuneration and profit shares'.
Where fixed amounts, determined for each member each year, be paid to members, irrespective of the
profits of the LLP, these amounts are also included within members’ remuneration charged to the profit and loss account.
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
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.
other taxes policy
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:
Wright & Wright Architects LLP
Notes to the Financial Statements for the Period from 1 August 2023 to 31 March 2024 (continued)
1 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Computer and office equipment |
20% straight line basis |
Leasehold |
Over 5 years |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
20 straight line basis |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade debtors
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
Trade creditors
Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the period was
Wright & Wright Architects LLP
Notes to the Financial Statements for the Period from 1 August 2023 to 31 March 2024 (continued)
Tangible fixed assets |
Short leasehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
|
Cost |
|||||
At 1 August 2023 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
At 31 March 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 August 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Net book value |
|||||
At 31 March 2024 |
|
|
|
|
|
At 31 July 2023 |
|
|
|
|
|
Stocks |
31 March 2024 |
31 July 2023 |
|
Stocks |
|
|
Debtors |
31 March 2024 |
31 July 2023 |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
531,333 |
480,137 |
Wright & Wright Architects LLP
Notes to the Financial Statements for the Period from 1 August 2023 to 31 March 2024 (continued)
Creditors: Amounts falling due within one year |
31 March 2024 |
31 July 2023 |
|
Trade creditors |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
Taxation and social security |
|
|
|
|
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 £