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Registration number: OC341138

Wright & Wright Architects LLP

Annual Report and Unaudited Financial Statements

for the period from 1 August 2023 to 31 March 2024

 

Wright & Wright Architects LLP

Contents

Financial Statements

1 to 7

Balance Sheet

1

Notes to the Financial Statements

3

 

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

3

172,439

167,583

Current assets

 

Stocks

4

12,468

14,668

Debtors

5

531,333

480,137

Cash and short-term deposits

 

465,341

594,561

 

1,009,142

1,089,366

Creditors: Amounts falling due within one year

6

(323,230)

(280,374)

Net current assets

 

685,912

808,992

Net assets attributable to members

 

858,351

976,575

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

 

332,493

574,121

 

477,493

714,121

   

858,351

976,575

Total members' interests

 

Loans and other debts due to members

 

380,858

262,454

Equity

 

477,493

714,121

   

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 Board and authorised for issue on 28 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
A F Wright
Designated member

.........................................
C M Wright
Designated member

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

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 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.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 26 (2023 - 25).

 

Wright & Wright Architects LLP

Notes to the Financial Statements for the Period from 1 August 2023 to 31 March 2024 (continued)

3

Tangible fixed assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 August 2023

106,848

96,840

13,580

265,537

482,805

Additions

-

28,427

-

12,053

40,480

At 31 March 2024

106,848

125,267

13,580

277,590

523,285

Depreciation

At 1 August 2023

21,370

46,869

13,548

233,435

315,222

Charge for the year

14,246

10,922

8

10,448

35,624

At 31 March 2024

35,616

57,791

13,556

243,883

350,846

Net book value

At 31 March 2024

71,232

67,476

24

33,707

172,439

At 31 July 2023

85,478

49,971

32

32,102

167,583

4

Stocks

31 March 2024
 £

31 July 2023
 £

Stocks

12,468

14,668

5

Debtors

31 March 2024
 £

31 July 2023
 £

Trade debtors

409,029

421,205

Prepayments and accrued income

122,304

58,932

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)

6

Creditors: Amounts falling due within one year

31 March 2024
 £

31 July 2023
 £

Trade creditors

132,191

63,659

Other creditors

16,120

7,940

Accruals and deferred income

56,226

69,377

Taxation and social security

118,693

139,398

323,230

280,374

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 £318,989 (2023 - £369,893). The members of the LLP are guarantors for the rental commitment.