Company No:
Contents
DESIGNATED MEMBERS | Mr A J A Donald (Appointed 16 December 2022) |
Mr B Gower (Appointed 16 December 2022) | |
Mr S B Male (Appointed 16 December 2022) | |
Mr B J Marshall (Appointed 16 December 2022) | |
Mr D A Trentham (Appointed 16 December 2022) |
REGISTERED OFFICE | 51-61 Castle Street |
Salisbury | |
SP1 3SU | |
United Kingdom |
REGISTERED NUMBER | OC445080 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Hitchcock House | |
Hilltop Park | |
Devizes Road | |
Salisbury | |
Wiltshire SP3 4UF |
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 4 |
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Investments | 5 |
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62,666 | ||
Current assets | ||
Debtors | 6 |
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Cash at bank and in hand | 7 |
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1,334,747 | ||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 947,309 | |
Total assets less current liabilities | 1,009,975 | |
Creditors: amounts falling due after more than one year | 9 | (
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Net assets attributable to members |
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Represented by | ||
Loans and other debts due to members within one year | ||
Members' capital classified as a liability | 665,175 | |
Other amounts | (32,818) | |
632,357 | ||
Members' other interests | ||
Members' capital classified as equity | 300,000 | |
300,000 | ||
932,357 | ||
Total members' interests | ||
Loans and other debts due to members | 632,357 | |
Members' other interests | 300,000 | |
932,357 |
Members' responsibilities:
The financial statements of Woolley & Wallis LLP (registered number:
Mr A J A Donald
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Woolley & Wallis LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 51-61 Castle Street, Salisbury, SP1 3SU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 16.12.2022 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the LLP during the period |
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Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.
31.03.2024 | |
Number | |
Average number of members during the financial period | 5 |
Leasehold improve- ments |
Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 16 December 2022 |
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Additions |
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Disposals | (
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 16 December 2022 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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Listed investments | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 16 December 2022 |
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Additions |
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Disposals | (
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At 31 March 2024 |
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Provisions for impairment | |||||
At 16 December 2022 |
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Impairment |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Other investments comprise the following subsidiaries:
Avon Management Limited - 100%
Gilyard Scarth Lettings Limited - 100%
Woolley & Wallis Finance Limited - 70%
On 31 January 2024 the property letting business operated by Gilyard Scarth Lettings Limited was transferred to Woolley & Wallis LLP. An impairment provision has been made to write down this investment and it is intended that this subsidiary company will be dissolved within one year.
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
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51-61 Castle Street, Salisbury SP1 3SU | Property letting agent |
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The Old Coffee Tavern, Salisbury Street, Mere BA12 6HA | Property letting agent |
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Hitchcock House, Hilltop Park, Salisbury SP3 4UF | Financial intermediary |
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31.03.2024 | |
£ | |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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31.03.2024 | |
£ | |
Cash at bank and in hand |
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31.03.2024 | |
£ | |
Bank loans (secured) |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | |
£ | |
Bank loans (secured) |
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Commitments
31.03.2024 | |
£ | |
Total future minimum lease payments under non-cancellable operating lease |
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Other related party transactions
31.03.2024 | |
£ | |
Loan to related party | 57,776 |
During the period, an interest-free loan, that is repayable on demand, was advanced to an unincorporated partnership in which all five of the LLP's members are partners.