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Company No: OC445080 (England and Wales)

WOOLLEY & WALLIS LLP

Unaudited Financial Statements
For the financial period from 16 December 2022 to 31 March 2024
Pages for filing with the registrar

WOOLLEY & WALLIS LLP

Unaudited Financial Statements

For the financial period from 16 December 2022 to 31 March 2024

Contents

WOOLLEY & WALLIS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial period from 16 December 2022 to 31 March 2024
WOOLLEY & WALLIS LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial period from 16 December 2022 to 31 March 2024
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
WOOLLEY & WALLIS LLP

BALANCE SHEET

As at 31 March 2024
WOOLLEY & WALLIS LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 4 62,590
Investments 5 76
62,666
Current assets
Debtors 6 585,392
Cash at bank and in hand 7 749,355
1,334,747
Creditors: amounts falling due within one year 8 ( 387,438)
Net current assets 947,309
Total assets less current liabilities 1,009,975
Creditors: amounts falling due after more than one year 9 ( 77,618)
Net assets attributable to members 932,357
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

For the financial period 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.

Members' responsibilities:

The financial statements of Woolley & Wallis LLP (registered number: OC445080) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

Mr A J A Donald
Designated member
WOOLLEY & WALLIS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 16 December 2022 to 31 March 2024
WOOLLEY & WALLIS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 16 December 2022 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

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 £.

Turnover

Turnover from services is stated net of VAT and discounts and is recognised when the service is delivered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 % reducing balance
Plant and machinery 4 - 10 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The LLP as lessee
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.

Impairment of assets

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.

Fixed asset investments

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 instruments

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.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

Period from
16.12.2022 to
31.03.2024
Number
Monthly average number of persons employed by the LLP during the period 55

3. Members' remuneration

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

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 16 December 2022 0 0 0 0
Additions 19,478 54,126 8,313 81,917
Disposals ( 675) 0 0 ( 675)
At 31 March 2024 18,803 54,126 8,313 81,242
Accumulated depreciation
At 16 December 2022 0 0 0 0
Charge for the financial period 3,526 13,567 1,559 18,652
At 31 March 2024 3,526 13,567 1,559 18,652
Net book value
At 31 March 2024 15,277 40,559 6,754 62,590

5. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 16 December 2022 0 0 0
Additions 14,000 235,056 249,056
Disposals ( 14,000) 0 ( 14,000)
At 31 March 2024 0 235,056 235,056
Provisions for impairment
At 16 December 2022 0 0 0
Impairment 0 234,980 234,980
At 31 March 2024 0 234,980 234,980
Carrying value at 31 March 2024 0 76 76

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
Avon Management Limited 51-61 Castle Street, Salisbury SP1 3SU Property letting agent Ordinary 100.00%
Gilyard Scarth Lettings Limited The Old Coffee Tavern, Salisbury Street, Mere BA12 6HA Property letting agent Ordinary 100.00%
Woolley & Wallis Finance Limited Hitchcock House, Hilltop Park, Salisbury SP3 4UF Financial intermediary Ordinary 70.00%

6. Debtors

31.03.2024
£
Trade debtors 349,662
Amounts owed by related parties 57,776
Other debtors 177,954
585,392

7. Cash and cash equivalents

31.03.2024
£
Cash at bank and in hand 749,355

8. Creditors: amounts falling due within one year

31.03.2024
£
Bank loans (secured) 40,244
Trade creditors 52,701
Other taxation and social security 195,794
Other creditors 98,699
387,438

9. Creditors: amounts falling due after more than one year

31.03.2024
£
Bank loans (secured) 77,618

The bank loan is secured by a fixed and floating charge held by Lloyds Bank plc dated 27 February 2023 over the LLP's assets.

10. Financial commitments

Commitments

31.03.2024
£
Total future minimum lease payments under non-cancellable operating lease 750,178

11. Related party transactions

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.