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Registered number: OC425544
Vincents (Wigan) LLP
Financial Statements
For The Year Ended 31 March 2024
ADC Accountants Limited
Contents
Page
Balance Sheet 1—2
Reconciliation of Members' Interests 3—4
Notes to the Financial Statements 4—5
Page 1
Balance Sheet
Registered number: OC425544
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,452 9,665
7,452 9,665
CURRENT ASSETS
Work in progress 6,000 83,436
Debtors 5 18,539 19,187
Cash at bank and in hand 22,294 39,056
46,833 141,679
Creditors: Amounts Falling Due Within One Year 6 (25,561 ) (20,255 )
NET CURRENT ASSETS (LIABILITIES) 21,272 121,424
TOTAL ASSETS LESS CURRENT LIABILITIES 28,724 131,089
Creditors: Amounts Falling Due After More Than One Year 7 (54,167 ) (79,167 )
NET (LIABILITIES)/ASSETS ATTRIBUTABLE TO MEMBERS (25,443 ) 51,922
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability (471,578) (381,276)
Other amounts 446,135 433,198
(25,443) 51,922
(25,443) 51,922
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year (25,443) 51,922
(25,443) 51,922
Page 1
Page 2
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 applicable to LLPs subject to the small LLPs regime.)
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 accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr Philip Bachmayer
Partner
Ms Natalie Rutter
Partner
Mrs Lesley Porter
Partner
08/07/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 2
Page 3
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Other Reserves Members'Capital classified as Debt Other amounts Total Debts Total members' interest
£ £ £ £ £
Amounts due to members - (256,524) 375,742 119,218 -
Balance at 1 April 2022 - (256,524) 375,742 119,218 119,218
Profit/(loss) for the financial year available for discretionary division among members 57,456 - - - 57,456
Members' interests after profit/(loss) for the year 57,456 (256,524) 375,742 119,218 176,674
Other divisions of profits (losses) (57,456) - 57,456 57,456 -
Repayment of Capital - (124,752) - (124,752) (124,752)
Amounts due to members - (381,276) 433,198 51,922 -
As at 31 March 2023 and 1 April 2023 - (381,276) 433,198 51,922 51,922
Profit/(loss) for the financial year available for discretionary division among members 12,937 - - - 12,937
Members' interests after profit/(loss) for the year 12,937 (381,276) 433,198 51,922 64,859
Other divisions of profits (losses) (12,937) - 12,937 12,937 -
Repayment of Capital - (90,302) - (90,302) (90,302)
Amounts due to members - (471,578) 446,135 (25,443) -
As at 31 March 2024 - (471,578) 446,135 (25,443) (25,443)
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Vincents (Wigan) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC425544 . The Registered Office is 13 Bridgeman Terrace , Wigan, Lancashire, WN1 1SX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is earned from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of a matter. The stage of completion of a matter is measured by comparing the costs incurred for work performed to date to the total estimated matter costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a matter cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance
Computer Equipment 50% Reducing balance
2.4. Stocks and Work in Progress
Work in progress is valued using a consistant formula to recoginise work done in the period that has but not yet completed and invoiced.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 10 (2023: 10)
10 10
Page 4
Page 5
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 1,760 15,910 17,670
As at 31 March 2024 1,760 15,910 17,670
Depreciation
As at 1 April 2023 730 7,275 8,005
Provided during the period 129 2,084 2,213
As at 31 March 2024 859 9,359 10,218
Net Book Value
As at 31 March 2024 901 6,551 7,452
As at 1 April 2023 1,030 8,635 9,665
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,539 15,498
Prepayments and accrued income - 3,689
18,539 19,187
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
VAT 25,561 12,376
Accruals and deferred income - 7,879
25,561 20,255
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 54,167 79,167
Page 5