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REGISTERED NUMBER: OC430005 (England and Wales)












WELLING PARTNERSHIP LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLING PARTNERSHIP LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: R Russo
R Birch
S Russo





REGISTERED OFFICE: 150 The Grange, 1st Floor
Romsey Road
Michelmersh
Romsey
Hampshire
SO51 0AE





REGISTERED NUMBER: OC430005 (England and Wales)

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 75,000 75,000
Tangible assets 5 36,843 41,583
111,843 116,583

CURRENT ASSETS
Debtors 6 731,012 959,393
Cash at bank and in hand 528,804 335,829
1,259,816 1,295,222
CREDITORS
Amounts falling due within one year 7 (1,007,764 ) (967,966 )
NET CURRENT ASSETS 252,052 327,256
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

363,895

443,839

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

363,895

443,839

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 363,895 443,839

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

BALANCE SHEET - continued
31 MARCH 2024


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 4 October 2024 and were signed by:





R Russo - Designated member

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Welling Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business and has been transferred over from the partnership, is not being amortised because the members believe the value is in excess of that shown.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% Straight line
Motor vehicles - Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial assets
The partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the partnership's statement of financial position when the partnership becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS102. A member's participation right results in a liability unless the right to any payment is discretionary to the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are shown as a residual amount available for the discretionary division among members on the Income Statement and are equity appropriations in the reconciliation of members' interests.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Income Statement as shown in the reconciliation of members interests with 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Total members' interests'.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 29 (2023 - 29 ) .

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 75,000
NET BOOK VALUE
At 31 March 2024 75,000
At 31 March 2023 75,000

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 April 2023 63,751 1,980 65,731
Additions 6,429 - 6,429
At 31 March 2024 70,180 1,980 72,160
DEPRECIATION
At 1 April 2023 22,168 1,980 24,148
Charge for year 11,169 - 11,169
At 31 March 2024 33,337 1,980 35,317
NET BOOK VALUE
At 31 March 2024 36,843 - 36,843
At 31 March 2023 41,583 - 41,583

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 569,232 625,364
Other debtors 161,780 334,029
731,012 959,393

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 35,563 27,212
Taxation and social security 181,469 189,675
Other creditors 790,732 751,079
1,007,764 967,966

WELLING PARTNERSHIP LLP (REGISTERED NUMBER: OC430005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£ £
Amounts owed to members in respect of profits 13,895 93,839
Capital account 350,000 350,000
363,895 443,839

Falling due within one year 363,895 443,839

In the event of a winding up of the LLP, amounts classified as 'other debts due to members' would rank behind other non-secured creditors. There are no restrictions that exist on the ability of the members to reduce the amounts classified as 'members' capital'.

Members have agreed not to take cash drawings where this would conflict with the adequacy of the working capital of the LLP.

Included within members' capital (classified as debt) is £39,375 which is repayable to D V Wagg, a member that resigned in the year.

9. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the LLP had future commitments under operating leases which totalled £79,223 (2023 - £118,198).

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Russo.