REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
WMC Legal LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
WMC Legal LLP |
WMC Legal LLP (Registered number: OC352779) |
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 |
WMC Legal LLP |
General Information |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
47 Kensington Road |
Chichester |
West Sussex |
PO19 7XS |
WMC Legal LLP (Registered number: OC352779) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
88,675 |
96,526 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
73,675 |
81,526 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 15,000 | 15,000 |
88,675 | 96,526 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 73,675 | 81,526 |
Members' other interests | 15,000 | 15,000 |
88,675 | 96,526 |
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. |
WMC Legal LLP (Registered number: OC352779) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
WMC Legal LLP (Registered number: OC352779) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
WMC Legal 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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Where under a contract for services contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of contractual obligations and the accrual of the right to consideration by reference to the value of work performed. The amount of revenue recognised reflects any uncertainties as to the amount the client will accept and pay. |
Amounts recoverable on contracts for services are included in debtors at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. |
Where a right to consideration does not arise until the occurrence of a critical event, revenue is not recognised until that event occurs. |
Tangible fixed assets |
Plant and machinery etc | - |
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' remuneration and profit allocation |
Automatic division of profits, where the allocation is non-discretionary, is charged to the profit and loss account as members' remuneration charged as an expense. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
WMC Legal LLP (Registered number: OC352779) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
WMC Legal LLP (Registered number: OC352779) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
The above debts include £125,104 (2023 £109,269) which is secured by a fixed and floating charge over the undertaking and assets of the LLP. The remaining £22,441(2023 £32,390) is a Bounce Back Loan which is secured by the government. |
10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Loans from members | 11,250 | 11,250 |
Amounts owed to members in respect of profits | 62,425 | 70,276 |
73,675 | 81,526 |
Falling due within one year | 62,425 | 70,276 |
Falling due after more than one year | 11,250 | 11,250 |
73,675 | 81,526 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
"Members' other interests" shown on the balance sheet are regarded as capital by the members but there are no restrictions applicable to the use of these balances. |
11. | POST BALANCE SHEET EVENTS |
Since the balance sheet date all available profits have been allocated to the members. |