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REGISTERED NUMBER: OC352779 (England and Wales)















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: R E Parker
F Dray
S J Metcalf





REGISTERED OFFICE: Global House
Portland Square
Portland Road
Worthing
West Sussex
BN11 1QH





REGISTERED NUMBER: OC352779 (England and Wales)





ACCOUNTANTS: Maximus Accountancy Services Limited
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 2,817 5,811

CURRENT ASSETS
Debtors 5 221,651 231,832
Cash at bank and in hand 46,640 50,634
268,291 282,466
CREDITORS
Amounts falling due within one year 6 137,080 121,860
NET CURRENT ASSETS 131,211 160,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,028

166,417

CREDITORS
Amounts falling due after more than one
year

7

45,353

69,891
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 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.

WMC Legal LLP (Registered number: OC352779)

Balance Sheet - continued
31 March 2024


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 16 September 2024 and were signed by:





S J Metcalf - Designated member

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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
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 etc - 33% on cost, 25% on reducing balance, 20% on cost and 15% on reducing balance

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 9 (2023 - 10 ) .

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 18,679 11,556 30,235
Disposals (2,367 ) (1,316 ) (3,683 )
At 31 March 2024 16,312 10,240 26,552
DEPRECIATION
At 1 April 2023 14,665 9,759 24,424
Charge for year 2,379 507 2,886
Eliminated on disposal (2,363 ) (1,212 ) (3,575 )
At 31 March 2024 14,681 9,054 23,735
NET BOOK VALUE
At 31 March 2024 1,631 1,186 2,817
At 31 March 2023 4,014 1,797 5,811

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,719 11,837
Amounts recoverable on contracts 209,500 211,087
Other debtors 9,432 8,908
221,651 231,832

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 102,192 71,768
Taxation and social security 20,028 36,759
Other creditors 14,860 13,333
137,080 121,860

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 45,353 69,891

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 11,845 25,885
Between one and five years - 11,845
11,845 37,730

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 76,601 47,622
Bank loans 70,944 94,037
147,545 141,659

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.