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REGISTERED NUMBER: OC355294 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Wellesley Associates LLP

Wellesley Associates LLP (Registered number: OC355294)

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


Wellesley Associates LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: Mrs L J Hannigan
A J Hannigan





REGISTERED OFFICE: Wellesley House
50 Victoria Road
Burgess Hill
West Sussex
RH15 9LH





REGISTERED NUMBER: OC355294 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Wellesley Associates LLP (Registered number: OC355294)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 259,515 419,672

CURRENT ASSETS
Debtors 5 188,558 136,287
Cash at bank 6,201 2,251
194,759 138,538
CREDITORS
Amounts falling due within one year 6 220,791 216,343
NET CURRENT LIABILITIES (26,032 ) (77,805 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

233,483

341,867

CREDITORS
Amounts falling due after more than one
year

7

233,483

341,867
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

TOTAL MEMBERS' INTERESTS
Amounts due from members 5 (188,058 ) (135,287 )

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.

Wellesley Associates LLP (Registered number: OC355294)

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 3 October 2024 and were signed by:





A J Hannigan - Designated member

Wellesley Associates LLP (Registered number: OC355294)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Wellesley Associates 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.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
The balance sheet is overdrawn at the period end, however, after reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Wellesley Associates LLP (Registered number: OC355294)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include deposits held at call with banks.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.

Provision for liabilities
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 the 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 end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEE INFORMATION

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

Wellesley Associates LLP (Registered number: OC355294)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 649,657
Disposals (107,353 )
At 31 March 2024 542,304
DEPRECIATION
At 1 April 2023 229,985
Charge for year 83,221
Eliminated on disposal (30,417 )
At 31 March 2024 282,789
NET BOOK VALUE
At 31 March 2024 259,515
At 31 March 2023 419,672

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 513,433
Disposals (107,353 )
At 31 March 2024 406,080
DEPRECIATION
At 1 April 2023 95,766
Charge for year 81,216
Eliminated on disposal (30,417 )
At 31 March 2024 146,565
NET BOOK VALUE
At 31 March 2024 259,515
At 31 March 2023 417,667

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 188,558 136,287

Wellesley Associates LLP (Registered number: OC355294)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 47,539 60,341
Trade creditors 170,205 151,653
Other creditors 3,047 4,349
220,791 216,343

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 233,483 341,867

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 281,022 402,208