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REGISTERED NUMBER: OC306058 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WATTS & MORGAN LLP

WATTS & MORGAN LLP (REGISTERED NUMBER: OC306058)

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


WATTS & MORGAN LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: D R Miles
T O C Gould
R L Jones
J D Morgan
R L Morgan





REGISTERED OFFICE: 1 Nolton Street
Bridgend
CF31 1BX





REGISTERED NUMBER: OC306058 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

WATTS & MORGAN LLP (REGISTERED NUMBER: OC306058)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128,601 175,822

CURRENT ASSETS
Debtors 5 224,180 155,330
Cash at bank and in hand 347,516 421,884
571,696 577,214
CREDITORS
Amounts falling due within one year 6 245,342 254,269
NET CURRENT ASSETS 326,354 322,945
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,955

498,767

CREDITORS
Amounts falling due after more than one
year

7

110,776

124,070
NET ASSETS ATTRIBUTABLE TO
MEMBERS

344,179

374,697

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

144,179

174,697

MEMBERS' OTHER INTERESTS
Capital accounts 200,000 200,000
344,179 374,697

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 144,179 174,697
Members' other interests 200,000 200,000
344,179 374,697

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.

WATTS & MORGAN LLP (REGISTERED NUMBER: OC306058)

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 October 2024 and were signed by:





D R Miles - Designated member

WATTS & MORGAN LLP (REGISTERED NUMBER: OC306058)

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


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


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 comprises revenue recognised by the LLP in respect of goods and services supplied during the year,exclusive of Value Added Tax and trade discounts.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the asset to its working condition for intended use.

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- 50% year one, 25% reducing balance after

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 an auto enrollment pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Allocation of profits and drawings
Members determine an annual salaried amount payable by the LLP which is recognised in the profit and loss account as members remuneration charged as an expense.

Profits or losses in addition to these salaried amounts are allocated on the basis as set out in the partnership agreement entered into by the members.

The members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings permitted takes into account the anticipated cash needs of the LLP.

To the extent that profit allocations exceed drawings then the excess profit is included in the balance sheet under loans and other debts due to members.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 39 (2023 - 42 ) .

WATTS & MORGAN LLP (REGISTERED NUMBER: OC306058)

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 541,411
Additions 4,702
At 31 March 2024 546,113
DEPRECIATION
At 1 April 2023 365,589
Charge for year 51,923
At 31 March 2024 417,512
NET BOOK VALUE
At 31 March 2024 128,601
At 31 March 2023 175,822

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 146,372 77,261
Other debtors 77,808 78,069
224,180 155,330

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 41,506 41,506
Hire purchase contracts 11,330 11,330
Trade creditors 32,373 44,815
Taxation and social security 136,335 144,026
Other creditors 23,798 12,592
245,342 254,269

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 110,776 124,070

WATTS & MORGAN LLP (REGISTERED NUMBER: OC306058)

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 144,179 174,697

Falling due within one year 144,179 174,697

Loans and other debts due to members rank behind, and are only to be paid after full payment has been made in respect of, all amounts due to unsecured creditors in the event of administration or winding up.