REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WATTS & MORGAN LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
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. |