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Registration number: OC350258

Angel Wilkins LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Angel Wilkins LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Angel Wilkins LLP

Limited liability partnership information

Designated members

Mr N R Angel

Ms A J Wilkins
 

Registered office

The White Barn
Manor Road
Wantage
Oxon
OX12 8NE

Accountants

UHY Ross Brooke
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY

 

Angel Wilkins LLP

(Registration number: OC350258)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

3

20,603

13,693

Current assets

 

Debtors

4

586,383

354,051

Cash and short-term deposits

 

282,350

231,378

 

868,733

585,429

Creditors: Amounts falling due within one year

5

(238,452)

(217,472)

Net current assets

 

630,281

367,957

Net assets attributable to members

 

650,884

381,650

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

(382,149)

(747,429)

Members’ other interests

 

Members' capital classified as equity

 

913

913

Other reserves

 

1,032,120

1,128,166

 

1,033,033

1,129,079

   

650,884

381,650

Total members' interests

 

Loans and other debts due to members

 

(382,149)

(747,429)

Equity

 

1,033,033

1,129,079

   

650,884

381,650

For the year ending 30 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

 

Angel Wilkins LLP

(Registration number: OC350258)
Balance Sheet as at 30 April 2024 (continued)

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Angel Wilkins LLP (registered number OC350258) were approved by the Board and authorised for issue on 23 October 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr N R Angel
Designated member

 

Angel Wilkins LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Angel Wilkins LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Angel Wilkins LLP

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

1

Accounting policies (continued)

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Office equipment

33% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Employee information

The average number of persons employed by the limited liability partnership during the year was 29 (2023 - 25).

 

Angel Wilkins LLP

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

3

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 May 2023

20,726

74,463

95,189

Additions

2,031

16,952

18,983

At 30 April 2024

22,757

91,415

114,172

Depreciation

At 1 May 2023

17,793

63,703

81,496

Charge for the year

2,325

9,748

12,073

At 30 April 2024

20,118

73,451

93,569

Net book value

At 30 April 2024

2,639

17,964

20,603

At 30 April 2023

2,933

10,760

13,693

4

Debtors

2024
 £

2023
 £

Trade debtors

26,409

25,451

Other debtors

18,771

27,876

Prepayments and accrued income

541,203

300,724

Total current trade and other debtors

586,383

354,051

5

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

85,598

86,451

Other creditors

5,236

-

Accruals and deferred income

5,536

5,303

Taxation and social security

142,082

125,718

238,452

217,472

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.

 

Angel Wilkins LLP

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £22,890 (2023 - £22,890).