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REGISTERED NUMBER: OC304412 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

SQUARE ONE WEALTH MANAGEMENT LLP

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)






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


SQUARE ONE WEALTH MANAGEMENT LLP

General Information
for the year ended 31 March 2024







DESIGNATED MEMBERS: J Kelly
N Jenner
V P Ward



REGISTERED OFFICE: Maple Barn
Beeches Farm Road
Uckfield
East Sussex
TN22 5QD



REGISTERED NUMBER: OC304412 (England and Wales)



ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB



BANKERS: Barclays Bank PLC
90-92 High Street
Crawley
East Sussex
RH10 1BP

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 172,500 172,500
Tangible assets 5 72,647 126,627
Investments 6 57,600 57,600
302,747 356,727

CURRENT ASSETS
Stocks 7 11,045 21,895
Debtors 8 613,513 857,008
Cash at bank and in hand 9,013 301
633,571 879,204
CREDITORS
Amounts falling due within one year 9 (396,721 ) (624,999 )
NET CURRENT ASSETS 236,850 254,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

539,597

610,932

CREDITORS
Amounts falling due after more than one
year

10

(458,942

)

(555,932

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

80,655

55,000

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

25,655

-

MEMBERS' OTHER INTERESTS
Capital accounts 55,000 55,000
80,655 55,000

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 25,655 -
Members' other interests 55,000 55,000
Amounts due from members 8 (38,694 ) (107,701 )
41,961 (52,701 )

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.

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 21 October 2024 and were signed by:





J Kelly - Designated member

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Square One Financial Planning LLP registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. The LLP's principle place of business is the registered office.

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 represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of services is billed at the point of completion and as a result revenue will be accrued as work in progress based on an estimate of services provided to date.

Goodwill
Goodwill was acquired during the year ended 31 March 2023 and will be amortised evenly over its estimated useful life.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment-15% on reducing balance
Motor vehicles-20% on cost
Computer equipment-33% on cost

Impairment
At each balance sheet date, the LLP reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Work in progress include work incurred on behalf of clients that has not yet been billed and are considered to be receivable.

Financial instruments
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the LLP pays contributions into a separate entity. Once the contributions have been paid, the LLP has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

Government backed loans
Included in bank loans is a coronavirus business intervention loan which is guaranteed by the government. As part of the coronavirus business intervention loan scheme the government is paying the first year of interest on the loan.

Investments
Investments in related parties are included at cost.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 172,500
NET BOOK VALUE
At 31 March 2024 172,500
At 31 March 2023 172,500

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 163,707 3,342 167,049
Disposals (47,500 ) - (47,500 )
At 31 March 2024 116,207 3,342 119,549
DEPRECIATION
At 1 April 2023 37,080 3,342 40,422
Charge for year 18,480 - 18,480
Eliminated on disposal (12,000 ) - (12,000 )
At 31 March 2024 43,560 3,342 46,902
NET BOOK VALUE
At 31 March 2024 72,647 - 72,647
At 31 March 2023 126,627 - 126,627

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 57,600
NET BOOK VALUE
At 31 March 2024 57,600
At 31 March 2023 57,600

7. STOCKS
2024 2023
£    £   
Work in progress 11,045 21,895

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 613,513 857,008

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 75,954
Hire purchase contracts 15,470 14,154
Trade creditors 26,283 24,020
Taxation and social security 8,878 4,486
Other creditors 296,090 506,385
396,721 624,999

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,200 30,332
Hire purchase contracts 54,651 89,345
Other creditors 403,091 436,255
458,942 555,932

SQUARE ONE WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304412)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

11. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 25,655 -

Falling due within one year 25,655 -

Loans and other debts due to members' (other than members' capital classified as debt) rank last in relation to other creditors.