REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
WM SAUNDERS PARTNERSHIP LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
WM SAUNDERS PARTNERSHIP LLP |
WM SAUNDERS PARTNERSHIP LLP (REGISTERED NUMBER: OC308323) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30th June 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WM SAUNDERS PARTNERSHIP LLP |
GENERAL INFORMATION |
for the Year Ended 30th June 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ossington Chambers |
6-8 Castle Gate |
Newark |
Nottinghamshire |
NG24 1AX |
WM SAUNDERS PARTNERSHIP LLP (REGISTERED NUMBER: OC308323) |
BALANCE SHEET |
30th June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
640,490 |
752,549 |
WM SAUNDERS PARTNERSHIP LLP (REGISTERED NUMBER: OC308323) |
BALANCE SHEET - continued |
30th June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
370,490 |
482,549 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 270,000 | 270,000 |
640,490 | 752,549 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 370,490 | 482,549 |
Members' other interests | 270,000 | 270,000 |
640,490 | 752,549 |
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 were approved by the members of the LLP and authorised for issue on |
WM SAUNDERS PARTNERSHIP LLP (REGISTERED NUMBER: OC308323) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Wm Saunders Partnership 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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible assets are not being amortised as their residual value is anticipated to be not less than cost. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Members' profit shares |
Members are remunerated solely out of the profits of the LLP, and are personally responsible for funding their pensions and other benefits. Final allocation of the profits to members is made in the light of the results for the year after assessing the contribution to the LLP of each office and each member. |
Members' drawings |
The policy for members' drawings is to distribute the majority of the profit during the financial year having taken into account the need to maintain sufficient funds to settle members' income tax liabilities with H M Revenue & Customs and to finance the working capital and other requirements of the business. The level of members' monthly drawings and other interim drawings is determined by the members as a whole. The final allocation and distribution of profits to individual members is made once the provision of profits has been assessed based on performances, and after the annual financial statements have been approved. |
WM SAUNDERS PARTNERSHIP LLP (REGISTERED NUMBER: OC308323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2024 |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
Additions |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade debtors |
Other debtors |
Accrued income |
Prepayments |
WM SAUNDERS PARTNERSHIP LLP (REGISTERED NUMBER: OC308323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30th June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade creditors |
Social security and other taxes |
Accrued expenses |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
30/6/24 | 30/6/23 |
£ | £ |
Amounts owed to members in respect of profits | 370,490 | 482,549 |
Falling due within one year | 370,490 | 482,549 |
Loans and other debts due to members rank equally with other unsecured creditors. |
9. | CONTINGENT LIABILITIES |
The LLP had no contingent liabilities at 30th June 2024 (2023 - none). |
10. | CAPITAL COMMITMENTS |
30/6/24 | 30/6/23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
11. | RELATED PARTY DISCLOSURES |
During the year, the partnership rented property from WSP Enterprises LLP, rent charged amounting to £16,500 (2023 - £16,500). There was no balance outstanding at 30th June 2023 or 30th June 2024. The members consider that all transactions have taken place on normal commercial terms. Two members hold by virtue of their own and family interests 50% of the profit share and voting rights in WSP Enterprises LLP. |