Limited Liability Partnership registration number OC432204 (England and Wales)
L WHEELER & SONS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
L WHEELER & SONS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
L WHEELER & SONS LLP (REGISTERED NUMBER: OC432204)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,728
13,999
Current assets
Stocks
19,268
94,339
Debtors
4
73,262
134,219
Cash at bank and in hand
79,451
152,073
171,981
380,631
Creditors: amounts falling due within one year
5
(304,536)
(351,785)
Net current (liabilities)/assets
(132,555)
28,846
Total assets less current liabilities and net (liabilities)/assets attributable to members
(121,827)
42,845
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
(121,827)
42,845
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 6 November 2024 and are signed on their behalf by:
06 November 2024
Mr N L Wheeler
Mr C B Wheeler
Designated member
Designated Member
L WHEELER & SONS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information
L Wheeler & Sons LLP is a limited liability partnership incorporated in England and Wales. The registered office is Bullen Farm, Bullen Lane, East Peckham, Tonbridge, TN12 5LX.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the amounts recoverable for the goods provided to clients, excluding value added tax.
Turnover for the sale of goods is recognised when all of the following conditions are met:
The company has transferred the significant risks and rewards of ownership to the buyer;
The amount of turnover can be recognised reliably and;
It is probable that the company will receive the consideration due under the transaction.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
L WHEELER & SONS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Retirement benefits and post retirement payments to members
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
12,294
3,278
15,572
Additions
-
275
275
At 31 March 2024
12,294
3,553
15,847
Depreciation and impairment
At 1 April 2023
708
865
1,573
Depreciation charged in the year
2,897
649
3,546
At 31 March 2024
3,605
1,514
5,119
Carrying amount
At 31 March 2024
8,689
2,039
10,728
At 31 March 2023
11,586
2,413
13,999
L WHEELER & SONS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
47,469
111,298
Other debtors
25,793
22,921
73,262
134,219
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,404
3,923
Other creditors
285,132
347,862
304,536
351,785
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
42,845
42,845
42,845
Loss for the financial year available for discretionary division among members
(137,885)
-
-
(137,885)
Members' interests after loss for the year
(137,885)
42,845
42,845
(95,040)
Allocation of loss for the financial year
137,885
(137,885)
(137,885)
-
Drawings on account and distributions of profit
-
(26,787)
(26,787)
(26,787)
Members' interests at 31 March 2024
-
(121,827)
(121,827)
(121,827)