0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,017 5,017 xbrli:pure xbrli:shares iso4217:GBP OC404121 2023-03-01 2024-02-29 OC404121 2024-02-29 OC404121 2023-02-28 OC404121 2022-03-01 2023-02-28 OC404121 2023-02-28 OC404121 2022-02-28 OC404121 bus:Director1 2023-03-01 2024-02-29 OC404121 core:WithinOneYear 2024-02-29 OC404121 core:WithinOneYear 2023-02-28 OC404121 core:AfterOneYear 2024-02-29 OC404121 core:AfterOneYear 2023-02-28 OC404121 bus:SmallEntities 2023-03-01 2024-02-29 OC404121 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 OC404121 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 OC404121 bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-02-29 OC404121 bus:FullAccounts 2023-03-01 2024-02-29 OC404121 core:OfficeEquipment 2023-03-01 2024-02-29 OC404121 core:OfficeEquipment 2024-02-29
REGISTERED NUMBER: OC404121
Wake Up Your Wealth LLP
Filleted Unaudited Financial Statements
29 February 2024
Wake Up Your Wealth LLP
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Current assets
Debtors
5
3,468
11,245
Cash at bank and in hand
36,407
25,554
--------
--------
39,875
36,799
Creditors: amounts falling due within one year
6
2,900
4,059
--------
--------
Net current assets
36,975
32,740
--------
--------
Total assets less current liabilities
36,975
32,740
Creditors: amounts falling due after more than one year
7
349
349
--------
--------
Net assets
36,626
32,391
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
35,459
31,224
Members' other interests
Other reserves
1,167
1,167
--------
--------
36,626
32,391
--------
--------
Total members' interests
Loans and other debts due to members
8
35,459
31,224
Members' other interests
1,167
1,167
--------
--------
36,626
32,391
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Wake Up Your Wealth LLP
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the members and authorised for issue on 27 August 2024 , and are signed on their behalf by:
Mr G Neall
Designated Member
Registered number: OC404121
Wake Up Your Wealth LLP
Notes to the Financial Statements
Year ended 29 February 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Powerhouse 21, 21 Woodthorpe Road, Ashford, Middlesex, TW152RP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
4.
Tangible assets
Equipment
£
Cost
At 1 March 2023 and 29 February 2024
5,017
-------
Depreciation
At 1 March 2023 and 29 February 2024
5,017
-------
Carrying amount
At 29 February 2024
-------
At 28 February 2023
-------
5.
Debtors
2024
2023
£
£
Other debtors
3,468
11,245
-------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,900
4,059
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Social security and other taxes
349
349
----
----
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
35,459
31,224
--------
--------