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REGISTERED NUMBER: OC312796
Wagmans LLP
Filleted Unaudited Financial Statements
31 March 2024
Wagmans LLP
Financial Statements
Period from 1st February 2023 to 31st March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wagmans LLP
Statement of Financial Position
31 March 2024
31 Mar 24
31 Jan 23
Note
£
£
£
£
Fixed assets
Tangible assets
4
236,544
238,938
Current assets
Debtors
5
358,396
355,576
Cash at bank and in hand
113
175
---------
---------
358,509
355,751
Creditors: amounts falling due within one year
6
458,310
457,457
---------
---------
Net current liabilities
99,801
101,706
---------
---------
Total assets less current liabilities
136,743
137,232
Creditors: amounts falling due after more than one year
7
136,743
137,232
---------
---------
Net liabilities
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
----
----
Members' other interests
Other reserves
----
----
----
----
Total members' interests
Amounts due from members
(629,002)
(624,501)
Loans and other debts due to members
Members' other interests
---------
---------
(629,002)
(624,501)
---------
---------
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 income and retained earnings has not been delivered.
Wagmans LLP
Statement of Financial Position (continued)
31 March 2024
For the period ending 31st March 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 .
These financial statements were approved by the members and authorised for issue on 25 November 2024 , and are signed on their behalf by:
Mr A. L. Wagman
Designated Member
Registered number: OC312796
Wagmans LLP
Notes to the Financial Statements
Period from 1st February 2023 to 31st March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Alex House, 260/268 Chapel Street, Salford, Manchester, M3 5JZ.
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 2021 (SORP 2021).
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 is discretionary on the part of the LLP.
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:
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
10% reducing balance
Equipment
-
10% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4.
Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st February 2023 and 31st March 2024
215,000
4,571
26,012
4,935
250,518
---------
-------
--------
-------
---------
Depreciation
At 1st February 2023
2,788
5,990
2,802
11,580
Charge for the period
178
2,003
213
2,394
---------
-------
--------
-------
---------
At 31st March 2024
2,966
7,993
3,015
13,974
---------
-------
--------
-------
---------
Carrying amount
At 31st March 2024
215,000
1,605
18,019
1,920
236,544
---------
-------
--------
-------
---------
At 31st January 2023
215,000
1,783
20,022
2,133
238,938
---------
-------
--------
-------
---------
5.
Debtors
31 Mar 24
31 Jan 23
£
£
Trade debtors
98,300
94,594
Other debtors
260,096
260,982
---------
---------
358,396
355,576
---------
---------
6. Creditors: amounts falling due within one year
31 Mar 24
31 Jan 23
£
£
Bank loans and overdrafts
6,948
6,948
Trade creditors
446,636
445,783
Other creditors
4,726
4,726
---------
---------
458,310
457,457
---------
---------
7. Creditors: amounts falling due after more than one year
31 Mar 24
31 Jan 23
£
£
Bank loans and overdrafts
125,152
125,152
Other creditors
11,591
12,080
---------
---------
136,743
137,232
---------
---------