2 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 7,775 1,665 9,440 2,476 1,429 3,905 5,535 5,299 xbrli:pure xbrli:shares iso4217:GBP OC416496 2023-04-01 2024-03-31 OC416496 2024-03-31 OC416496 2023-03-31 OC416496 2022-04-01 2023-03-31 OC416496 2023-03-31 OC416496 2022-03-31 OC416496 core:PlantMachinery 2023-04-01 2024-03-31 OC416496 bus:Director3 2023-04-01 2024-03-31 OC416496 core:PlantMachinery 2023-03-31 OC416496 core:PlantMachinery 2024-03-31 OC416496 core:WithinOneYear 2024-03-31 OC416496 core:WithinOneYear 2023-03-31 OC416496 core:PlantMachinery 2023-03-31 OC416496 bus:Director1 2023-04-01 2024-03-31 OC416496 bus:SmallEntities 2023-04-01 2024-03-31 OC416496 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC416496 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC416496 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC416496 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC416496
Wealth Generation LLP
Filleted Unaudited Financial Statements
31 March 2024
Wealth Generation LLP
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wealth Generation LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,535
5,299
Current assets
Debtors
6
4,924
3,215
Cash at bank and in hand
101,060
96,851
---------
---------
105,984
100,066
Creditors: amounts falling due within one year
7
2,801
2,340
---------
---------
Net current assets
103,183
97,726
---------
---------
Total assets less current liabilities
108,718
103,025
---------
---------
Net assets
108,718
103,025
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
108,718
103,025
---------
---------
Members' other interests
Other reserves
---------
---------
108,718
103,025
---------
---------
Total members' interests
Loans and other debts due to members
8
108,718
103,025
Members' other interests
---------
---------
108,718
103,025
---------
---------
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 31 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 .
Wealth Generation LLP
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 22 November 2024 , and are signed on their behalf by:
Mr D Brimer
Designated Member
Registered number: OC416496
Wealth Generation LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 26 Kings Hill Avenue, West Malling, Kent, ME19 4AE, England.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2023: 2 ).
5.
Tangible assets
Office equipment
£
Cost
At 1 April 2023
7,775
Additions
1,665
-------
At 31 March 2024
9,440
-------
Depreciation
At 1 April 2023
2,476
Charge for the year
1,429
-------
At 31 March 2024
3,905
-------
Carrying amount
At 31 March 2024
5,535
-------
At 31 March 2023
5,299
-------
6.
Debtors
2024
2023
£
£
Other debtors
4,924
3,215
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,801
2,340
-------
-------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
108,718
103,025
---------
---------