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Registration number: SO303783

Williamson & Henry LLP


Unaudited Financial Statements

31 March 2024

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Williamson & Henry LLP

Contents

Accountants' Report

1

Financial Statements

2

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Williamson & Henry LLP
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Williamson & Henry LLP for the year ended 31 March 2024 set out on pages 2 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Williamson & Henry LLP, as a body, in accordance with the terms of our engagement letter dated 17 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of Williamson & Henry LLP and state those matters that we have agreed to state to the members of Williamson & Henry LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Williamson & Henry LLP and its members as a body for our work or for this report.

It is your duty to ensure that Williamson & Henry LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Williamson & Henry LLP. You consider that Williamson & Henry LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Williamson & Henry LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

7 November 2024

 

Williamson & Henry LLP

(Registration number: SO303783)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

19,350

22,461

Current assets

 

Debtors

5

141,218

114,895

Cash and short-term deposits

 

124,587

117,359

 

265,805

232,254

Creditors: Amounts falling due within one year

6

(120,683)

(93,885)

Net current assets

 

145,122

138,369

Total assets less current liabilities

 

164,472

160,830

Creditors: Amounts falling due after more than one year

7

(25,014)

(48,105)

Net assets attributable to members

 

139,458

112,725

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

139,458

112,725

   

139,458

112,725

Total members' interests

 

Loans and other debts due to members

 

139,458

112,725

   

139,458

112,725

 

Williamson & Henry LLP

(Registration number: SO303783)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Williamson & Henry LLP (registered number SO303783) were approved by the Board and authorised for issue on 7 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
I M Rodger
Designated member

 

Williamson & Henry LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in Scotland under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Williamson & Henry LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

The address of the registered office is:
3 St. Cuthbert Street
KIRKCUDBRIGHT
DG6 4DJ

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Williamson & Henry LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, except for freehold property which is included at valuation. The valuation is reviewed by the LLP at each balance sheet date.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition
and installation.

 

Williamson & Henry LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Office equipment

20% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Profit and Loss Account on a straight line basis over the lease term.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the
profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Williamson & Henry LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation

7,215

7,494

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 15 (2023 - 15).

4

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

32,915

59,162

92,077

Additions

1,394

2,794

4,188

Disposals

-

(1,253)

(1,253)

At 31 March 2024

34,309

60,703

95,012

Depreciation

At 1 April 2023

27,796

41,820

69,616

Charge for the year

587

6,628

7,215

Eliminated on disposals

-

(1,169)

(1,169)

At 31 March 2024

28,383

47,279

75,662

Net book value

At 31 March 2024

5,926

13,424

19,350

At 31 March 2023

5,119

17,342

22,461

 

Williamson & Henry LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
 £

2023
 £

Trade debtors

48,998

25,569

Other debtors

80,047

78,960

Prepayments and accrued income

12,173

10,366

141,218

114,895

6

Creditors: Amounts falling due within one year

2024
 £

2023
 £

Bank loans and overdrafts

23,091

23,091

Trade creditors

9,063

4,501

Other creditors

1,841

-

Accruals and deferred income

43,753

33,406

Taxation and social security

42,935

32,887

120,683

93,885

7

Creditors: Amounts falling due after more than one year

2024
 £

2023
 £

Bank loans and overdrafts

25,014

48,105

Bank loans and overdrafts are secured by way of a floating charge over the company's assets.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £59,694 (2023 - £71,433). These commitments include £50,735 (2023 : £60,935) in relation to property leases.

9

Off-balance sheet arrangements

At 31 March 2024 the LLP held client money totalling £2,946,266 (2023 : £1,552,610). These monies were held in various client accounts in accordance with the Solicitors (Scotland) Accounts, Accounts Certificate, Professional Practice and Guarantee Fund Rules 2001.