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REGISTERED NUMBER: OC320806 (England and Wales)















REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

FOR

WESTMINSTER WEALTH MANAGEMENT LLP

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Reconciliation of Members' Interests 10

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


WESTMINSTER WEALTH MANAGEMENT LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DESIGNATED MEMBERS: M J LOCKYER
J CORCORAN





REGISTERED OFFICE: 167 FLEET STREET
LONDON
EC4A 2EA





REGISTERED NUMBER: OC320806 (England and Wales)





AUDITORS: GOLDWYNS
CHARTERED ACCOUNTANTS
STATUTORY AUDITORS
110 BISHOPSGATE
LONDON
EC2N 4AY

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 5 APRIL 2024

The members present their report with the financial statements of the LLP for the year ended 5 April 2024.

PRINCIPAL ACTIVITIES
The principal activities of the LLP in the year under review were those of financial services.

DESIGNATED MEMBERS
M J Lockyer and J Corcoran were designated members of the LLP throughout the year.

OTHER MEMBERS
The following are the non designated members

J A ANDERSON
J H PERKINS
M A J HAYWARD
J P L PEARSON

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £609,716 (2023 - £858,697 profit).

MEMBERS' INTERESTS
The members' drawing policy allows each member to draw a proportion of his profit share entitlement, subject to the cash requirements of the business.

A member's Capital Requirement is linked to his profit share and the financing requirement of the LLP. There is no opportunity for appreciation of the capital subscribed: just as incoming members introduce their capital at "par", so retiring members are repaid their capital at "par".

MEMBERS' DRAWINGS
The overall policy for members' drawings is to distribute a proportion of the profit during the financial year, taking into account the need to maintain sufficient funds to finance the working capital and other needs of the business. The members set the level of monthly drawings.

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 5 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS
The auditors, GOLDWYNS, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE MEMBERS:





M J LOCKYER - Designated member


3 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESTMINSTER WEALTH MANAGEMENT LLP

Opinion
We have audited the financial statements of Westminster Wealth Management LLP (the 'LLP') for the year ended 5 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the LLP's affairs as at 5 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESTMINSTER WEALTH MANAGEMENT LLP


Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters
The comparative financial statements are unaudited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESTMINSTER WEALTH MANAGEMENT LLP


Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.




MARTIN MYERS FCA (Senior Statutory Auditor)
for and on behalf of GOLDWYNS
CHARTERED ACCOUNTANTS
STATUTORY AUDITORS
110 BISHOPSGATE
LONDON
EC2N 4AY

3 January 2025

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 3 15,875,179 14,768,546

Cost of sales 9,536,909 9,301,820
GROSS PROFIT 6,338,270 5,466,726

Administrative expenses 5,706,215 4,589,721
OPERATING PROFIT 5 632,055 877,005

Interest receivable and similar income 1,170 400
633,225 877,405

Interest payable and similar expenses 7 23,509 18,708
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


609,716


858,697

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES


609,716


858,697

Members' remuneration charged as an expense 8 (609,716 ) (858,697 )
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


-


-

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


-


-


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

-

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 207,404 195,202

CURRENT ASSETS
Debtors 10 2,670,010 2,017,171
Cash at bank 594,408 857,443
3,264,418 2,874,614
CREDITORS
Amounts falling due within one year 11 2,507,441 2,186,168
NET CURRENT ASSETS 756,977 688,446
TOTAL ASSETS LESS CURRENT
LIABILITIES

964,381

883,648

CREDITORS
Amounts falling due after more than one year 12 32,407 87,963
NET ASSETS ATTRIBUTABLE TO
MEMBERS

931,974

795,685

LOANS AND OTHER DEBTS DUE TO
MEMBERS

16

701,574

795,685

MEMBERS' OTHER INTERESTS
Capital accounts 230,400 -
931,974 795,685

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 16 701,574 795,685
Members' other interests 230,400 -
931,974 795,685

The financial statements were approved and authorised for issue by the members of the LLP and authorised for issue on 3 January 2025 and were signed by:





M J LOCKYER - Designated member

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 5 APRIL 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 6 April 2023 - - -
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for discretionary
division among members

-

-

-
Members' interests after profit for the year - - -
Introduced by members 230,400 - 230,400
Drawings on account and distributions of profit - - -
Balance at 5 April 2024 230,400 - 230,400

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 795,685
Amount due from members -
Balance at 6 April 2023 795,685 795,685
Members' remuneration charged as an expense,
including employment and retirement benefit costs

609,716

609,716

Profit for the financial year available for discretionary
division among members

-

-

Members' interests after profit for the year 1,405,401 1,405,401
Introduced by members - 230,400
Drawings on account and distributions of profit (703,827 ) (703,827 )
Amount due to members 701,574
Amount due from members -
Balance at 5 April 2024 701,574 931,974

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 5 APRIL 2024

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 720,681
Amount due from members -
Balance at 6 April 2022 - 720,681 720,681
Members' remuneration charged as
an expense, including employment
and retirement benefit costs


-


858,697


858,697


Profit for the financial year available
for discretionary division among
members


-


-


-


Members' interests after profit for the
year

-

1,579,378

1,579,378

Drawings on account and
distributions of profit

-

(783,693

)

(783,693

)

Amount due to members 795,685
Amount due from members -
Balance at 5 April 2023 - 795,685 795,685

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 2 549,438 948,765
Interest paid (23,509 ) (18,708 )
Net cash from operating activities 525,929 930,057

Cash flows from investing activities
Purchase of tangible fixed assets (181,058 ) (61,809 )
Interest received 1,170 400
Net cash from investing activities (179,888 ) (61,409 )

Transactions with members and former members
Payments to members (703,827 ) (783,693 )
Contributions by members 230,400 -
(473,427 ) (783,693 )

Cash flows from other financing activities
New loans in year (80,093 ) -
Loan repayments in year (55,556 ) (55,556 )
(135,649 ) (55,556 )
Net cash from financing activities (609,076 ) (839,249 )

(Decrease)/increase in cash and cash equivalents (263,035 ) 29,399
Cash and cash equivalents at beginning of
year

3

857,443

828,044

Cash and cash equivalents at end of year 3 594,408 857,443

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

1. CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT
Drawings and distributions of profits are included in the operating cash flows.

2. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit for the financial year available for discretionary division among
members

-

-
Members' remuneration charged as an expense 609,716 858,697
Depreciation charges 168,856 159,995
Finance costs 23,509 18,708
Finance income (1,170 ) (400 )
800,911 1,037,000
Increase in trade and other debtors (572,746 ) (427,483 )
Increase in trade and other creditors 321,273 339,248
Cash generated from operations 549,438 948,765

3. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 5 April 2024
5.4.24 6.4.23
£    £   
Cash and cash equivalents 594,408 857,443
Year ended 5 April 2023
5.4.23 6.4.22
£    £   
Cash and cash equivalents 857,443 828,044


WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

4. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 6.4.23 Cash flow changes At 5.4.24
£    £    £    £   
Net cash
Cash at bank 857,443 (263,035 ) 594,408
857,443 (263,035 ) 594,408
Debt
Debts falling due
within 1 year (55,556 ) - - (55,556 )
Debts falling due
after 1 year (87,963 ) 55,556 - (32,407 )
(143,519 ) 55,556 - (87,963 )
Net funds (before
members' debt) 713,924 (207,479 ) - 506,445

Loans and other debts
due to members
Other amounts
due to members (795,685 ) 703,827 (609,716 ) (701,574 )
Net debt (81,761 ) 496,348 (609,716 ) (195,129 )

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

Westminster Wealth Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going concern
At the time of approving the financial statements, the partners have a reasonable expectation that the partnership has adequate resources to continue in operation existence for the foreseeable future. Thus, the partners continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty
The members do not believe that there are any estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Turnover
Turnover represents fee and commission income. Turnover is recognised when the income is receivable, based on delivery of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the remaining period of the lease
Fixtures and fittings - 33% on cost
Computer equipment - 50% on cost

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the LLP has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the principal activities of the LLP.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Financial services 15,875,179 14,768,546
15,875,179 14,768,546

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 15,875,179 14,768,546
15,875,179 14,768,546

4. EMPLOYEE INFORMATION
2024 2023
£    £   
Wages and salaries 2,511,215 2,036,172
Social security costs 266,049 224,745
Other pension costs 249,602 203,013
3,026,866 2,463,930

The average number of employees during the year was as follows:
2024 2023

Finance and compliance support staff 64 53

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 29,142 26,603
Other operating leases 343,683 172,771
Depreciation - owned assets 168,856 159,995

6. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the partnership's auditor:

For audit services
Audit of the financial statements of the partnership 20,000 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 23,509 18,708

8. INFORMATION IN RELATION TO MEMBERS
2024 2023
£    £   
Members' remuneration charged as an expense
Profit Share 126,000 121,500
Automatic division of profit 483,716 737,197
Total remuneration 609,716 858,697

2024 2023
£    £   
The amount of profit attributable to the member with the largest entitlement was 403,904 615,559

2024 2023

The average number of members during the year was 6 6

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 6 April 2023 188,991 137,889 385,268 712,148
Additions - - 181,058 181,058
At 5 April 2024 188,991 137,889 566,326 893,206
DEPRECIATION
At 6 April 2023 116,838 75,917 324,191 516,946
Charge for year 47,283 40,127 81,446 168,856
At 5 April 2024 164,121 116,044 405,637 685,802
NET BOOK VALUE
At 5 April 2024 24,870 21,845 160,689 207,404
At 5 April 2023 72,153 61,972 61,077 195,202


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by connected companies 80,093 -
Other debtors 213,753 196,673
Prepayments and accrued income 2,376,164 1,820,498
2,670,010 2,017,171

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 55,556 55,556
Trade creditors 241,527 185,134
Social security and other taxes 111,943 55,338
VAT 4,182 1,643
Other creditors 7,898 2,863
Accrued expenses 2,086,335 1,885,634
2,507,441 2,186,168

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 13) 32,407 87,963

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 55,556 55,556

Amounts falling due between two and five years:
Bank loans - 2-5 years 32,407 87,963

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 630,000 549,000
Between one and five years 791,000 392,000
1,421,000 941,000

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 87,963 143,519

The bank loan is secured by way of a fixed and floating charge over the assets of the partnership and with a guarantee from the UK Government under the Enterprise Finance Guarantee scheme.

16. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 701,574 795,685

Falling due within one year 701,574 795,685

Loans and other debts due to members in excess of the fixed capital ranks equally with other creditors in the case of a winding up.

17. PENSION COMMITMENTS

The company contributes to a defined contribution scheme which is an independently administered fund. The fund assets are held separately from those of the company. The contributions paid during the year totalled £34,449.

WESTMINSTER WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC320806)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The LLP's financial risk management policies are designed to safeguard its financial position and mitigate the risks associated with price, credit, liquidity, and cash flow exposures.

Exposure to Price Risk
The LLP has minimal exposure to price risk.

Exposure to Credit Risk
Credit risk arises from cash and trade receivables. The LLP mitigates this risk by working with reputable financial institutions and conducting regular assessments of counterparties' credit quality.No significant provision for bad debts has been recognised, as historical data indicates minimal risk of default.

Exposure to Liquidity Risk
Liquidity risk is managed by maintaining sufficient cash reserves and ensuring access to adequate funding facilities. Regular cash flow forecasts are prepared to ensure the LLP can meet its financial obligations as they fall due, even under challenging conditions.

Exposure to Cash Flow Risk
The LLP's exposure to cash flow risk arises primarily from fluctuations in operational income and expenditure. This risk is mitigated through proactive financial planning, including regular cash flow monitoring and maintaining a buffer of liquid assets to support operational needs.