Limited Liability Partnership Registration No. OC336159 (England and Wales)
PRIVATE WILL SERVICES LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PRIVATE WILL SERVICES LLP
BALANCE SHEET
AS AT 5 APRIL 2024
05 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
512
452
Current assets
Debtors
4
891
848
Cash at bank and in hand
785
234
1,676
1,082
Creditors: amounts falling due within one year
5
(720)
(680)
Net current assets
956
402
Total assets less current liabilities and net assets attributable to members
1,468
854
Represented by:
Members' other interests
Members' capital classified as equity
1,468
854
1,468
854

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 5 April 2024 the limited liability partnership 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 limited liability partnerships.

 

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

PRIVATE WILL SERVICES LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2024
05 April 2024
2
The financial statements were approved by the members and authorised for issue on 23 December 2024 and are signed on their behalf by:
23 December 2024
Mr TA Coles
Designated member
Limited Liability Partnership registration number OC336159 (England and Wales)
PRIVATE WILL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
3
1
Accounting policies
Limited liability partnership information

Private Will Services LLP is a limited liability partnership incorporated in England and Wales. The registered office is 23 Raglan Close, Valley Park, Eastleigh, Hampshre, SO53 4NH.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PRIVATE WILL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies (Continued)
4

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
IT equipment
25% straight line
1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
PRIVATE WILL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2023
3,168
Additions
405
Disposals
(2,087)
At 5 April 2024
1,486
Depreciation and impairment
At 6 April 2023
2,716
Depreciation charged in the year
345
Eliminated in respect of disposals
(2,087)
At 5 April 2024
974
Carrying amount
At 5 April 2024
512
At 5 April 2023
452
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
891
848
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
720
680
PRIVATE WILL SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
6
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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