WLB Consultants LLP Filleted Accounts Cover
WLB Consultants LLP
Registered No. OC425692
Information for Filing with the Registrar
31 January 2024
WLB Consultants LLP Balance Sheet Registrar
at
31 January 2024
Registered No.
OC425692
Notes
2024
2023
£
£
Fixed assets
Tangible assets
5
-
256,530
-
256,530
Current assets
Debtors
6
76
-
Cash at bank and in hand
7,887
8,958
7,963
8,958
Creditors: Amounts falling due within one year
7
(27,800)
(34,431)
Net current liabilities
(19,837)
(25,473)
Total assets less current liabilities
(19,837)
231,057
Creditors: Amounts falling due after more than one year
8
(98,008)
(169,385)
Net (liabilities)/assets attributable to members
(117,845)
61,672
Represented by:
Loans and other debts due to members
(144,845)
34,672
Members' other interests
Members' capital
27,000
27,000
27,000
27,000
(117,845)
61,672
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 January 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 31 January 2024 and signed on its behalf by:
W.L. Bailey
Designated member
31 January 2024
WLB Consultants LLP Notes to the Accounts Registrar
for the year ended 31 January 2024
1
General information
WLB Consultants LLP is a limited liability partnership and incorporated in England and Wales.
Its registered number is: OC425692
Its registered office is:
Suite 7 Regency House
Harold Wood
Romford
Essex
RM3 0BP
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Information in relation to members
2024
2023
£
£
Automatic division of profits
50,238
78,674
50,238
78,674
4
Employees
2024
2023
Number
Number
The average number of persons employed during the year was:
2
2
5
Tangible fixed assets
Motor vehicles
Total
£
£
Cost
At 1 February 2023
256,530256,530
Disposals
(256,530)
(256,530)
Depreciation
Net book values
At 31 January 2023
256,530
256,530
6
Debtors
2024
2023
£
£
VAT recoverable
76-
76-
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-10,525
Obligations under finance lease and hire purchase contracts
-22,106
Other creditors
25,000-
Accruals and deferred income
2,8001,800
27,80034,431
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-22,173
Obligations under finance lease and hire purchase contracts
-49,204
Accruals and deferred income
98,00898,008
98,008169,385
9
Loans and other debts due to members
2024
2023
£
£
Loans from members
(852,342)
(622,587)
Amounts due to members in respect of profits
707,497
657,259
(144,845)
34,672
Amounts falling due within one year
(144,845)
-
(144,845)
34,672
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