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REGISTERED NUMBER: OC304510 (England and Wales)



















ASSET WEALTH MANAGEMENT LLP

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Report of the Members 2

Profit and Loss Account 3

Balance Sheet 4

Notes to the Financial Statements 5


ASSET WEALTH MANAGEMENT LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Mr M S Basra
Mrs A K Basra





REGISTERED OFFICE: 10 Station Road
Letchworth
Herts
SG6 3AU





REGISTERED NUMBER: OC304510 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of financial advisers.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mr M S Basra
Mrs A K Basra

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £42,661 (2023 - £94,762 profit).

MEMBERS' INTERESTS

CHARITABLE DONATIONS AND EXPENDITURE
During the year the partnership has made charitable donations amounting to £3,381 (2023: £3,434).

ON BEHALF OF THE MEMBERS:





Mr M S Basra - Designated member


14 May 2024

ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 286,264 424,015

Cost of sales 67,197 122,965
GROSS PROFIT 219,067 301,050

Administrative expenses 176,406 206,276
OPERATING PROFIT 4 42,661 94,774


Interest payable and similar expenses - 12
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




42,661




94,762

ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 28,798 34,491

CURRENT ASSETS
Debtors 6 80,000 45,000
Cash at bank 49,648 322,351
129,648 367,351
CREDITORS
Amounts falling due within one year 7 94,241 334,321
NET CURRENT ASSETS 35,407 33,030
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

64,205

67,521

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

64,201

67,517

MEMBERS' OTHER INTERESTS
Capital accounts 4 4
64,205 67,521

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 64,201 67,517
Members' other interests 4 4
64,205 67,521

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 14 May 2024 and were signed by:





Mr M S Basra - Designated member

ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Asset 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" 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.

Critical accounting 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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2023 - 3 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 7,495 2,873

ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 15,839 5,864 35,280 459 57,442
Additions - - - 1,802 1,802
At 31 March 2024 15,839 5,864 35,280 2,261 59,244
DEPRECIATION
At 1 April 2023 15,424 4,717 2,352 458 22,951
Charge for year 104 287 6,586 518 7,495
At 31 March 2024 15,528 5,004 8,938 976 30,446
NET BOOK VALUE
At 31 March 2024 311 860 26,342 1,285 28,798
At 31 March 2023 415 1,147 32,928 1 34,491

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 80,000 45,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 462 462
Social security and other taxes (2,717 ) 1,176
Accrued expenses 96,496 332,683
94,241 334,321

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.