Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalseNo description of principal activity1818false OC378220 2023-03-31 OC378220 2023-04-01 2024-03-31 OC378220 2022-09-01 2023-08-31 OC378220 2024-03-31 OC378220 2023-08-31 OC378220 c:MotorVehicles 2023-04-01 2024-03-31 OC378220 c:MotorVehicles 2024-03-31 OC378220 c:MotorVehicles 2023-08-31 OC378220 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC378220 c:FurnitureFittings 2023-04-01 2024-03-31 OC378220 c:FurnitureFittings 2024-03-31 OC378220 c:FurnitureFittings 2023-08-31 OC378220 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC378220 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC378220 c:Goodwill 2023-04-01 2024-03-31 OC378220 c:Goodwill 2024-03-31 OC378220 c:Goodwill 2023-08-31 OC378220 c:CurrentFinancialInstruments 2024-03-31 OC378220 c:CurrentFinancialInstruments 2023-08-31 OC378220 c:Non-currentFinancialInstruments 2024-03-31 OC378220 c:Non-currentFinancialInstruments 2023-08-31 OC378220 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC378220 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 OC378220 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC378220 c:Non-currentFinancialInstruments c:AfterOneYear 2023-08-31 OC378220 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC378220 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-08-31 OC378220 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC378220 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-08-31 OC378220 d:FRS102 2023-04-01 2024-03-31 OC378220 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC378220 d:FullAccounts 2023-04-01 2024-03-31 OC378220 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC378220 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC378220 c:HirePurchaseContracts c:WithinOneYear 2023-08-31 OC378220 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC378220 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-08-31 OC378220 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 OC378220 2 2023-04-01 2024-03-31 OC378220 c:Goodwill c:OwnedIntangibleAssets 2023-04-01 2024-03-31 OC378220 d:PartnerLLP1 2023-04-01 2024-03-31 OC378220 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC378220 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-08-31 OC378220 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC378220 c:FurtherSpecificReserve3ComponentTotalEquity 2023-08-31 OC378220 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC378220










WEALTH MATTERS FINANCIAL PLANNING LLP








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
WEALTH MATTERS FINANCIAL PLANNING LLP
REGISTERED NUMBER:OC378220

BALANCE SHEET
AS AT 31 MARCH 2024

31 March 2024
31 August 2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
634,092
465,673

Tangible assets
 5 
145,677
169,365

  
779,769
635,038

Current assets
  

Debtors: amounts falling due within one year
 6 
170,091
352,190

Cash at bank and in hand
 7 
101,576
290,245

  
271,667
642,435

Creditors: amounts falling fue within one year
 8 
(517,223)
(398,716)

Net current (liabilities)/assets
  
 
 
(245,556)
 
 
243,719

Total assets less current liabilities
  
534,213
878,757

Creditors: amounts falling due after more than one year
 9 
(270,954)
(329,084)

  

Net assets
  
263,259
549,673


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
233,259
504,673

  
233,259
504,673

Members' other interests
  

Members' capital classified as equity
  
30,000
45,000

  
 
30,000
 
45,000

  
263,259
549,673


Total members' interests
  

Loans and other debts due to members
 12 
233,259
504,673

Members' other interests
  
30,000
45,000

  
263,259
549,673


Page 1

 
WEALTH MATTERS FINANCIAL PLANNING LLP
REGISTERED NUMBER:OC378220
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

The entity 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.

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

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




................................................
Julian Gilbert
Designated member

Date: 5 February 2025

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Profit for the period available for discretionary division among members
 
-
557,727
557,727
-
-
557,727

Members' interests after profit for the period
45,000
557,727
602,727
314,522
314,522
917,249

Other division of profits
-
(557,727)
(557,727)
557,727
557,727
-

Amounts introduced by members
-
-
-
38,972
38,972
38,972

Drawings on account and distribution of profit
-
-
-
(406,548)
(406,548)
(406,548)

Amounts due to members
504,673
504,673

Balance at 31 August 2023
45,000
-
45,000
504,673
504,673
549,673

Profit for the period available for discretionary division among members
 
-
281,760
281,760
-
-
281,760

Members' interests after profit for the period
45,000
281,760
326,760
504,673
504,673
831,433

Other division of profits
-
(281,760)
(281,760)
281,760
281,760
-

Repayment of capital
(15,000)
-
(15,000)
-
-
(15,000)

Drawings on account and distribution of profit
-
-
-
(553,174)
(553,174)
(553,174)

Amounts due to members
233,259
233,259

Balance at 31 March 2024 
30,000
-
30,000
233,259
233,259
263,259

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Wealth Matters Financial Planning LLP is a limited liability partnership incorporated in England and Wales with a principal activity of providing mortgage brokering and financial advisory services. The registered office and principal place of business is 727 Capability Green, Luton, Beds, LU1 3LU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The financial statements are prepared for the 7 month period 1 September 2023 to 31 March 2024. The financial statements to 31 August 2023 are for a period of 12 months and are therefore not entirely comparable. The period end was changed to 31 March 2024 for administrative efficiencies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Leased assets: the LLP as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.5

Members' participation rights

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 FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. 
                                                
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.8

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
Page 7

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 8

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 18 (2023 - 18).


4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
669,018


Additions
248,329



At 31 March 2024

917,347



Amortisation


At 1 September 2023
203,345


Charge for the year
79,910



At 31 March 2024

283,255



Net book value



At 31 March 2024
634,092



At 31 August 2023
465,673



Page 9

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 September 2023
210,837
159,485
370,322


Additions
-
1,184
1,184



At 31 March 2024

210,837
160,669
371,506



Depreciation


At 1 September 2023
103,385
97,572
200,957


Charge for the year
15,670
9,202
24,872



At 31 March 2024

119,055
106,774
225,829



Net book value



At 31 March 2024
91,782
53,895
145,677



At 31 August 2023
107,452
61,913
169,365


6.


Debtors

31 March 2024
31 August 2023
£
£


Trade debtors
-
17,373

Other debtors
25,720
25,720

Prepayments and accrued income
144,371
309,097

170,091
352,190



7.


Cash and cash equivalents

31 March 2024
31 August 2023
£
£

Cash at bank and in hand
101,576
290,245

101,576
290,245


Page 10

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

31 March 2024
31 August 2023
£
£

Bank loans
90,677
89,853

Trade creditors
31,625
1,936

Other taxation and social security
-
21,381

Obligations under finance lease and hire purchase contracts
20,504
19,837

Other creditors
358,641
243,775

Accruals and deferred income
15,776
21,934

517,223
398,716


Bank loans of £90,677 (2023 - £89,853) are secured on the assets of the entity.
Net obligations under finance lease and hire purchase contracts of £20,504 (2023 - £19,837) are secured on the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

31 March 2024
31 August 2023
£
£

Bank loans
269,192
315,220

Net obligations under finance leases and hire purchase contracts
1,762
13,864

270,954
329,084


Bank loans of £269,192 (2023 - £315,220) are secured on the assets of the entity.
Net obligations under finance lease and hire purchase contracts of £1,762 (2023 - £13,864) are secured on the assets to which they relate.

Page 11

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


31 March 2024
31 August 2023
£
£

Amounts falling due within one year

Bank loans
90,677
89,853


90,677
89,853

Amounts falling due 1-2 years

Bank loans
90,677
89,853


90,677
89,853

Amounts falling due 2-5 years

Bank loans
178,515
225,367


178,515
225,367


359,869
405,073



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March 2024
31 August 2023
£
£


Within one year
21,242
21,242

Between 1-5 years
1,770
14,161

23,012
35,403

At the balance sheet date, the total hire purchase creditor was £22,266 (2023 - £33,701). The difference between the hire purchase creditor and the total minimum lease payments is future interest payable.

Page 12

 
WEALTH MATTERS FINANCIAL PLANNING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Loans and other debts due to members


31 March 2024
31 August 2023
£
£



Other amounts due to members
233,259
504,673

233,259
504,673

Loans and other debts due to members may be further analysed as follows:

31 March 2024
31 August 2023
£
£



Falling due within one year
233,259
504,673

233,259
504,673

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

 
Page 13