Limited Liability Partnership registration number OC414315 (England and Wales)
SADIE WATSON LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SADIE WATSON LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SADIE WATSON LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,503
2,056
Current assets
Debtors
4
197,328
21,858
Cash at bank and in hand
61,272
219,290
258,600
241,148
Creditors: amounts falling due within one year
5
(110,354)
(36,808)
Net current assets
148,246
204,340
Total assets less current liabilities and net assets attributable to members
151,749
206,396
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
151,749
206,396

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 period ended 31 March 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 acknowledge their responsibilities for complying with the requirements of the Act (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.

The financial statements were approved by the members and authorised for issue on 31 January 2025 and are signed on their behalf by:
31 January 2025
Ms T M Jarvis
Designated member
Limited Liability Partnership registration number OC414315 (England and Wales)
SADIE WATSON LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Sadie Watson LLP is a limited liability partnership incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.

 

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

1.1
Reporting period

The financial statements are presented for the period from 1 November 2022 to 31 March 2024 to comply with Basis Period Reform. As the financial statements are for a lengthened period the comparative amounts are not entirely comparable. Subsequent periods will be reported on a yearly basis.

1.2
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.

These financial statements for the period ended 31 March 2024 are the first financial statements of Sadie Watson LLP prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.3
Turnover

Turnover represents the amounts recoverable for services provided net of VAT.

1.4
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
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.

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

SADIE WATSON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The limited liability partnership has only basic 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
12,542
Additions
2,778
At 31 March 2024
15,320
Depreciation and impairment
At 1 November 2022
10,486
Depreciation charged in the period
1,331
At 31 March 2024
11,817
Carrying amount
At 31 March 2024
3,503
At 31 October 2022
2,056
SADIE WATSON LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
100,960
962
Other debtors
96,368
20,896
197,328
21,858
5
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
4,607
4,872
Other creditors
105,747
31,936
110,354
36,808
6
Loans and other debts due to members
£
£
Analysis of loans
Amounts falling due within one year
151,749
206,396
151,749
206,396

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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