WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Wanis Management Services LLP (the "LLP") is a limited liability partnership, incorporated in England and Wales, registration number OC376789. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London E11 1GA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The LLP is a subsidiary company of Sara (EU) Limited (incorporated in England and Wales). The LLP is included in the consolidated financial statements of Sara (EU) Limited which are publically available.
The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Sara (EU) Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.
The LLP meets its day-to-day working capital requirements through careful management of working capital positions. The LLP's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the LLP should be able to operate without other third party support. After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The LLP provides personnel services. Sales invoices are raised monthly in arrears for personnel services provided. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms. The element of financing is deemed immaterial and disregarded in the treatment of revenue.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following annual basis:
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 the Statement of comprehensive income.
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Taxation payable on the profits of the LLP is the personal liability of the members. A retention from profits may be made to fund future payments of taxation on the members' behalf. The retention is reflected in loans and other debts due to members.
The LLP agreement determines the amount of profit to be treated as members' remuneration. This profit is treated as allocated. All profits are automatically allocated and realised in the statement of comprehensive income as members' remuneration charged as an expense by reference to the pre-determined profit share mechanisms. Allocated profit is included within 'loans and other debts due to members' in 'other amounts' on the Balance Sheet.
Drawings are treated as payments on account of profit allocation and are subject to sufficent cash availability. Any Drawings in excess of total allocated profits would be included within 'amounts due from members' within other debtors. The capital requirements of the LLP are determined by the members and are reviewed regularly. No interest is paid on capital. On leaving the partnership, a member's capital is repaid without reasonable delay.
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 .
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The LLP operates a defined contributions pension scheme. The net assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £92,492 (2023 - £87,655). Contributions totalling £19,131 (2023 - £12,908) were payable to the fund at the balance sheet and are included in creditors.
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WANIS MANAGEMENT SERVICES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The LLP's ultimate parent undertaking is Sara (EU) Limited, a company incorporated in Engand and Wales. The registered office of this company is Golden House, Golden Business Park, Leyton, London, E10 7FE. The LLP is included in the consolidated accounts prepared by Sara (EU) Limited.
There is no ultimate controlling party.
The audit report was signed on
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