Registered number
OC342327
Verity Wealth Management LLP
Filleted Accounts
5 April 2025
Verity Wealth Management LLP
Registered number: OC342327
Balance Sheet
as at 5 April 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 45,189 60,637
Current assets
Debtors 4 1,474 1,474
Cash at bank and in hand 99,936 78,927
101,410 80,401
Creditors: amounts falling due within one year 5 (9,467) (9,117)
Net current assets 91,943 71,284
Total assets less current liabilities 137,132 131,921
Creditors: amounts falling due after more than one year 6 (11,461) (19,586)
Net assets attributable to members 125,671 112,335
Represented by:
Loans and other debts due to members 7 125,671 97,884
Members' other interests
Members' capital classified as equity - 14,451
125,671 112,335
Total members' interests
Loans and other debts due to members 7 125,671 97,884
Members' other interests - 14,451
125,671 112,335
For the year ended 5 April 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to 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.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 8 May 2025 and signed on their behalf by:
Mrs S Pickering
Designated member
Verity Wealth Management LLP
Notes to the Accounts
for the year ended 5 April 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if 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. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 33% reducing balance
Fixtures & Fittings 20% reducing balance
Motor Vehicles 25% reducing balance
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2025 2024
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Motor Vehicles Computer Equipment Fixtures & Fittings Total
£ £ £ £
Cost
At 6 April 2024 66,931 13,758 2,581 83,270
At 5 April 2025 66,931 13,758 2,581 83,270
Depreciation
At 6 April 2024 10,573 9,891 2,169 22,633
Charge for the year 14,090 1,276 82 15,448
At 5 April 2025 24,663 11,167 2,251 38,081
Net book value
At 5 April 2025 42,268 2,591 330 45,189
At 5 April 2024 56,358 3,867 412 60,637
4 Debtors 2025 2024
£ £
Other debtors 1,474 1,474
5 Creditors: amounts falling due within one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 8,126 8,121
Trade creditors 381 36
Other creditors 960 960
9,467 9,117
6 Creditors: amounts falling due after one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 11,461 19,586
7 Loans and other debts due to members 2025 2024
£ £
Members capital classified as debt 14,451 -
Loans from members 5,000 5,000
Amounts due to members in respect of profits 106,220 92,884
125,671 97,884
Amounts falling due within one year 125,671 97,884
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
Verity Wealth Management LLP is a limited liability partnership incorporated in England. Its registered office is:
Suite 11, The Hub
New Century House, Crowther Rd
Washington
Tyne & Wear
NE38 0AQ
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