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REGISTERED NUMBER: OC326248 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

FOR

WATTS GREGORY LLP

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WATTS GREGORY LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DESIGNATED MEMBERS: J Mortimer
H Bradfield





REGISTERED OFFICE: Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS





REGISTERED NUMBER: OC326248 (England and Wales)






WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 39,619
Investments 5 17,350 -
17,350 39,619

CURRENT ASSETS
Debtors 6 287,255 1,350,332
Cash at bank and in hand 1,059,363 361,599
1,346,618 1,711,931
CREDITORS
Amounts falling due within one year 7 (786,165 ) (494,095 )
NET CURRENT ASSETS 560,453 1,217,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

577,803

1,257,455

CREDITORS
Amounts falling due after more than one
year

8

-

(29,976

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

577,803

1,227,479

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

577,803

1,227,479

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 577,803 1,227,479
Amounts due from members 6 (43,600 ) -
534,203 1,227,479

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 5 April 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.

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

BALANCE SHEET - continued
5 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 May 2025 and were signed by:




J Mortimer - Designated member




H Bradfield - Designated member


WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. STATUTORY INFORMATION

Watts Gregory 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 LLP's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

There have been no material departures from the Financial Reporting Standard 102 1A.

Turnover
Turnover represents the net value of services provided excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% - 33 1/3% Straight line
Fixtures and fittings - at varying rates on cost

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Amounts to be billed
Services provided to clients, which at the balance sheet date have not been billed, have been recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 40 (2023 - 42 ) .

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Office and
equipment fittings Totals
£    £    £   
COST
At 6 April 2023 165,472 190,335 355,807
Additions 1,448 - 1,448
Disposals (166,920 ) (190,335 ) (357,255 )
At 5 April 2024 - - -
DEPRECIATION
At 6 April 2023 128,359 187,829 316,188
Charge for year 6,259 114 6,373
Eliminated on disposal (134,618 ) (187,943 ) (322,561 )
At 5 April 2024 - - -
NET BOOK VALUE
At 5 April 2024 - - -
At 5 April 2023 37,113 2,506 39,619

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Other investments 17,350 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 107,790 1,069,634
Amounts to be billed - 230,157
Amounts due from members 43,600 -
Other debtors 135,865 20,687
Prepayments and accrued income - 29,854
287,255 1,350,332

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 25,121 23,442
Social security and other taxes - 28,744
Pension - 14,385
VAT 72,376 277,164
Other creditors 636,431 20,188
Retired partner account 39,386 -
Accruals and deferred income 12,851 130,172
786,165 494,095

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 29,976

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 25,121 53,418

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts due to members would rank after amounts due to other unsecured creditors in the event of a winding up. No special protection is afforded to unsecured creditors.

11. RELATED PARTY DISCLOSURES

The members of Watts Gregory LLP control other limited companies. During the year there were recharged expenses totalling £38,895 (2023 - £261,584) made to these companies. In addition, these companies charged Watts Gregory LLP a total of £Nil (2023 - £9,728) for services rendered.

At the year end there was £628,474 owed to, and £14,166 owed by (2023 - £20,018 owed to, and £20,687 owed by) these other related parties.