Limited Liability Partnership registration number OC320445 (England and Wales)
WSM (SOLICITORS) LLP
Annual report and unaudited financial statements
For the period ended 31 March 2024
Pages for filing with registrar
WSM (SOLICITORS) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr T A Sweetland
Ms H C Weller
Mr M W Waterfield
LLP registration number
OC320445
Registered office
2 Gibbard Mews
Wimbledon Village
London
SW19 5BF
Accountants
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
WSM (SOLICITORS) LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WSM (SOLICITORS) LLP
BALANCE SHEET
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,191
19,278
Current assets
Debtors
5
213,461
271,334
Cash at bank and in hand
119,932
207,696
333,393
479,030
Creditors: amounts falling due within one year
6
(67,282)
(135,942)
Net current assets
266,111
343,088
Total assets less current liabilities
285,302
362,366
Creditors: amounts falling due after more than one year
7
(41,345)
-
Net assets attributable to members
243,957
362,366
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
130,287
248,696
Members' other interests
Members' capital classified as equity
113,669
113,669
Other reserves classified as equity
1
1
243,957
362,366
Total members' interests
Amounts due from members
(5,293)
(2,884)
Loans and other debts due to members
130,287
248,696
Members' other interests
113,670
113,670
238,664
359,482
WSM (SOLICITORS) LLP
BALANCE SHEET (CONTINUED)
As at 31 March 2024
- 2 -

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 17 June 2025 and are signed on their behalf by:
17 June 2025
Ms H C Weller
Designated member
Limited Liability Partnership Registration No. OC320445
WSM (SOLICITORS) LLP
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 March 2024
- 3 -
1
Accounting policies
Limited liability partnership information

WSM (Solicitors) LLP is a limited liability partnership incorporated in England and Wales. The registered office is 2 Gibbard Mews, Wimbledon Village, London, SW19 5BF.

 

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

1.1
Accounting convention

The financial statements are prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have undertaken an assessment of the adequacy of the resources available to the limited liability partnership. The members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future and, accordingly, continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The company has changed its reporting period end from 30 June to 31 March, effective for the current financial year. This results in a shortened reporting period of 9 months (1 July 2023 to 31 March 2024), compared to the previous 12-month period (1 July 2022 to 30 June 2023). The reason for this change was to align the reporting period of the company with that of the fiscal year in the UK. Comparative amounts for the prior period (30 June 2023) are not entirely comparable due to the differing reporting durations.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance sheet date are carried forward as work in progress.

1.5
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.

1.6
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.

WSM (SOLICITORS) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -

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:

Land and buildings Leasehold
5% on cost
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
Straight line over the lease term

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.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

WSM (SOLICITORS) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

WSM (SOLICITORS) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.11

Members' remuneration

Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account within "salaried remuneration of members". This amount also includes other amounts payable to the members irrespective of the profits of the limited liability partnership.

A member's share of the profit or loss is accounted for as an allocation of profits. Unallocated profits and losses are included within "other reserves".

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
3
4
WSM (SOLICITORS) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
15,769
81,326
97,095
Additions
-
7,632
7,632
At 31 March 2024
15,769
88,958
104,727
Depreciation and impairment
At 1 July 2023
13,389
64,426
77,815
Depreciation charged in the Period
591
7,130
7,721
At 31 March 2024
13,980
71,556
85,536
Carrying amount
At 31 March 2024
1,789
17,402
19,191
At 30 June 2023
2,380
16,900
19,280
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
123,624
161,708
Amounts owed by members
5,293
2,884
Other debtors
84,544
106,742
213,461
271,334
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,338
21,404
Other taxation and social security
48,257
42,049
Other creditors
2,039
2,039
Accruals and deferred income
6,648
70,450
67,282
135,942
WSM (SOLICITORS) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 March 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
41,345
-

 

8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
43,400
43,400
In over five years
87,000
130,400
130,400
173,800
2024-03-312023-07-01falsefalse17 June 2025CCH SoftwareCCH Accounts Production 2025.100falseOC3204452023-07-012024-03-31OC320445bus:PartnerLLP12023-07-012024-03-31OC320445bus:PartnerLLP22023-07-012024-03-31OC320445bus:PartnerLLP42023-07-012024-03-31OC3204452024-03-31OC3204452023-06-30OC3204452022-07-012023-06-30OC320445bus:LimitedLiabilityPartnershipLLP2023-07-012024-03-31OC320445bus:SmallCompaniesRegimeForAccounts2023-07-012024-03-31OC320445bus:FRS1022023-07-012024-03-31OC320445bus:AuditExemptWithAccountantsReport2023-07-012024-03-31OC320445bus:FullAccounts2023-07-012024-03-31xbrli:purexbrli:sharesiso4217:GBP