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Registration number: OC422001

Dow Schofield Watts Transaction Services (London) LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Dow Schofield Watts Transaction Services (London) LLP

Contents

Limited liability partnership information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Members’ Interests

5

Notes to the Financial Statements

6 to 8

 

Dow Schofield Watts Transaction Services (London) LLP

Limited liability partnership information

Designated members

Mr J T Killing

Mr R M Hooper
 

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Dow Schofield Watts Transaction Services (London) LLP
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Dow Schofield Watts Transaction Services (London) LLP for the year ended 31 March 2025 set out on pages 3 to 8 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Dow Schofield Watts Transaction Services (London) LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dow Schofield Watts Transaction Services (London) LLP and state those matters that we have agreed to state to the members of Dow Schofield Watts Transaction Services (London) LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dow Schofield Watts Transaction Services (London) LLP and its members as a body for our work or for this report.

It is your duty to ensure that Dow Schofield Watts Transaction Services (London) LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dow Schofield Watts Transaction Services (London) LLP. You consider that Dow Schofield Watts Transaction Services (London) LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dow Schofield Watts Transaction Services (London) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

23 June 2025

 

Dow Schofield Watts Transaction Services (London) LLP

(Registration number: OC422001)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

3

4,635

3,224

Current assets

 

Debtors

4

804,916

624,415

Cash and short-term deposits

 

231,275

114,098

 

1,036,191

738,513

Creditors: Amounts falling due within one year

5

(476,598)

(379,961)

Net current assets

 

559,593

358,552

Net assets attributable to members

 

564,228

361,776

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

564,228

361,776

   

564,228

361,776

Total members' interests

 

Loans and other debts due to members

 

564,228

361,776

   

564,228

361,776

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

 

Dow Schofield Watts Transaction Services (London) LLP

(Registration number: OC422001)
Balance Sheet as at 31 March 2025

The financial statements of Dow Schofield Watts Transaction Services (London) LLP (registered number OC422001) were approved by the Board and authorised for issue on 20 June 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Mr J T Killing
Designated member

.........................................
Mr R M Hooper
Designated member

 

Dow Schofield Watts Transaction Services (London) LLP

Statement of Changes in Members’ Interests
At 31 March 2025

 

Loans and other debts due to/(from) members

   

Members' other amounts
£

Total debt
£

Total
2025
£

Members' interest at 1 April 2024

361,776

361,776

361,776

Members' remuneration charged as an expense

866,359

866,359

866,359

Members' interests after total comprehensive income

1,228,135

1,228,135

1,228,135

Drawings (including tax payments)

(663,907)

(663,907)

(663,907)

At 31 March 2025

564,228

564,228

564,228

 

Loans and other debts due to/(from) members

   

Members' other amounts
£

Total debt
£

Total
2024
£

Members' interest at 1 April 2023

430,905

430,905

430,905

Members' remuneration charged as an expense

682,828

682,828

682,828

Members' interests after total comprehensive income

1,113,733

1,113,733

1,113,733

Drawings (including tax payments)

(751,957)

(751,957)

(751,957)

At 31 March 2024

361,776

361,776

361,776



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

 

Dow Schofield Watts Transaction Services (London) LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Dow Schofield Watts Transaction Services (London) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

Revenue recognition

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.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Dow Schofield Watts Transaction Services (London) LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Computer equipment

3 years - Straight Line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 6 (2024 - 6).

 

Dow Schofield Watts Transaction Services (London) LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 April 2024

704

8,941

9,645

Additions

-

3,698

3,698

At 31 March 2025

704

12,639

13,343

Depreciation

At 1 April 2024

704

5,717

6,421

Charge for the year

-

2,287

2,287

At 31 March 2025

704

8,004

8,708

Net book value

At 31 March 2025

-

4,635

4,635

At 31 March 2024

-

3,224

3,224

4

Debtors

2025
£

2024
£

Trade debtors

412,843

443,528

Other debtors

11,199

20,904

Prepayments and accrued income

380,874

159,983

Total current trade and other debtors

804,916

624,415

5

Creditors: Amounts falling due within one year

2025
£

2024
£

Trade creditors

154,020

103,259

Other creditors

2,408

3,604

Accruals and deferred income

268,450

190,447

Taxation and social security

51,720

82,651

476,598

379,961