| REGISTERED NUMBER: |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| REGISTERED NUMBER: |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP (REGISTERED NUMBER: OC419469) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| MHA House |
| Charter Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9FS |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP (REGISTERED NUMBER: OC419469) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
81,697 |
60,545 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
51,697 |
30,545 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 30,000 | 30,000 |
| 81,697 | 60,545 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 7 | 51,697 | 30,545 |
| Members' other interests | 30,000 | 30,000 |
| Amounts due from members | 5 | - | (5,825 | ) |
| 81,697 | 54,720 |
| 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. |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP (REGISTERED NUMBER: OC419469) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2024 |
| 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 |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP (REGISTERED NUMBER: OC419469) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Kevin James Smith Wealth Managers 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 presentation currency of the financial statements is the Pound Sterling (£). |
| The financial statements are rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The LLP has both net current assets and net assets at the balance sheet date. |
| The members have assessed the current financial position of the LLP and its likely future cashflows and as a consequence he has a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| Significant judgements and estimates |
| In the application of the LLP's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The following are the critical judgements that the members have made in the process of applying the LLP's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
| Impairment of assets |
| Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
| Provisions and contingencies |
| Provisions are recognised when the LLP has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
| Turnover |
| Turnover represents commissions received and the net invoiced sale of services provided during the year. Invoiced services are recognised in the period to which the services relate whilst commission is recognsied on receipt. |
| KEVIN JAMES SMITH WEALTH MANAGERS LLP (REGISTERED NUMBER: OC419469) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Fixed assets are measured at cost less any accumulated depreciation. |
| Financial instruments |
| The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| The loans and other debts due to members rank pari passu with other creditors. |