0 false false false false false false false false false false false false false false false true false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP OC386137 2024-04-01 2025-03-31 OC386137 2025-03-31 OC386137 2024-03-31 OC386137 2023-04-01 2024-03-31 OC386137 2024-03-31 OC386137 2023-03-31 OC386137 core:FurnitureFittings 2024-04-01 2025-03-31 OC386137 core:MotorVehicles 2024-04-01 2025-03-31 OC386137 bus:Director1 2024-04-01 2025-03-31 OC386137 core:FurnitureFittings 2024-03-31 OC386137 core:MotorVehicles 2024-03-31 OC386137 core:FurnitureFittings 2025-03-31 OC386137 core:MotorVehicles 2025-03-31 OC386137 core:WithinOneYear 2025-03-31 OC386137 core:WithinOneYear 2024-03-31 OC386137 core:AfterOneYear 2025-03-31 OC386137 core:AfterOneYear 2024-03-31 OC386137 core:MotorVehicles 2024-03-31 OC386137 bus:SmallEntities 2024-04-01 2025-03-31 OC386137 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 OC386137 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC386137 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC386137 bus:FullAccounts 2024-04-01 2025-03-31 OC386137 core:OfficeEquipment 2024-04-01 2025-03-31 OC386137 core:OfficeEquipment 2024-03-31 OC386137 core:OfficeEquipment 2025-03-31
REGISTERED NUMBER: OC386137
LWM LLP
Filleted Unaudited Financial Statements
31 March 2025
LWM LLP
Balance Sheet
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
4
31,367
111,423
Current assets
Debtors
5
42,027
40,860
Cash at bank and in hand
49,194
15,290
--------
--------
91,221
56,150
Creditors: amounts falling due within one year
6
8,851
19,140
--------
--------
Net current assets
82,370
37,010
---------
---------
Total assets less current liabilities
113,737
148,433
Creditors: amounts falling due after more than one year
7
27,617
93,462
---------
---------
Net assets
86,120
54,971
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
71,120
39,971
Members' other interests
Members' capital classified as equity
15,000
15,000
Other reserves
--------
--------
86,120
54,971
--------
--------
Total members' interests
Loans and other debts due to members
8
71,120
39,971
Members' other interests
15,000
15,000
--------
--------
86,120
54,971
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 March 2025 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
LWM LLP
Balance Sheet (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 24 July 2025 , and are signed on their behalf by:
Mr A J Leedham
Designated Member
Registered number: OC386137
LWM LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 21 Hooley Range, Stockport, Cheshire, SK4 4UH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income (including profit and loss account) in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income (including profit and loss account) and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the statement of comprehensive income (including profit and loss account) within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2024
917
140,925
9,823
151,665
Disposals
( 79,923)
( 79,923)
----
---------
-------
---------
At 31 March 2025
917
61,002
9,823
71,742
----
---------
-------
---------
Depreciation
At 1 April 2024
917
30,418
8,907
40,242
Charge for the year
18,404
229
18,633
Disposals
( 18,500)
( 18,500)
----
---------
-------
---------
At 31 March 2025
917
30,322
9,136
40,375
----
---------
-------
---------
Carrying amount
At 31 March 2025
30,680
687
31,367
----
---------
-------
---------
At 31 March 2024
110,507
916
111,423
----
---------
-------
---------
5.
Debtors
2025
2024
£
£
Trade debtors
36,000
33,000
Other debtors
6,027
7,860
--------
--------
42,027
40,860
--------
--------
6. Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
8,851
19,140
-------
--------
7. Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
27,617
93,462
--------
--------
8.
Loans and other debts due to members
2025
2024
£
£
Amounts owed to members in respect of profits
71,120
39,971
--------
--------
Amounts due to members rank as unsecured creditors