REGISTERED NUMBER: OC393572 (England and Wales)

Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

WSJ Gallery LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Reconciliation of Members' Interests

5

Notes to the Financial Statements

7

DESIGNATED MEMBERS:

Miss R Jones

Ms R W Stephens

REGISTERED OFFICE:

71 Westbourne Park Road

London

W2 5QH

REGISTERED NUMBER:

OC393572 (England and Wales)

ACCOUNTANTS:

DSJ Partners (UK) Limited

2nd Floor

1 Bell Street

London

NW1 5BY

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of fine and decorative art retailer.

DESIGNATED MEMBERS

The designated members during the year under review were:

Miss R Jones

Ms R W Stephens

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £64,089 (2024 - £116,583 profit).

MEMBERS' INTERESTS

Profit available for distribution shall be determined by unanimous agreement of the Board with reference to the accounts, or where such accounts are unavailable to most recent management accounts of the limited liability partnership for that financial year or part thereof. In making their determination the designated members must take into account the limited liability partnership's need to retain sufficient costs to fund working capital, capital investment and meet regulatory requirements

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE MEMBERS:

Miss R Jones - Designated member

8 August 2025

TURNOVER

443,125

682,335

Cost of sales

(311,692

)

(477,330

)

GROSS PROFIT

131,433

205,005

Administrative expenses

(69,647

)

(89,949

)

OPERATING PROFIT

61,786

115,056

Interest receivable and similar income

2,303

1,527

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

64,089

116,583

FIXED ASSETS

Tangible assets

4

6,153

6,788

CURRENT ASSETS

Stocks

30,040

69,588

Debtors

5

20,996

43,680

Cash at bank and in hand

163,577

116,245

214,613

229,513

CREDITORS

Amounts falling due within one year

6

(18,382

)

(18,241

)

NET CURRENT ASSETS

196,231

211,272

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

202,384

218,060

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

202,384

218,060

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

202,384

218,060

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 31 March 2025.

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.

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

The financial statements were approved by the members of the LLP and authorised for issue on 8 August 2025 and were signed by:

Miss R Jones - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

218,060

Amount due from members

-

Balance at 1 April 2024

-

218,060

218,060

Profit for the financial year available for discretionary division among members

64,089

-

64,089

Members' interests after profit for the year

64,089

218,060

282,149

Other divisions of profit

(64,089

)

64,089

-

Drawings on account and distributions of profit

-

(79,765

)

(79,765

)

Amount due to members

202,384

Amount due from members

-

Balance at 31 March 2025

-

202,384

202,384

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

303,619

Amount due from members

-

Balance at 1 April 2023

-

303,619

303,619

Profit for the financial year available for discretionary division among members

116,583

-

116,583

Members' interests after profit for the year

116,583

303,619

420,202

Other divisions of profit

(116,583

)

116,583

-

Drawings on account and distributions of profit

-

(202,142

)

(202,142

)

Amount due to members

218,060

Amount due from members

-

Balance at 31 March 2024

-

218,060

218,060

1.	STATUTORY INFORMATION

WSJ Gallery LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2024 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

31,012

12,522

43,534

Additions

-

1,416

1,416

At 31 March 2025

31,012

13,938

44,950

DEPRECIATION

At 1 April 2024

26,527

10,219

36,746

Charge for year

1,121

930

2,051

At 31 March 2025

27,648

11,149

38,797

NET BOOK VALUE

At 31 March 2025

3,364

2,789

6,153

At 31 March 2024

4,485

2,303

6,788

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

11,219

33,907

Other debtors

9,777

9,773

20,996

43,680

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

8,306

(1

)

Taxation and social security

4,513

14,322

Other creditors

5,563

3,920

18,382

18,241

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

202,384

218,060

Falling due within one year

202,384

218,060

Loans and other debts due to members is classified as a debt and would rank in pari pasu with other creditors.