Matwala Vyas LLP

(Registration number: OC304639)
Abridged Balance Sheet as at 30 September 2024

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.

All of the limited liability partnership's members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006, as applied to limited liability partnerships.

The financial statements of Matwala Vyas LLP (registered number OC304639) were approved by the Board and authorised for issue on 29 September 2025. They were signed on behalf of the limited liability partnership by:

......................................... Davinder Singh Sehmi Designated member

......................................... S S Bamrah Designated member

Matwala Vyas LLP

Notes to the Abridged Financial Statements for the Year Ended 30 September 2024

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.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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.

Tangible fixed assets

Individual fixed assets costing £2,500.00 or more are initially recorded at cost.

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 Furniture and Fittings Office Equipment

15% Reducing balance method 25% Reducing balance method

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.

Matwala Vyas LLP

Notes to the Abridged Financial Statements for the Year Ended 30 September 2024

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.

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.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation	4,985	5,583

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

Matwala Vyas LLP

Notes to the Abridged Financial Statements for the Year Ended 30 September 2024

4	Tangible fixed assets

	Fixtures and fittings  £	Office equipment  £	Total £
Cost
At 1 October 2023	88,429	89,659	178,088
Additions	-	3,845	3,845
At 30 September 2024	88,429	93,504	181,933
Depreciation
At 1 October 2023	71,289	81,527	152,816
Charge for the year	2,571	2,414	4,985
At 30 September 2024	73,860	83,941	157,801
Net book value
At 30 September 2024	14,569	9,563	24,132
At 30 September 2023	17,140	8,132	25,272

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.