REGISTERED NUMBER: OC306058 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WATTS & MORGAN LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

D R Miles

T O C Gould

R L Jones

J D Morgan

R L Morgan

REGISTERED OFFICE:

1 Nolton Street

Bridgend

CF31 1BX

REGISTERED NUMBER:

OC306058 (England and Wales)

ACCOUNTANTS:

Xeinadin South Wales and West Limited

Court House

Court Road

Bridgend

CF31 1BE

FIXED ASSETS

Tangible assets

4

80,009

128,601

CURRENT ASSETS

Debtors

5

240,402

224,180

Cash at bank and in hand

394,721

347,516

635,123

571,696

CREDITORS

Amounts falling due within one year

6

245,651

245,343

NET CURRENT ASSETS

389,472

326,353

TOTAL ASSETS LESS CURRENT LIABILITIES

469,481

454,954

CREDITORS

Amounts falling due after more than one year

7

96,853

110,776

NET ASSETS ATTRIBUTABLE TO MEMBERS

372,628

344,178

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

172,628

144,178

MEMBERS' OTHER INTERESTS

Capital accounts

200,000

200,000

372,628

344,178

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

172,628

144,178

Members' other interests

200,000

200,000

372,628

344,178

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 2 October 2025 and were signed by:

D R Miles - Designated member

1.	STATUTORY INFORMATION

Watts & Morgan 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 (£).

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 comprises revenue recognised by the LLP in respect of goods and services supplied during the year,exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the asset to its working condition for intended use.

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

Plant and machinery etc

- 50% year one, 25% reducing balance after

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.

Pension costs and other post-retirement benefits

The LLP operates an auto enrollment pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Allocation of profits and drawings

Members determine an annual salaried amount payable by the LLP which is recognised in the profit and loss account as members remuneration charged as an expense.

Profits or losses in addition to these salaried amounts are allocated on the basis as set out in the partnership agreement entered into by the members.

The members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings permitted takes into account the anticipated cash needs of the LLP.

To the extent that profit allocations exceed drawings then the excess profit is included in the balance sheet under loans and other debts due to members.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 40 (2024 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

546,113

Additions

2,051

At 31 March 2025

548,164

DEPRECIATION

At 1 April 2024

417,512

Charge for year

50,643

At 31 March 2025

468,155

NET BOOK VALUE

At 31 March 2025

80,009

At 31 March 2024

128,601

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

168,084

146,372

Other debtors

72,318

77,808

240,402

224,180

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

41,506

41,506

Hire purchase contracts

11,330

11,330

Trade creditors

39,089

32,374

Taxation and social security

140,221

136,335

Other creditors

13,505

23,798

245,651

245,343

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

96,853

110,776

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

172,628

144,178

Falling due within one year

172,628

144,178

Loans and other debts due to members rank behind, and are only to be paid after full payment has been made in respect of, all amounts due to unsecured creditors in the event of administration or winding up.