Woollcombe Yonge LLP

(Registration number: OC413426)
Balance Sheet as at 31 March 2025

The financial statements of Woollcombe Yonge LLP (registered number OC413426) were approved by the Board and authorised for issue on 10 September 2025. They were signed on behalf of the limited liability partnership by:

......................................... Mr J C Cunningham Designated member

......................................... Mr W Giles Designated member

Woollcombe Yonge LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The
nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Woollcombe Yonge LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

Revenue recognition

Fees billed represent the amounts (excluding VAT) derived from the provision of completed work for clients during the year. In addition, accrued income is recognised in accordance with the principals or FRS102. The movement in accrued income has been shown as turnover for the year.

Accrued income is calculated based upon the value of work done but not billed at the year end. The value represents the time spent on matters in progress at the firm's billing rates, reduced to realisable value.

Government grants

Income received in relation to grants are classified either as relating to revenue or to assets. Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognised as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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Woollcombe Yonge LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Members' remuneration and division of profits

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 in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of
financial position.

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 and are equity appropriations in the statement of financial position.

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.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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	Depreciation method and rate
Fixtures and fittings	10% reducing balance
Motor vehicles	25% straight line
Computer equipment	25% straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Woollcombe Yonge LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade debtors

Short term debtors are measured at transaction price, less and impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The
aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 36 (2024 - 37).

Woollcombe Yonge LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

3	Tangible fixed assets

	Fixtures and fittings  £	Computer equipment £	Total £
Cost
At 1 April 2024	52,203	62,000	114,203
Additions	2,237	1,125	3,362
At 31 March 2025	54,440	63,125	117,565
Depreciation
At 1 April 2024	22,314	56,536	78,850
Charge for the year	3,177	2,158	5,335
At 31 March 2025	25,491	58,694	84,185
Net book value
At 31 March 2025	28,949	4,431	33,380
At 31 March 2024	29,890	5,463	35,353

4

Debtors

	2025 £	2024 £
Trade debtors	264,703	247,333
Other debtors	107,297	92,937
	372,000	340,270

5	Creditors: Amounts falling due within one year

	2025 £	2024 £
Bank loans and overdrafts	252,035	213,966
Trade creditors	61,170	29,769
Other creditors	97,874	94,131
Taxation and social security	132,052	111,029
	543,131	448,895

6	Secure Debt

The company's bank holds a fixed and floating charge over all property and assets of the company.

Woollcombe Yonge LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

7	Loans and other debts due to members

The principal terms of the agreement are The principal terms of the agreement are Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of winding up..

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025  £	2024  £
Not later than one year	66,665	66,665
Later than one year and not later than five years	38,299	104,964
	104,964	171,629