JB Wheaton and Sons Depot & Warehouse Services 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 England and Wales 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 JB Wheaton and Sons Depot & Warehouse Services LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis.

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.

JB Wheaton and Sons Depot & Warehouse Services LLP

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

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets 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	Depreciation method and rate
Freehold land and buildings	2% straight line
Motor vehicles	25% reducing balance
Office equipment	10% reducing balance
Plant and machinery	10% reducing balance

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.

JB Wheaton and Sons Depot & Warehouse Services LLP

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation	176,253	155,010

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 5 (2024 - 5).

JB Wheaton and Sons Depot & Warehouse Services LLP

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

4	Tangible fixed assets

	Freehold land and buildings £	Plant and machinery £	Motor vehicles £	Office equipment £	Total £
Cost
At 1 April 2024	3,133,538	1,255,122	24,592	55,041	4,468,293
Additions	17,744	75,203	42,288	23,369	158,604
Disposals	-	-	(24,592)	-	(24,592)
At 31 March 2025	3,151,282	1,330,325	42,288	78,410	4,602,305
Depreciation
At 1 April 2024	229,086	257,355	18,755	7,432	512,628
Charge for the year	62,886	105,016	2,218	6,133	176,253
Eliminated on disposals	-	-	(20,093)	-	(20,093)
At 31 March 2025	291,972	362,371	880	13,565	668,788
Net book value
At 31 March 2025	2,859,310	967,954	41,408	64,845	3,933,517
At 31 March 2024	2,904,452	997,767	5,837	47,609	3,955,665

JB Wheaton and Sons Depot & Warehouse Services LLP

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

5

Debtors

	2025 £	2024 £
Trade debtors	229,831	218,961
Prepayments and accrued income	10,914	8,474
Total current trade and other debtors	240,745	227,435

6	Creditors: Amounts falling due within one year

	2025 £	2024 £
Bank loans and overdrafts	83,235	73,274
Trade creditors	9,993	27,884
Other creditors	774,597	356,981
Accruals and deferred income	289,239	246,374
Taxation and social security	29,172	5,495
	1,186,236	710,008

7	Creditors: Amounts falling due after more than one year

	2025 £	2024 £
Bank loans and overdrafts	331,320	415,096

The loans and borrowings are secured on the property held by the Limited Liability Partnership.

JB Wheaton and Sons Depot & Warehouse Services LLP

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

8	Related party transactions

Summary of transactions with other related parties

Income and receivables from related parties

2025	Other related parties £
Leases	66,000

2024	Other related parties £
Leases	66,000

Expenditure with and payables to related parties

2025	Other related parties £
Rendering of services	633,110

2024	Other related parties £
Rendering of services	506,268

Loans from related parties

2025	Key management £	Other related parties £
At start of period	400,000	356,981
Advanced	-	658,433
Repaid	-	(640,817)
At end of period	400,000	374,597

2024	Key management £	Other related parties £
At start of period	400,000	257,193
Advanced	-	663,083
Repaid	-	(563,295)
At end of period	400,000	356,981

Terms of loans from related parties

Interest is charged on loans from key management at a rate of 4% per annum and the loans are repayable on demand.
Loans from other related parties are interest free and repayable on demand.

JB Wheaton and Sons Depot & Warehouse Services LLP

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

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £120,594 (2024 - £Nil).