Gracechurch Wealth Management LLP

REGISTERED NUMBER: OC320661 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GRACECHURCH WEALTH MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Profit and loss account

3

Balance Sheet

4

Reconciliation of Members' Interests

6

Notes to the Financial Statements

8

DESIGNATED MEMBERS:

D A Hine

J R E Bevan

REGISTERED OFFICE:

EFX House

1 Boycott Avenue

Oldbrook

Milton Keynes

Buckinghamshire

MK6 2RW

REGISTERED NUMBER:

OC320661 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

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 independent financial advisers.

DESIGNATED MEMBERS

The designated members during the year under review were:

D A Hine

J R E Bevan

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £580,331 (2024 - £458,995).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

This report has been prepared in accordance with the special provisions of Part 15 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 small LLPs.

ON BEHALF OF THE MEMBERS:

J R E Bevan - Designated member

11 December 2025

TURNOVER

2,264,827

2,170,019

Cost of sales

(694,289

)

(627,791

)

GROSS PROFIT

1,570,538

1,542,228

Administrative expenses

(1,416,445

)

(1,445,508

)

154,093

96,720

Other operating income

100,000

23,650

OPERATING PROFIT

254,093

120,370

Income from participating interests

326,250

338,625

580,343

458,995

Interest payable and similar expenses

(12

)

-

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

580,331

458,995

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

580,331

458,995

FIXED ASSETS

Tangible assets

4

12,054

16,186

Investments

5

300,000

200,000

312,054

216,186

CURRENT ASSETS

Debtors

6

121,769

150,096

Cash at bank

87,499

23,353

209,268

173,449

CREDITORS

Amounts falling due within one year

7

(254,210

)

(119,767

)

NET CURRENT (LIABILITIES)/ASSETS

(44,942

)

53,682

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

267,112

269,868

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

262,112

264,868

MEMBERS' OTHER INTERESTS

Capital accounts

5,000

267,112

269,868

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

262,112

264,868

Members' other interests

5,000

267,112

269,868

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 11 December 2025 and were signed by:

J R E Bevan - Designated member

D A Hine - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2024

5,000

-

5,000

Profit for the financial year available for discretionary
division among members

-

580,331

Members' interests after profit for the year

5,000

580,331

585,331

Other divisions of profit

-

(580,331

)

(580,331

)

Drawings on account and distributions of profit

-

Balance at 31 March 2025

5,000

-

5,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

264,868

Amount due from members

-

Balance at 1 April 2024

264,868

269,868

Profit for the financial year available for discretionary
division among members

-

580,331

Members' interests after profit for the year

264,868

850,199

Other divisions of profit

580,331

-

Drawings on account and distributions of profit

(583,087

)

(583,087

)

Amount due to members

262,112

Amount due from members

-

Balance at 31 March 2025

262,112

267,112

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

Balance at 1 April 2023

5,000

-

5,000

Profit for the financial year available for discretionary
division among members

-

458,995

Members' interests after profit for the year

5,000

458,995

463,995

Other divisions of profit

-

(458,995

)

(458,995

)

Drawings on account and distributions of profit

-

Balance at 31 March 2024

5,000

-

5,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

Amount due to members

200,886

Amount due from members

-

Balance at 1 April 2023

200,886

205,886

Profit for the financial year available for discretionary
division among members

-

458,995

Members' interests after profit for the year

200,886

664,881

Other divisions of profit

458,995

-

Drawings on account and distributions of profit

(395,013

)

(395,013

)

Amount due to members

264,868

Amount due from members

-

Balance at 31 March 2024

264,868

269,868

1.	STATUTORY INFORMATION

Gracechurch Wealth Management LLP is a registered in England and Wales. The LLP's registered number is OC320661 and its registered office is Efx House 1 Boycott Avenue, Oldbrook, Milton Keynes, Bucks, MK6 2RW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 as modified by the revaluation of certain assets.

The presentation currency of the financial statements is Pound Sterling (£) and figures have been rounded to the nearest £1.

Turnover

Turnover represents amounts chargeable to clients for professional advice rendered throughout the financial year. Turnover includes expenses recoverable from clients. Turnover represents fee income earned and commission income.

Commission income is recognised when the right to consideration has been obtained through performance under each contract. Commission income in respect of contingent or additional fee arrangements is recognised on the occurrence of the contingent event. Where crystallisation of the contingent event is foreseen at the end of the financial year the carrying value of work in progress is the lower of cost and net realisable value.

Unbilled income is recognised in debtors as accrued income after provision for non - recoverable amounts.

Fees received on account of work to be completed are recorded within creditors falling due within one year.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation.

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

Improvements to property

-

15% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Investments in associates

Investments in associate undertakings are recognised at fair value at the balance sheet date. Movements in fair value are reflected in the profit and loss account.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 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.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Members' participation rights

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).

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 Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has 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 Profit and Loss Account and are equity appropriations in the Balance Sheet.

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.

Income from shares in associates

Income from shares in associates shown in the profit and loss account represents dividends receivable from associate companies. Dividends receivable are recognised in the period in which the dividends are declared and approved.

Other operating income

Other operating income relates to income from insurance settlements which represent claims against the LLP's professional indemnity policy.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 21 (2024 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

COST

At 1 April 2024

23,252

9,816

25,858

95,739

154,665

Additions

-

1,438

At 31 March 2025

23,252

9,816

25,858

97,177

156,103

DEPRECIATION

At 1 April 2024

19,784

9,630

25,317

83,748

138,479

Charge for year

612

161

158

4,639

5,570

At 31 March 2025

20,396

9,791

25,475

88,387

144,049

NET BOOK VALUE

At 31 March 2025

2,856

25

383

8,790

12,054

At 31 March 2024

3,468

186

541

11,991

16,186

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

undertaking

£

COST OR VALUATION

At 1 April 2024

200,000

Revaluations

100,000

At 31 March 2025

300,000

NET BOOK VALUE

At 31 March 2025

300,000

At 31 March 2024

200,000

Cost or valuation at 31 March 2025 is represented by:

Interest

in

associate

undertaking

£

Valuation in 2017

199,825

Valuation in 2025

100,000

Cost

175

300,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

29,113

21,764

Other debtors

92,656

128,332

121,769

150,096

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

27,546

33,654

Taxation and social security

21,332

16,566

Other creditors

205,332

69,547

254,210

119,767

Other creditors include pension contributions due of £6,152 (2024: £6,731).

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

4,795

44,795

Between one and five years

-

4,795

49,590

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The balances shown within loans and other debts due to members' would rank pari passu with unsecured creditors.

10.	RELATED PARTY DISCLOSURES

During the year the LLP received dividends totalling £326,250 (2024: £338,625) from a related party, a company in which Gracechurch Wealth Management LLP has a shareholding in.

At the year end there was a balance due to this related party of £125,814 (2024: due from: £20,557).

At the year end, a balance of £34,096 (2024: £13,528) was due from a company under common control.