REGISTERED NUMBER: OC341806 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WATSON ASSET MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

N J Watson

E L R Watson

REGISTERED OFFICE:

34-40 High Street

Wanstead

London

E11 2RJ

REGISTERED NUMBER:

OC341806 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

34-40 High Street

Wanstead

London

E11 2RJ

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 property investment and consultancy services.

DESIGNATED MEMBERS

The designated members during the year under review were:

N J Watson

E L R Watson

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £13,028 (2024 - £111,480 profit).

MEMBERS' INTERESTS

Both members are equity members and have equal share in the profits and subscribe the entire capital.

ON BEHALF OF THE MEMBERS:

N J Watson - Designated member

12 December 2025

TURNOVER

20,000

146,000

Cost of sales

-

20,000

GROSS PROFIT

20,000

126,000

Administrative expenses

6,972

14,520

OPERATING PROFIT and

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

13,028

111,480

CURRENT ASSETS

Debtors

15,294

22,267

Cash at bank

1,449

15,643

16,743

37,910

CREDITORS

Amounts falling due within one year

7

3,000

3,000

NET CURRENT ASSETS

13,743

34,910

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

13,743

34,910

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

-

21,167

MEMBERS' OTHER INTERESTS

Capital accounts

5,000

5,000

Other reserves

9

8,743

8,743

13,743

34,910

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

-

21,167

Members' other interests

13,743

13,743

Amounts due from members

(15,294

)

(22,267

)

(1,551

)

12,643

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 12 December 2025 and were signed by:

N J Watson - Designated member

1.	STATUTORY INFORMATION

Watson Asset Management 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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents rents receivable on the LLP's investment property. Revenue is recognised in the accounting period in which the rents were receivable .Consultancy revenue is recognised as services are delivered.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on cost

3.	EMPLOYEE INFORMATION

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

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

1,066

-

5.	INFORMATION IN RELATION TO MEMBERS

2025

2024

The average number of members during the year was

2

2

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

5,775

Additions

3,877

Disposals

(9,652

)

At 31 March 2025

-

DEPRECIATION

At 1 April 2024

5,775

Charge for year

1,066

Eliminated on disposal

(6,841

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accruals and deferred income

3,000

3,000

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other creditors.

9.

RESERVES

Other

reserves

£

At 1 April 2024

8,743

At 31 March 2025

8,743

10.	ULTIMATE CONTROLLING PARTY

The controlling party is N J Watson.