REGISTERED NUMBER: OC320806 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

FOR

WESTMINSTER WEALTH MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Reconciliation of Members' Interests

11

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DESIGNATED MEMBERS:

M J LOCKYER

J CORCORAN

REGISTERED OFFICE:

167 FLEET STREET

LONDON

EC4A 2EA

REGISTERED NUMBER:

OC320806 (England and Wales)

AUDITORS:

GOLDWYNS AUDIT LLP

STATUTORY AUDITOR

1 ROYAL EXCHANGE

LONDON

EC3V 3DG

The members present their report with the financial statements of the LLP for the year ended 5 April 2025.

PRINCIPAL ACTIVITIES

The principal activities of the LLP in the year under review were those of financial services.

DESIGNATED MEMBERS

M J Lockyer and J Corcoran were designated members of the LLP throughout the year.

OTHER MEMBERS

The following are the non designated members

J A ANDERSON

J H PERKINS

M A J HAYWARD

J P L PEARSON

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £744,527 (2024 - £609,716 profit).

MEMBERS' INTERESTS

The members' drawing policy allows each member to draw a proportion of his profit share entitlement, subject to the cash requirements of the business.

A member's Capital Requirement is linked to his profit share and the financing requirement of the LLP. There is no opportunity for appreciation of the capital subscribed: just as incoming members introduce their capital at "par", so retiring members are repaid their capital at "par".

MEMBERS' DRAWINGS

The overall policy for members' drawings is to distribute a proportion of the profit during the financial year, taking into account the need to maintain sufficient funds to finance the working capital and other needs of the business. The members set the level of monthly drawings.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, GOLDWYNS AUDIT LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE MEMBERS:

M J LOCKYER - Designated member

4 December 2025

Opinion

We have audited the financial statements of Westminster Wealth Management LLP (the 'LLP') for the year ended 5 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 5 April 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

The objectives of our audit with regards to fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; design and perform procedures that respond appropriately to identified or suspected fraud; and obtain audit evidence regarding the risks of material misstatement of the financial statements due to fraud.

However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- obtain an understanding of the nature of the industry, the performance of the business, and of the design of the entity's policies for the remuneration of the management;

- consider the internal control environment to mitigate the risk of fraud or non-compliance with laws and regulations;

- identify laws and regulations applicable to the Limited Liability Partnership through discussions with management and from our commercial knowledge and sector experience, and assess the extent of compliance with laws and regulations from making enquiries of management;

- obtain an understanding of the legal and regulatory framework within which the Limited Liability Partnership operates focusing on the most significant laws and regulations that have a direct impact on the financial statements and the operations of the entity including FRS 102, the Companies Act 2006 as applied to LLPs by the Limited Liability partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and tax compliance regulations;

- communication of identified laws and regulations to our audit team and remain alert to any indications of non-compliance throughout the audit; and

- ensure that the audit engagement team have the capability, competence and skill to identify non-compliance with laws and regulations.

To address the risk of non-compliance with laws and regulations, including fraud we performed the following audit procedures:

- analytical procedures to identify unusual patterns or inconsistencies, and potential indicators of fraud or non-compliance;

- testing of journal entries to identify unusual transactions and investigating the rationale behind unusual transactions;

- assessing whether judgements and assumptions made in determining accounting estimates are indicative of bias;

- reviewing the disclosures in the financial statements and agreeing to supporting documentation; and

- enquiries with management and reviewing the minutes of meetings with management and those charged with governance.

Taking into consideration the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from transactions reflected in the financial statements, the less likely we would become aware of non-compliance. Also, auditing standards limit the procedures required to identify non-compliance with laws and regulations to the inspection of regulatory and legal correspondence, if any, and enquiry of management. This risk is higher in respect of irregularities arising from fraud, as such practices may involve deliberate concealment, collusion, forgery, or intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

MARTIN MYERS FCA (Senior Statutory Auditor)

for and on behalf of GOLDWYNS AUDIT LLP

STATUTORY AUDITOR

1 ROYAL EXCHANGE

LONDON

EC3V 3DG

4 December 2025

TURNOVER

3

18,463,790

15,875,179

Cost of sales

11,514,341

9,536,909

GROSS PROFIT

6,949,449

6,338,270

Administrative expenses

6,195,422

5,706,215

754,027

632,055

Other operating income

7,279

-

OPERATING PROFIT

5

761,306

632,055

Interest receivable and similar income

2,566

1,170

763,872

633,225

Interest payable and similar expenses

7

19,345

23,509

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

744,527

609,716

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

744,527

609,716

Members' remuneration charged as an expense

8

(744,527

)

(609,716

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

FIXED ASSETS

Tangible assets

9

126,382

207,404

CURRENT ASSETS

Debtors

10

2,638,811

2,670,010

Cash at bank

1,021,523

594,408

3,660,334

3,264,418

CREDITORS

Amounts falling due within one year

11

2,730,690

2,507,441

NET CURRENT ASSETS

929,644

756,977

TOTAL ASSETS LESS CURRENT LIABILITIES

1,056,026

964,381

CREDITORS

Amounts falling due after more than one year

12

-

32,407

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,056,026

931,974

LOANS AND OTHER DEBTS DUE TO MEMBERS

16

691,001

701,574

MEMBERS' OTHER INTERESTS

Capital accounts

365,025

230,400

1,056,026

931,974

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

16

691,001

701,574

Members' other interests

365,025

230,400

1,056,026

931,974

The financial statements were approved and authorised for issue by the members of the LLP and authorised for issue on 4 December 2025 and were signed by:

M J LOCKYER - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 6 April 2024

230,400

-

230,400

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

230,400

-

230,400

Introduced by members

134,625

-

134,625

Drawings on account and distributions of profit

-

-

-

Balance at 5 April 2025

365,025

-

365,025

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

701,574

Amount due from members

-

Balance at 6 April 2024

701,574

931,974

Members' remuneration charged as an expense, including employment and retirement benefit costs

744,527

744,527

Profit for the financial year available for discretionary division among members

-

-

Members' interests after profit for the year

1,446,101

1,676,501

Introduced by members

-

134,625

Drawings on account and distributions of profit

(755,100

)

(755,100

)

Amount due to members

691,001

Amount due from members

-

Balance at 5 April 2025

691,001

1,056,026

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 6 April 2023

-

-

-

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

-

-

-

Introduced by members

230,400

-

230,400

Drawings on account and distributions of profit

-

-

-

Balance at 5 April 2024

230,400

-

230,400

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

795,685

Amount due from members

-

Balance at 6 April 2023

795,685

795,685

Members' remuneration charged as an expense, including employment and retirement benefit costs

609,716

609,716

Profit for the financial year available for discretionary division among members

-

-

Members' interests after profit for the year

1,405,401

1,405,401

Introduced by members

-

230,400

Drawings on account and distributions of profit

(703,827

)

(703,827

)

Amount due to members

701,574

Amount due from members

-

Balance at 5 April 2024

701,574

931,974

Cash flows from operating activities

Cash generated from operations

2

1,174,375

469,345

Interest paid

(19,345

)

(23,509

)

Net cash from operating activities

1,155,030

445,836

Cash flows from investing activities

Purchase of tangible fixed assets

(54,451

)

(181,058

)

Interest received

2,566

1,170

Net cash from investing activities

(51,885

)

(179,888

)

Transactions with members and former

members

Payments to members

(755,100

)

(703,827

)

Contributions by members

134,625

230,400

(620,475

)

(473,427

)

Cash flows from other financing activities

Loan repayments in year

(15,555

)

(55,556

)

Loan repayments in year

(40,000

)

-

(55,555

)

(55,556

)

Net cash from financing activities

(676,030

)

(528,983

)

Increase/(decrease) in cash and cash equivalents

427,115

(263,035

)

Cash and cash equivalents at beginning of year

3

594,408

857,443

Cash and cash equivalents at end of year

3

1,021,523

594,408

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Drawings and distributions of profits are included in the operating cash flows.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit for the financial year available for discretionary division among members

-

-

Members' remuneration charged as an expense

744,527

609,716

Depreciation charges

135,472

168,856

Finance costs

19,345

23,509

Finance income

(2,566

)

(1,170

)

896,778

800,911

Decrease/(increase) in trade and other debtors

31,199

(652,839

)

Increase in trade and other creditors

246,398

321,273

Cash generated from operations

1,174,375

469,345

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 5 April 2025

5.4.25

6.4.24

£

£

Cash and cash equivalents

1,021,523

594,408

Year ended 5 April 2024

5.4.24

6.4.23

£

£

Cash and cash equivalents

594,408

857,443

4.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other

non-cash

At 6.4.24

Cash flow

changes

At 5.4.25

£

£

£

£

Net cash

Cash at bank

594,408

427,115

1,021,523

594,408

427,115

1,021,523

Debt

Debts falling due

within 1 year

(55,556

)

23,149

-

(32,407

)

Debts falling due

after 1 year

(32,407

)

32,407

-

-

(87,963

)

55,556

-

(32,407

)

Net funds (before

members' debt)

506,445

482,671

-

989,116

Loans and other debts

due to members

Other amounts

due to members

(701,574

)

755,100

(744,527

)

(691,001

)

Net (debt)/funds

(195,129

)

1,237,771

(744,527

)

298,115

1.	STATUTORY INFORMATION

Westminster Wealth 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.

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" 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.

Going concern

At the time of approving the financial statements, the partners have a reasonable expectation that the partnership has adequate resources to continue in operation existence for the foreseeable future. Thus, the partners continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

The members do not believe that there are any estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Turnover

Turnover represents fee and commission income. Turnover is recognised when the income is receivable, based on delivery of services.

Tangible fixed assets

Property, Plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property - over the remaining period of the lease

Fixtures and fittings - 33% on cost

Computer equipment - 50% on cost

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 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.

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the LLP has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the principal activities of the LLP.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Financial services

18,463,790

15,875,179

18,463,790

15,875,179

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

18,463,790

15,875,179

18,463,790

15,875,179

4.	EMPLOYEE INFORMATION

2025

2024

£

£

Wages and salaries

2,640,413

2,511,215

Social security costs

281,954

266,049

Other pension costs

254,307

249,602

3,176,674

3,026,866

The average number of employees during the year was as follows:

2025

2024

Finance and compliance support staff

63

64

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

40,238

29,142

Other operating leases

233,938

343,683

Depreciation - owned assets

135,473

168,856

6.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the partnership's auditor:

For audit services

Audit of the financial statements of the partnership

19,500

20,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

19,345

23,509

8.	INFORMATION IN RELATION TO MEMBERS

2025

2024

£

£

Members' remuneration charged as an expense

Profit Share

127,890

126,000

Automatic division of profit

616,637

483,716

Total remuneration

744,527

609,716

2025

2024

£

£

The amount of profit attributable to the member with the largest entitlement was

514,892

403,904

2025

2024

The average number of members during the year was

6

6