Ward Williams Associates LLP

	Page
Members' Report	1—2
Independent Auditor's Report	3—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9—10
Reconciliation of Members' Interests	11—12
Statement of Cash Flows	12
Notes to the Statement of Cash Flows	13
Notes to the Financial Statements	14—21

The members present their report and the financial statements for the year ended 31 March 2025.

Principal Activity

The principal activities of the LLP are professional services in the built environment.

Members

The designated members who held office during the year were as follows:

Mr James Beckly

Mr Stuart Wilkinson

Mr David Carkeek

Mr Andrew Snapes

Mr Dwaine Bushell

Mr Matthew Bromley

Mr Andrew Gilbert

Additional note to the Report of the Members

Members' capital

Members are required to contribute a minimum level of capital as defined in their member's agreement and are repaid upon leaving the LLP. The LLP is financed through the member's capital and undistributed profits. The capital levels are reviewed by the board to maintain the working capital needs of the business along with ensuring capital investment minimum requirement is maintained.

Financing options are reviewed at board level to look at economic and fiscal outlook along with the long-term strategic business plan as we emerge from a challenging UK economic period.

Members' drawings and profit share

Members receive the distribution of profits after adjusting for annuity for a former partner and fixed share partners profit allocations. The partnership agreement sets out the entitlement to these profit shares.

Governance

The governance and structure of Ward Williams Associates LLP (a BCORP certified LLP) is supported by the Executive Board who are responsible for strategy, policies and management of the LLP.

Going concern

The Board has evaluated the LLP’s ability to continue as a going concern and, despite a decline in financial performance compared to prior years, the business remains profitable.

To mitigate reduced margins and increased competition within certain areas of the construction consultancy market, the Board implemented a year-end cost restructuring, including a targeted reduction in headcount. These actions have significantly lowered operating costs and are expected to improve profitability and cash flow in the upcoming financial year.

The LLP maintains agreed banking facilities that provide additional liquidity to support working capital needs, which will remain available for at least twelve months from the approval date of these financial statements.

With a strong order book and an expanding pipeline of confirmed commissions and long-term consultancy frameworks for the next 12–18 months, forecast cash flows indicate sufficient headroom to meet working capital requirements. Supported by its banking partners, the Board is confident that the LLP will continue to operate as a going concern for the foreseeable future.

Comparative figures

The prior accounting period ending 31 March 2024 was a 16 month period compared to the 12 months for the accounting period ending 31 March 2025.

Page 1

Page 2

Ward Williams Associates LLP

Members' Report (continued)

For The Year Ended 31 March 2025

Statement of Members' Responsibilities

The members are responsible for preparing the financial statements in accordance with applicable law and regulations.Company law as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 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, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law). Under company law as applied 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 for that period. In preparing the financial statements the members are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
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 modified 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.

The members are responsible for the maintenance and integrity of the corporate and financial information included on the LLP's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

The members of the LLP who held office at the date of approval of this annual report confirm that:

so far as they are aware, there is no relevant audit information of which the LLP's auditors are unaware; and
they have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Signed on behalf of the members by

Mr James Beckly

Designated Member

12/06/2026

Page 2

Page 3

Independent Auditor's Report

to the Members of

Ward Williams Associates LLP

Independent Auditor's Report

Opinion

We have audited the financial statements of Ward Williams Associates LLP (the ‘limited liability partnership’) for the year ended 31 March 2025 which comprise Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members’ Interests, Statement of Cash Flows and notes to the financial statements, including 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 limited liability partnership’s affairs as at 31 March 2025, and of its result 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 limited liability partnerships 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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 limited liability partnership'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 other information comprises the information included in the Members’ Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The members are responsible for the other information contained within the Members’ Report and Financial Statements. 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. 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 course of 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 in relation to which the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 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.

Page 3

Page 4

Independent Auditor's Report (continued)

to the Members of

Ward Williams Associates LLP

Responsibilities of Members

As explained more fully in the Statement of Members’ Responsibilities set out on page 3, 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 is 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 limited liability partnership’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 limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Ward Williams Associates LLP

Auditor's 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• we have considered the nature of the sector, control environment, business performance and key drivers for directors’ remuneration and performance targets;

• we have considered the results of enquiries with management in relation to their own identification and assessment of the risks of irregularities within the limited liability partnership;

• we have reviewed the limited liability partnership’s documentation of its policies and procedures relating to:

o identifying, evaluation and complying with laws and regulations, and whether they were aware of any instances of non-compliance;

o detecting and responding to risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

• we have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements, and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the limited liability partnership for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to occurrence and significant estimates. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the limited liability partnership operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included company law as applied to LLP’s, FRS 102 and UK tax legislation. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the limited liability partnership’s ability to operate or avoid a material penalty. These include health and safety regulations, data protection legislation and employment law.

Our procedures to respond to the risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reviewing board meeting minutes;

• enquiring of management in relation to actual and potential claims or litigations or areas of non-compliance with laws and regulations;

• performing detailed testing in relation to the recognition of revenue;

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in accounting estimates are indicative of potential bias, and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Ward Williams Associates LLP

Use Of Our Report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships 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 limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Patey FCA (Senior Statutory Auditor)

for and on behalf of Bishop Fleming Audit Limited , Statutory Auditor

12/06/2026

Page 6

Page 7

Ward Williams Associates LLP

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		31 March 2025	31 March 2024
	Notes	£	£
TURNOVER	3	15,143,554	19,933,058
Cost of sales		(8,707,980 )	(10,694,964 )

GROSS PROFIT		6,435,574	9,238,094

Administrative expenses		(3,303,621 )	(4,377,355 )
Other operating income		334,058	144,485

OPERATING PROFIT	5	3,466,011	5,005,224
Exceptional items		(12,013)	-
Income from other current asset investments		2,196	13,134
Other interest receivable and similar income	10	33,822	33,979
Interest payable and similar charges	11	(14,272 )	(21,538 )

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES		3,475,744	5,030,799
Members' remuneration charged as an expense		(3,475,744)	(5,030,799)

The notes on pages 13 to 21 form part of these financial statements.

Page 7

Page 8

Ward Williams Associates LLP

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	31 March 2025	31 March 2024
	£	£
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS	-	-
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	-

Page 8

Page 9

Ward Williams Associates LLP

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: OC401502

		31 March 2025		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		274,414		279,700
Investments	13		2		13,502

			274,416		293,202
CURRENT ASSETS
Debtors	14	4,138,233		3,421,901
Cash at bank and in hand		66,026		1,478,263

		4,204,259		4,900,164
Creditors: Amounts Falling Due Within One Year	15	(2,818,803 )		(2,473,914 )

NET CURRENT ASSETS (LIABILITIES)			1,385,456		2,426,250

TOTAL ASSETS LESS CURRENT LIABILITIES			1,659,872		2,719,452

Creditors: Amounts Falling Due After More Than One Year	16		(4,780 )		(14,167 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	18		(40,000 )		(30,000 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			1,615,092		2,675,285

REPRESENTED BY:
Loans and other debts due to members after more than one year
Members' capital classified as a liability		1,200,031		1,117,531
Other amounts		415,061		1,557,754

			1,615,092		2,675,285

			1,615,092		2,675,285

TOTAL MEMBERS' INTEREST
Loans and other debts due to members after more than one year			1,615,092		2,675,285

			1,615,092		2,675,285

Page 9

Page 10

Ward Williams Associates LLP

Balance Sheet (continued)

As At 31 March 2025

On behalf of the members

Mr James Beckly

Designated Member

12/06/2026

The notes on pages 13 to 21 form part of these financial statements.

Page 10

Page 11

Ward Williams Associates LLP

Reconciliation of Members' Interests

For The Year Ended 31 March 2025

Reconciliation of Members' Interests

	EQUITY	DEBT
	Members' other interests	Loans and other debts due to members less any amounts due from members in debtors
	Other Reserves	Members'Capital classified as Debt	Other amounts	Total Debts	Total members' interest
	£	£	£	£	£
Amounts due to members	-	1,160,031	1,719,903	2,879,934	-

Balance at 1 December 2022	-	1,160,031	1,719,903	2,879,934	2,879,934
Members' remuneration charged as an expense, including employment and retirement benefit costs	-	-	5,030,799	5,030,799	5,030,799
Profit/(loss) for the financial year available for discretionary division among members	-	-	-	-	-

Members' interests after profit/(loss) for the year	-	1,160,031	6,750,702	7,910,733	7,910,733
Introduced by members	-	147,500	-	147,500	147,500
Drawings	-	-	(5,192,948)	(5,192,948)	(5,192,948)
Repayment of debt (including members' capital classified as liability)	-	(190,000)	-	(190,000)	(190,000)

Amounts due to members	-	1,117,531	1,557,754	2,675,285	-

As at 31 March 2024 and 1 April 2024	-	1,117,531	1,557,754	2,675,285	2,675,285


Members' remuneration charged as an expense, including employment and retirement benefit costs	-	-	3,475,744	3,475,744	3,475,744
Profit/(loss) for the financial year available for discretionary division among members	-	-	-	-	-

Members' interests after profit/(loss) for the year	-	1,117,531	5,033,498	6,151,029	6,151,029
Introduced by members	-	82,500	-	82,500	82,500
Drawings	-	-	(4,618,437)	(4,618,437)	(4,618,437)
Repayment of Capital	-	-	-	-	-
Repayment of debt (including members' capital classified as liability)	-	-	-	-	-
Other Movements	-	-	-	-	-

Amounts due to members	-	1,200,031	415,061	1,615,092	-

As at 31 March 2025	-	1,200,031	415,061	1,615,092	1,615,092

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 11

Page 12

Ward Williams Associates LLP

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		31 March 2025	31 March 2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,255,508	5,638,008
Interest paid		(14,272 )	(21,538 )
Members' drawings		(4,618,437)	(5,192,948)

Net cash (used in)/generated from operating activities		(1,377,201 )	423,522

Cash flows from investing activities
Purchase of tangible assets		(137,009 )	(171,637 )
Proceeds from disposal of tangible assets		1,941	-
Proceeds from disposal of investment in subsidiary undertaking		-	1
Proceeds from disposal of other fixed asset investments		13,500	-
Grants received		-	2,472
Interest received		33,822	33,979
Dividends received		2,196	13,134

Net cash used in investing activities		(85,550 )	(122,051 )

Cash flows from financing activities
Capital introduced by members (classified as equity or liability)		82,500	147,500
Repayment of capital or debt to members		-	(190,000)
Repayment of bank borrowings		-	(27,500 )
Proceeds from new other loans		-	215,190
Repayment of other loans		(31,986)	-

Net cash generated from financing activities		50,514	145,190



(Decrease)/increase in cash and cash equivalents		(1,412,237 )	446,661
Cash and cash equivalents at beginning of year	2	1,478,263	1,031,602

Cash and cash equivalents at end of year	2	66,026	1,478,263

Page 12

Page 13

Ward Williams Associates LLP

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year before members' remuneration and profit shares to cash generated from operations

	31 March 2025	31 March 2024
	£	£
Profit for the financial year before members' remuneration and profit shares	3,475,744	5,030,799
Adjustments for:
Interest expense	14,272	21,538
Interest income	(33,822 )	(33,979 )
Income from investments	(2,196)	(13,134)
Depreciation of tangible assets	138,505	160,282
Loss on disposal of tangible assets	1,849	-
Grant income	-	(2,472)
Movements in working capital:
Increase in trade and other debtors	(716,332 )	(455,441 )
Increase in trade and other creditors	377,488	930,415

Net cash generated from operations	3,255,508	5,638,008

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	31 March 2025	31 March 2024
	£	£
Cash at bank and in hand	66,026	1,478,263

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,478,263	(1,412,237)	66,026
Debts falling due within one year	(201,023 )	22,599	(178,424 )
Debts falling due after more than one year	(14,167)	9,387	(4,780)

Net debt before member's debt	1,263,073	(1,380,251)	(117,178)
Members capital classified as debt	(1,117,531)	(82,500)	(1,200,031)
Other amounts	(1,557,754)	1,142,693	(415,061)

Net debt including member's debt	(1,412,212)	(320,058)	(1,732,270)

Page 13

Page 14

Ward Williams Associates LLP

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Ward Williams Associates LLP is a limited liability partnership, incorporated in England & Wales, registered number OC401502 . The Registered Office is Compass House, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

In the prior year, the LLP formed part of a group and consolidated financial statements were prepared. As at 31 March 2024 the LLP ceased to be part of a group and, accordingly, the LLP is no longer required to prepare consolidated financial statements. The financial statements for the current year therefore present the results and financial position of the LLP as a single entity.

The LLP was not a member of a group during the year ended 31 March 2025. Following changes in the ownership structure of the associated limited company at 31 March 2024, the LLP and the company ceased to be under common control. Consequently, the entities no longer met the criteria for classification as a group under FRS 102 and no group relationship existed during the year ended 31 March 2025.

2.2. Going Concern Disclosure

The members have not identified any material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern.

2.3. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;

it is probable that the LLP will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% straight line
Fixtures & Fittings	10% straight line
Computer Equipment	33% straight line

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5. Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 14

Page 15

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.7. Financial Instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Statement of financial position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

2.8. Interest Receivable

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

2.9. Provisions and Contingencies

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.10. Profit Allocations

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the statement of comprehensive income. To the extent that they remain unpaid at the period end, they are included within 'Loans and other debts due to members' in the Statement of Financial Position.

The LLP classifies distributions of profits as operating cash flows in the Statement of cash flows

Page 15

Page 16

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.11. Pensions

DEFINED CONTRIBUTION PENSION PLAN

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

2.12. Associates and joint ventures

An entity is treated as a joint venture where the LLP is a party to a contractual agreement with one or more parties from outside the LLP to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the LLP exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The statement of comprehensive income includes the LLP's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the LLP. In the statement of financial position, the interests in associated undertakings are shown as the LLP's share of the identifiable net assets, including any unamortised premium paid on acquisition

2.13. Debtors

Short-term debtors are measured at transaction price, less any 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.

2.14. 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.

3. Turnover

Analysis of turnover by class of business is as follows:

	31 March 2025	31 March 2024
	£	£
Project Work Completed	14,185,999	18,681,704
Rental income	39,197	-
Sub-Consultant Recharges	918,358	1,251,354

	15,143,554	19,933,058

4. Other Operating Income

	31 March 2025	31 March 2024
	£	£
Grant income	-	2,472
Other operating income	334,058	142,013

	334,058	144,485

The "other operating income" relates to Management Income charged in the period.

Page 16

Page 17

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Operating Profit

The operating profit is stated after charging:

	31 March 2025	31 March 2024
	£	£
Bad debts	(10,855)	16,180
Reorganisation expenditure	-	1,488
Depreciation of tangible fixed assets	138,505	160,282
Loss on disposal of tangible fixed assets	1,849	-

6. Auditor's Remuneration

Remuneration received by the LLP's auditors and their associates during the year was as follows:

	31 March 2025	31 March 2024
	£	£
Audit Services
Audit of the LLP's financial statements	19,000	19,750

7. Staff Costs

Staff costs were as follows:

	31 March 2025	31 March 2024
	£	£
Wages and salaries	6,201,320	7,760,518
Social security costs	633,692	809,766
Other pension costs	419,441	443,910

	7,254,453	9,014,194

8. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 137 (2024: 145)

9. Members' Remuneration

	31 March 2025	31 March 2024
Average number of members during the year	25	25

	31 March 2025	31 March 2024
	£	£
Profit attributable to the member with the largest entitlement	256,775	430,740

Page 17

Page 18

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Interest Receivable and Similar Income

	31 March 2025	31 March 2024
	£	£
Bank interest receivable	33,822	33,979
Income from unlisted investments	2,196	13,134

	36,018	47,113

11. Interest Payable and Similar Charges

	31 March 2025	31 March 2024
	£	£
Interest payable on other loans	14,272	21,538

12. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	26,763	219,644	494,714	741,121
Additions	-	68,034	68,975	137,009
Disposals	(26,763 )	-	(1,059 )	(27,822 )

As at 31 March 2025	-	287,678	562,630	850,308

Depreciation
As at 1 April 2024	22,750	100,420	338,251	461,421
Provided during the period	223	35,192	103,090	138,505
Disposals	(22,973 )	-	(1,059 )	(24,032 )

As at 31 March 2025	-	135,612	440,282	575,894

Net Book Value
As at 31 March 2025	-	152,066	122,348	274,414

As at 1 April 2024	4,013	119,224	156,463	279,700

13. Investments

	Joint Ventures	Unlisted	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	2	13,500	13,502
Disposals	-	(13,500 )	(13,500 )

As at 31 March 2025	2	-	2

...CONTINUED

Page 18

Page 19

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

Net Book Value
As at 31 March 2025	2	-	2

As at 1 April 2024	2	13,500	13,502

Included within investments in joint ventures is a 50% holding of the ordinary share capital of MWJV Ltd. Its registered office address is Compass House, Truro Business Park, Truro, Cornwall, United Kingdom, TR4 9LD.

On the 24th February 2025, Ward Williams Associates LLP disposed of 100% of the unlisted investments it held.

14. Debtors

	31 March 2025	31 March 2024
	£	£
Due within one year
Trade debtors	3,193,317	2,708,907
Prepayments and accrued income	862,507	525,088
Other debtors	82,409	187,906

	4,138,233	3,421,901

15. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 March 2024
	£	£
Trade creditors	624,581	399,113
Other loans	178,424	201,023
Other creditors	348,551	144,487
Taxation and social security	952,226	927,026
Accruals and deferred income	715,021	802,265

	2,818,803	2,473,914

16. Creditors: Amounts Falling Due After More Than One Year

	31 March 2025	31 March 2024
	£	£
Other loans	4,780	14,167

Page 19

Page 20

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

17. Loans

An analysis of the maturity of loans is given below:

	31 March 2025	31 March 2024
	£	£
Amounts falling due within one year or on demand:
Other loans	178,424	201,023

	31 March 2025	31 March 2024
	£	£
Amounts falling due between one and five years:
Other loans	4,780	14,167

Bank loan interest is charged at a rate of 2.5%, the loan is due for repayment in 2026.

18. Provisions for Liabilities


	Other Provisions	Total
	£	£
As at 1 April 2024	30,000	30,000
Additions	10,000	10,000

Balance at 31 March 2025	40,000	40,000

The provisions included for above relate to the dilapidation provision.

19. Loans and other debts due to members

	31 March 2025	31 March 2024
	£	£
Amounts due to members	1,615,092	2,675,285

Included above are the following amounts due after more than one year:

	31 March 2025	31 March 2024
	£	£
Amounts due to members	1,615,092	2,675,285

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 20

Page 21

Ward Williams Associates LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

20. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases is as following:

	31 March 2025	31 March 2024
	£	£
Not later than one year	577,245	333,716
Later than one year and not later than five years	716,701	406,253
Later than five years	-	44,806

	1,293,946	784,775

21. Pension Commitments

The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £419,441 (2024: £443,910).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

22. Related Party Disclosures

During the period, Ward Williams Associates LLP invoiced its joint venture MWJV Ltd £2,766,848 (2024: £3,727,709). At the period end, the company owed the LLP £189,148.30 (2024: £282,986).

During the period, the LLP paid a licence fee to Ward William Holdings Ltd (a corporate member of the LLP) totalling £114,506 (2024: £140,635).

In addition to the above, the LLP made cash advances to the Ward Williams Holdings Ltd which paid for ancillary costs during the period. The net result of these transactions during the period means the LLP was owed £66,766 (2024: £107,329) by the company.

Subsidiary undertaking

Joint Venture

The following was a joint venture of the LLP:

Name	Registered office	Holding
MWJV Ltd	Compass House, Truro Business Park, Truro, Cornwall, TR4 9LD	50%

The financial period end for MWJV Ltd is 31 December 2024.

23. Exceptional Items

During the year ended 31 March 2025, the partnership identified historic inaccuracies in the allocation of partners' drawings and the balances carried forward within partners' capital accounts. These inaccuracies arose from errors in the allocation and recording of drawings between partners in prior accounting periods.

A review of the partnership's records was undertaken and adjustments were made during the current period to correct the opening capital account balances and associated drawings allocations.

24. Loans and Other Borrowings (or Assets Pledged as Security)

The LLP has entered into borrowing arrangements that are secured against specific assets or the general undertaking of the LLP. These arrangements are formally registered with the Registrar of Companies in accordance with the Companies Act 2006.

Page 21