REGISTERED NUMBER: OC430005 (England and Wales)

WELLING PARTNERSHIP LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R Russo

R Birch

S Russo

REGISTERED OFFICE:

150 The Grange, 1st Floor

Romsey Road

Michelmersh

Romsey

Hampshire

SO51 0AE

REGISTERED NUMBER:

OC430005 (England and Wales)

FIXED ASSETS

Intangible assets

4

75,000

75,000

Tangible assets

5

83,748

35,967

158,748

110,967

CURRENT ASSETS

Debtors

6

1,156,463

958,761

Cash at bank and in hand

691,221

619,573

1,847,684

1,578,334

CREDITORS

Amounts falling due within one year

7

(1,127,933

)

(1,150,697

)

NET CURRENT ASSETS

719,751

427,637

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

878,499

538,604

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

878,499

538,604

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

878,499

538,604

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 2026.

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10 September 2026 and were signed by:

R Russo - Designated member

1.	STATUTORY INFORMATION

Welling Partnership 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business and has been transferred over from the LLP, is not being amortised because the members believe the value is in excess of that shown.

Tangible fixed assets

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

Plant and machinery

-

15% Straight line

Motor vehicles

-

33% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Financial assets

The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.

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).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS102. A member's participation right results in a liability unless the right to any payment is discretionary to the part of the LLP.

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, such profits are classed as an appropriation of equity rather than as an expense. They are shown as a residual amount available for the discretionary division among members on the Income Statement and are equity appropriations in the reconciliation of members' interests.

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.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Income Statement as shown in the reconciliation of members interests with 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Total members' interests'.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 31 (2025 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2025

and 31 March 2026

75,000

NET BOOK VALUE

At 31 March 2026

75,000

At 31 March 2025

75,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2025

73,817

1,980

75,797

Additions

16,812

49,836

66,648

Disposals

(13,154

)

(1,980

)

(15,134

)

At 31 March 2026

77,475

49,836

127,311

DEPRECIATION

At 1 April 2025

37,850

1,980

39,830

Charge for year

12,271

3,322

15,593

Eliminated on disposal

(9,880

)

(1,980

)

(11,860

)

At 31 March 2026

40,241

3,322

43,563

NET BOOK VALUE

At 31 March 2026

37,234

46,514

83,748

At 31 March 2025

35,967

-

35,967

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

1,037,660

747,231

Other debtors

118,803

211,530

1,156,463

958,761

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

37,720

49,030

Taxation and social security

296,654

268,671

Other creditors

793,559

832,996

1,127,933

1,150,697

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2026

2025

£

£

Amounts owed to members in respect of profits

528,499

188,604

Capital account

350,000

350,000

878,499

538,604

Falling due within one year

878,499

538,604

In the event of a winding up of the LLP, amounts classified as 'other debts due to members' would rank behind other non-secured creditors. There are no restrictions that exist on the ability of the members to reduce the amounts classified as 'members' capital'.

Members have agreed not to take cash drawings where this would conflict with the adequacy of the working capital of the LLP.

9.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the LLP had future commitments under operating leases which totalled £37,041 (2025 - £60,275).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Russo.