For the financial year ended 31 March 2026 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

Watts & Morgan LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1 Nolton Street, Bridgend, Mid Glamorgan, UK, CF31 1BX.

The limited liability partnership's principal activities are disclosed in the Members' Report.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

Turnover comprises revenue recognised by the LLP in respect of goods and services supplied during the year,exclusive of Value Added Tax and trade discounts.

Tangible fixed assets 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:

The LLP operates an auto enrollment pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

The LLP operates an auto enrollment pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Allocation of profits and drawings

Members determine an annual salaried amount payable by the LLP which is recognised in the profit and loss account as members remuneration charged as an expense.

Profits or losses in addition to these salaried amounts are allocated on the basis as set out in the partnership agreement entered into by the members.

The members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings permitted takes into account the anticipated cash needs of the LLP.

To the extent that profit allocations exceed drawings then the excess profit is included in the balance sheet under loans and other debts due to members.

The average number of persons (excluding members) employed by the partnership during the year was:

Loans and other debts due to members rank behind, and are only to be paid after full payment has been made in respect of, all amounts due to unsecured creditors in the event of administration or winding up.