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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2021 |
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WATTS GREGORY LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 APRIL 2021 |
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FOR |
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WATTS GREGORY LLP |
WATTS GREGORY LLP (REGISTERED NUMBER: OC326248) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2021 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WATTS GREGORY LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2021 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
WATTS GREGORY LLP (REGISTERED NUMBER: OC326248) |
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BALANCE SHEET |
5 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,368,169 |
1,069,477 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
10 |
1,368,169 |
1,069,477 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 10 | 1,368,169 | 1,069,477 |
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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. |
WATTS GREGORY LLP (REGISTERED NUMBER: OC326248) |
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BALANCE SHEET - continued |
5 APRIL 2021 |
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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. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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WATTS GREGORY LLP (REGISTERED NUMBER: OC326248) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2021 |
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1. | STATUTORY INFORMATION |
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Watts Gregory LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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The LLP's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound. |
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The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There have been no material departures from the Financial Reporting Standard 102 1A. |
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Turnover |
Turnover represents the net value of services provided excluding Value Added Tax. |
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Tangible fixed assets |
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Office equipment | - |
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Fixtures and fittings | - |
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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. |
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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. |
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Amounts to be billed |
Services provided to clients, which at the balance sheet date have not been billed, have been recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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WATTS GREGORY LLP (REGISTERED NUMBER: OC326248) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and |
equipment | fittings | Totals |
£ | £ | £ |
COST |
At 6 April 2020 |
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Additions |
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At 5 April 2021 |
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DEPRECIATION |
At 6 April 2020 |
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Charge for year |
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At 5 April 2021 |
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NET BOOK VALUE |
At 5 April 2021 |
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At 5 April 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
loan |
£ |
At 6 April 2020 |
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Repayment in year | ( |
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At 5 April 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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WATTS GREGORY LLP (REGISTERED NUMBER: OC326248) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2021 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Amounts due to members would rank after amounts due to other unsecured creditors in the event of a winding up. No special protection is afforded to unsecured creditors. |
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11. | RELATED PARTY DISCLOSURES |
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The members of Watts Gregory LLP control other limited companies. During the year there were recharged expenses totalling £335,776 (2020 - £292,054) made to these companies. In addition, these companies charged Watts Gregory LLP a total of £60,224 (2020 - £41,986) for services rendered. |
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At the year there was £129,370 owed by (2020 - £62,810 owed to, and £144,524 owed by) these other related parties. |