Watts Gregory LLP - Accounts to registrar (filleted) - small 18.2

Watts Gregory LLP - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: OC326248(England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2019

FOR

WATTS GREGORY LLP

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2019










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WATTS GREGORY LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2019







DESIGNATED MEMBERS: D C Williams
L T Hogg





REGISTERED OFFICE: Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
CF23 8RS





REGISTERED NUMBER: OC326248(England and Wales)





ACCOUNTANTS: Watts Gregory LLP
Chartered Accountants
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

BALANCE SHEET
5 APRIL 2019

2019 2018
Notes £    £   
FIXED ASSETS
Tangible assets 4 65,513 68,242
Investments 5 179,598 218,818
245,111 287,060

CURRENT ASSETS
Debtors 6 1,662,505 1,639,022
Cash at bank and in hand 25,338 7
1,687,843 1,639,029
CREDITORS
Amounts falling due within one year 7 (611,187 ) (559,472 )
NET CURRENT ASSETS 1,076,656 1,079,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,321,767

1,366,617

CREDITORS
Amounts falling due after more than one
year

8

(79,598

)

(177,248

)
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,242,169

1,189,369

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,242,169

1,189,369

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 1,242,169 1,189,369

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 5 April 2019.

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)

BALANCE SHEET - continued
5 APRIL 2019


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 on 4 November 2019and were signed by:




D C Williams- Designated member




L T Hogg- Designated member


WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2019


1. STATUTORY INFORMATION

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.

The LLP's functional and presentational currency in the financial statements is the Sterling (£), rounded to the
nearest pound.

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.

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" including the provisions of Section 1A "Small Entities" 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.

There have been no material departures from the Financial Reporting Standard 102 1A.

Turnover
Turnover represents the net value of services provided excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% - 33 1/3% Straight line
Fixtures and fittings - at varying rates 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.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 35(2018 - 35) .

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2019


4. TANGIBLE FIXED ASSETS
Fixtures
Office and
equipment fittings Totals
£    £    £   
COST
At 6 April 2018 249,227 160,268 409,495
Additions 24,969 4,947 29,916
At 5 April 2019 274,196 165,215 439,411
DEPRECIATION
At 6 April 2018 181,870 159,383 341,253
Charge for year 32,044 601 32,645
At 5 April 2019 213,914 159,984 373,898
NET BOOK VALUE
At 5 April 2019 60,282 5,231 65,513
At 5 April 2018 67,357 885 68,242

5. FIXED ASSET INVESTMENTS
Other
loan
£   
At 6 April 2018 218,818
Repayment in year (39,220 )
At 5 April 2019 179,598

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 1,485,335 1,454,607
Other debtors 177,170 184,415
1,662,505 1,639,022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Bank loans and overdrafts 100,000 123,611
Taxation and social security 311,618 296,698
Other creditors 199,569 139,163
611,187 559,472

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2019 2018
£    £   
Bank loans 79,598 177,248

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

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.

WATTS GREGORY LLP (REGISTERED NUMBER: OC326248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2019


10. ULTIMATE CONTROLLING PARTY

The LLP is controlled by the members. There is no single controlling party.