Asset Wealth Management LLP - Accounts to registrar (filleted) - small 22.3

Asset Wealth Management LLP - Accounts to registrar (filleted) - small 22.3

ASSET WEALTH MANAGEMENT LLP - Company Information

Print Friendly Version

IRIS Accounts Production v22.3.0.621 OC304510 designated member 1.4.21 31.3.22 31.3.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureOC3045102021-03-31OC3045102022-03-31OC3045102021-04-012022-03-31OC3045102020-03-31OC3045102020-04-012021-03-31OC3045102021-03-31OC304510ns16:EnglandWales2021-04-012022-03-31OC304510ns15:PoundSterling2021-04-012022-03-31OC304510ns11:Director12021-04-012022-03-31OC304510ns11:LimitedLiabilityPartnershipLLP2021-04-012022-03-31OC304510ns11:SmallEntities2021-04-012022-03-31OC304510ns11:AuditExemptWithAccountantsReport2021-04-012022-03-31OC304510ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-31OC304510ns11:LimitedLiabilityPartnershipsSORP2021-04-012022-03-31OC304510ns11:FullAccounts2021-04-012022-03-31OC304510ns6:CurrentFinancialInstruments2022-03-31OC304510ns6:CurrentFinancialInstruments2021-03-31OC304510ns11:RegisteredOffice2021-04-012022-03-31OC30451012021-04-012022-03-31OC304510ns6:PlantMachinery2021-04-012022-03-31OC304510ns6:FurnitureFittings2021-04-012022-03-31OC304510ns6:ComputerEquipment2021-04-012022-03-31OC304510ns6:PlantMachinery2021-03-31OC304510ns6:FurnitureFittings2021-03-31OC304510ns6:ComputerEquipment2021-03-31OC304510ns6:PlantMachinery2022-03-31OC304510ns6:FurnitureFittings2022-03-31OC304510ns6:ComputerEquipment2022-03-31OC304510ns6:PlantMachinery2021-03-31OC304510ns6:FurnitureFittings2021-03-31OC304510ns6:ComputerEquipment2021-03-31
REGISTERED NUMBER: OC304510 (England and Wales)















ASSET WEALTH MANAGEMENT LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Balance Sheet 1

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 5

ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,084 2,778

CURRENT ASSETS
Debtors 5 120,000 40,000
Cash at bank 52,847 110,510
172,847 150,510
CREDITORS
Amounts falling due within one year 6 119,724 120,330
NET CURRENT ASSETS 53,123 30,180
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
55,207
32,958

LOANS AND OTHER DEBTS DUE TO
MEMBERS
7
55,203
32,954

MEMBERS' OTHER INTERESTS
Capital accounts 4 4
55,207 32,958

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 55,203 32,954
Members' other interests 4 4
55,207 32,958

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 2022.

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 notes form part of these financial statements

Page 1 continued...
ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

BALANCE SHEET - continued
31 MARCH 2022


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 10 May 2022 and were signed by:





M S Basra - Designated member

The notes form part of these financial statements

Page 2
ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Asset Wealth Management LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC304510

Registered office: 10 Station Road
Letchworth
Herts
SG6 3AU

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2021 - 3 ) .

Page 3 continued...
ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2021
and 31 March 2022 15,839 5,864 459 22,162
DEPRECIATION
At 1 April 2021 15,100 3,826 458 19,384
Charge for year 185 509 - 694
At 31 March 2022 15,285 4,335 458 20,078
NET BOOK VALUE
At 31 March 2022 554 1,529 1 2,084
At 31 March 2021 739 2,038 1 2,778

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 120,000 40,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 366 -
Social security and other taxes 1,687 2,449
Accrued expenses 117,671 117,881
119,724 120,330

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

Page 4
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ASSET WEALTH MANAGEMENT LLP (REGISTERED NUMBER: OC304510)

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Asset Wealth Management LLP for the year ended 31 March 2022 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the members of Asset Wealth Management LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Asset Wealth Management LLP and state those matters that we have agreed to state to the members of Asset Wealth Management LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Asset Wealth Management LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Asset Wealth Management LLP. You consider that Asset Wealth Management LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Asset Wealth Management LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY


10 May 2022

This page does not form part of the statutory financial statements

Page 5