Wallwork Sturmer LLP - LLP accounts 22.3

REGISTERED NUMBER: OC393300 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31st March 2022

for

Wallwork Sturmer LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

C Sturmer

N J Wallwork

Deedeedee Ltd

Sturmer Capital Ltd

Wallwork Capital Ltd

Wallmer Asset Management Ltd

REGISTERED OFFICE:

49 London Street

Reading

RG1 4PS

REGISTERED NUMBER:

OC393300 (England and Wales)

ACCOUNTANTS:

OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Coxwold Way

Billingham

Co. Durham

TS23 4EA

The members present their report with the financial statements of the LLP for the year ended 31st March 2022.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property rental.

DESIGNATED MEMBERS

The designated members during the year under review were:

C Sturmer

N J Wallwork

Deedeedee Ltd

Sturmer Capital Ltd

Wallwork Capital Ltd

Wallmer Asset Management Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £264,761 (2021 - £225,468 profit).

MEMBERS' INTERESTS

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, with the balance of profits being distributed after the year end, subject to the cash requirements of the business. Capital is repaid to members on resignation or retirement. Only those members who have contributed capital to the LLP are allocated losses, if the LLP declares a loss in a period.

ON BEHALF OF THE MEMBERS:

N J Wallwork - Designated member

29th December 2022

TURNOVER

732,127

750,731

Cost of sales

(103,893

)

(225,849

)

GROSS PROFIT

628,234

524,882

Administrative expenses

(158,740

)

(186,426

)

OPERATING PROFIT

4

469,494

338,456

Interest payable and similar expenses

(204,733

)

(112,988

)

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

264,761

225,468

FIXED ASSETS

Tangible assets

5

9,898

13,198

Investment property

6

6,308,100

6,317,998

6,321,298

CURRENT ASSETS

Stocks

7

5,357,863

5,143,134

Debtors

8

9,277

246,703

Cash at bank

42,139

103,689

5,409,279

5,493,526

CREDITORS

Amounts falling due within one year

9

(898,022

)

(892,778

)

NET CURRENT ASSETS

4,511,257

4,600,748

TOTAL ASSETS LESS CURRENT LIABILITIES

10,829,255

10,922,046

CREDITORS

Amounts falling due after more than one
year

10

(6,880,138

)

(7,023,690

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,949,117

3,898,356

LOANS AND OTHER DEBTS DUE TO
MEMBERS

12

3,949,117

3,898,356

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

3,949,117

3,898,356

Amounts due from members

8

-

(242,000

)

3,949,117

3,656,356

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 31st 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 financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 29th December 2022 and were signed by:

C Sturmer - Designated member

N J Wallwork - Designated member

1.	STATUTORY INFORMATION

Wallwork Sturmer 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 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.

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 etc

-

25% on reducing balance and at varying rates on cost

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEE INFORMATION

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

4.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

Depreciation - owned assets

3,300

4,532

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2021

and 31st March 2022

22,293

DEPRECIATION

At 1st April 2021

9,095

Charge for year

3,300

At 31st March 2022

12,395

NET BOOK VALUE

At 31st March 2022

9,898

At 31st March 2021

13,198

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

and 31st March 2022

6,308,100

NET BOOK VALUE

At 31st March 2022

6,308,100

At 31st March 2021

6,308,100

The members see no real benefit in revaluing the properties.

7.

STOCKS

2022

2021

£

Southern Court

2,162,580

2,074,249

Sherwood House

3,195,283

3,068,885

5,357,863

5,143,134

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

8,777

3,887

Amounts due from members

-

242,000

Other debtors

500

674

VAT

-

142

9,277

246,703

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Loans

189,704

Trade creditors

2,727

5,485

Social security and other taxes

50

-

VAT

492

-

Other creditors

674,114

697,589

Accrued expenses

30,935

-

898,022

892,778

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

Loans

6,789,397

6,923,690

Other creditors

90,741

100,000

6,880,138

7,023,690

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

Bank Loans

-

6,963,394

12.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.

13.	RELATED PARTY DISCLOSURES

At the year end, Wallwork Sturmer LLP owed £6244,52 (2020: £646,373) to related companies. This balance is included within other creditors.