Property Wealth Insurance Brokers LLP - Period Ending 2021-03-31

Property Wealth Insurance Brokers LLP

Contents

Financial Statements	1 to 6
Balance Sheet	1
Notes to the Financial Statements	3

Property Wealth Insurance Brokers LLP

(Registration number: OC386383)
Balance Sheet as at 31 March 2021

	Note	2021  £	2020  £
Fixed assets
Tangible assets	3	53,232	66,669
Current assets
Debtors	4	229,409	199,345
Cash and short-term deposits		95,069	18,002
		324,478	217,347
Creditors: Amounts falling due within one year	5	(160,943)	(147,483)
Net current assets		163,535	69,864
Total assets less current liabilities		216,767	136,533
Creditors: Amounts falling due after more than one year	6	(30,884)	(35,920)
Net assets attributable to members		185,883	100,613
Represented by:
Loans and other debts due to members
Other amounts	7	90,047	45,054
Members’ other interests
Other reserves		95,836	55,559
		185,883	100,613
Total members' interests
Loans and other debts due to members		90,047	45,054
Equity		95,836	55,559
		185,883	100,613

Property Wealth Insurance Brokers LLP

(Registration number: OC386383)
Balance Sheet as at 31 March 2021

For the year ending 31 March 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Property Wealth Insurance Brokers LLP (registered number OC386383) were approved by the Board and authorised for issue on 2 June 2021. They were signed on behalf of the limited liability partnership by:

.........................................
Mr K Callaway
Designated member

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2021

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Property Wealth Insurance Brokers LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Government grants

Government grants of a revenue nature are recognised when there is a reasonable assurance that conditions attaching to them have been met and the grants will be received. The accruals model has been adopted for recognition.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2021

1	Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Office conversion	Over 5 years
Fixtures and fittings	25% reducing balance
Motor vehicle	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 4 (2020 - 5).

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2021

3	Tangible fixed assets

	Office conversion costs £	Fixtures and fittings £	Motor vehicles £	Office equipment £	Total £
Cost
At 1 April 2020	19,165	12,017	46,500	8,485	86,167
Additions	-	-	-	2,058	2,058
At 31 March 2021	19,165	12,017	46,500	10,543	88,225
Depreciation
At 1 April 2020	7,666	5,184	2,906	3,742	19,498
Charge for the year	3,833	1,708	8,254	1,700	15,495
At 31 March 2021	11,499	6,892	11,160	5,442	34,993
Net book value
At 31 March 2021	7,666	5,125	35,340	5,101	53,232
At 31 March 2020	11,499	6,833	43,594	4,743	66,669

4

Debtors

	2021  £	2020  £
Trade debtors	86,025	82,402
Other debtors	135,399	114,713
Prepayments and accrued income	7,985	2,230
	229,409	199,345

5	Creditors: Amounts falling due within one year

	2021  £	2020  £
Trade creditors	149,738	134,651
Other creditors	5,249	5,496
Accruals and deferred income	3,347	4,287
Taxation and social security	2,609	3,049
	160,943	147,483

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

Property Wealth Insurance Brokers LLP

Notes to the Financial Statements for the Year Ended 31 March 2021

5	Creditors: Amounts falling due within one year (continued)

	2021  £	2020  £
Hire purchase	5,036	5,268

6	Creditors: Amounts falling due after more than one year

	2021  £	2020  £
Other creditors	30,884	35,920

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2021  £	2020  £
Hire purchase	30,884	35,920

7	Analysis of other amounts

	2021  £	2020  £
Loans from members	73,791	73,791
Amounts owed (from) to members	16,256	(28,737)
	90,047	45,054

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,200 (2020 - £7,200).