10 false false false false false false false false false false false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 62,357 43,362 6,469 49,831 12,526 18,995 xbrli:pure xbrli:shares iso4217:GBP OC325960 2021-04-01 2022-03-31 OC325960 2022-03-31 OC325960 2021-03-31 OC325960 2020-04-01 2021-03-31 OC325960 2021-03-31 OC325960 core:FurnitureFittings 2021-04-01 2022-03-31 OC325960 bus:Director1 2021-04-01 2022-03-31 OC325960 bus:Director2 2021-04-01 2022-03-31 OC325960 bus:Director3 2021-04-01 2022-03-31 OC325960 core:WithinOneYear 2022-03-31 OC325960 core:WithinOneYear 2021-03-31 OC325960 core:FurnitureFittings 2021-03-31 OC325960 core:FurnitureFittings 2022-03-31 OC325960 core:FurnitureFittings 2021-03-31 OC325960 bus:SmallEntities 2021-04-01 2022-03-31 OC325960 bus:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 OC325960 bus:FullAccounts 2021-04-01 2022-03-31 OC325960 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 OC325960 bus:LimitedLiabilityPartnershipLLP 2021-04-01 2022-03-31
REGISTERED NUMBER: OC325960
MMA PARTNERSHIP LLP
Filleted Unaudited Financial Statements
31 March 2022
MMA PARTNERSHIP LLP
Balance Sheet
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
12,526
18,995
Current assets
Debtors
6
118,395
197,831
Cash at bank and in hand
181,035
129,031
---------
---------
299,430
326,862
Creditors: amounts falling due within one year
7
( 51,155)
( 92,016)
---------
---------
Net current assets
248,275
234,846
---------
---------
Total assets less current liabilities
260,801
253,841
---------
---------
Net assets
260,801
253,841
---------
---------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
8
120,000
120,000
Other amounts
8
140,801
133,841
---------
---------
260,801
253,841
---------
---------
Members' other interests
Other reserves
---------
---------
260,801
253,841
---------
---------
Total members' interests
Loans and other debts due to members
8
260,801
253,841
Members' other interests
---------
---------
260,801
253,841
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the profit and loss account has not been delivered.
For the year ending 31 March 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
MMA PARTNERSHIP LLP
Balance Sheet (continued)
31 March 2022
These financial statements were approved by the members and authorised for issue on 26 August 2022 , and are signed on their behalf by:
Mr. V. M. Mistry
Mr. S. M. Mistry
Designated Member
Designated Member
Mr. S. M. N. Mistry
Designated Member
Registered number: OC325960
MMA PARTNERSHIP LLP
Notes to the Financial Statements
Year ended 31 March 2022
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The principal estimates and judgements that could have a significant effect upon the LLP's financial results relates to: Accrued income and fees on account Income has been recognised in respect of services delivered where right to consideration is receivable at the balance sheet date. Certain judgements have been applied with regard to unbilled client engagements concerning future revenues, exposure to credit risk and the degree of completion of the underlying contractual arrangements.
Revenue recognition
Revenue represents amounts recoverable from clients for professional services provided during the year. It is measured at the fair value of consideration received or receivable on each client assignment, including expenses and disbursements but excluding Value Added Tax. Revenue is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Taxation
Taxation on LLP profits is the personal liability of the members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. 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 profit or loss. 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.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 10 (2021: 13 ).
5.
Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2021 and 31 March 2022
62,357
62,357
--------
--------
Depreciation
At 1 April 2021
43,362
43,362
Charge for the year
6,469
6,469
--------
--------
At 31 March 2022
49,831
49,831
--------
--------
Carrying amount
At 31 March 2022
12,526
12,526
--------
--------
At 31 March 2021
18,995
18,995
--------
--------
6.
Debtors
2022
2021
£
£
Trade debtors
86,762
157,048
Prepayments and accrued income
31,633
40,783
---------
---------
118,395
197,831
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
7,863
25,065
Social security and other taxes
43,292
66,951
--------
--------
51,155
92,016
--------
--------
8.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
140,801
133,841
Other amounts
120,000
120,000
---------
---------
260,801
253,841
---------
---------
9.
Policy with regard to loans and other amounts due to members
In the event of a winding up of the LLP, loans and other debts due to members rank equally with unsecured creditors. No additional protection is afforded to creditors.