Limited Liability Partnership registration number SO301662 (Scotland)
MAC-VENTILATION LLP
MEMBERS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MAC-VENTILATION LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MAC-VENTILATION LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
353,047
356,162
Current assets
Stocks
43,743
30,871
Debtors
4
48,412
63,356
Cash at bank and in hand
15,941
38,512
108,096
132,739
Creditors: amounts falling due within one year
5
(140,846)
(160,312)
Net current liabilities
(32,750)
(27,573)
Total assets less current liabilities
320,297
328,589
Creditors: amounts falling due after more than one year
6
(21,276)
(34,520)
Net assets attributable to members
299,021
294,069
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
128,405
123,453
Members' other interests
Revaluation reserve
170,616
170,616
299,021
294,069
MAC-VENTILATION LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 30 August 2023 and are signed on their behalf by:
MR A MCCARTNEY
Mr A McCartney
Designated member
Limited Liability Partnership Registration No. SO301662
MAC-VENTILATION LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

MAC-Ventilation LLP is a limited liability partnership incorporated in Scotland. The registered office is 20 Nimmo Drive, Glasgow, United Kingdom, United Kingdom, G51 3SX.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable.

 

Turnover is recognised when a service is delivered to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% on reducing balance
Plant and equipment
15% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Stocks

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

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MAC-VENTILATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and 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 Statement of comprehensive income.

1.8

Loans

Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
310,000
107,987
417,987
Additions
-
0
6,711
6,711
At 31 March 2023
310,000
114,698
424,698
Depreciation and impairment
At 1 April 2022
-
0
61,825
61,825
Depreciation charged in the year
-
0
9,826
9,826
At 31 March 2023
-
0
71,651
71,651
Carrying amount
At 31 March 2023
310,000
43,047
353,047
At 31 March 2022
310,000
46,162
356,162

Fixed assets, included in the above, which are held under hire purchase contract have a net book value of £18,104 (2022: £24,139).

MAC-VENTILATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
47,577
63,356
Other debtors
835
-
0
48,412
63,356
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,969
44,635
Trade creditors
65,799
43,373
Taxation and social security
-
0
5,965
Other creditors
42,078
66,339
140,846
160,312
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,560
29,133
Other creditors
716
5,387
21,276
34,520
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'.

 

8
Revaluation reserve
2023
2022
£
£
At beginning and end of year
170,616
170,616
9
Related party transactions

The members of the LLP are also directors and owners of Macvent SM Limited. At the year end the LLP owed £6,536 (2022: £23,776) to Macvent SM Limited.

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