1 false false false false false false false false false false false false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 30,565 8,784 30,565 21,781 100 100 100 xbrli:pure xbrli:shares iso4217:GBP OC403646 2022-01-01 2022-12-31 OC403646 2022-12-31 OC403646 2021-12-31 OC403646 2021-01-01 2021-12-31 OC403646 2021-12-31 OC403646 2020-12-31 OC403646 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 OC403646 core:PlantMachinery 2022-01-01 2022-12-31 OC403646 core:FurnitureFittings 2022-01-01 2022-12-31 OC403646 bus:Director1 2022-01-01 2022-12-31 OC403646 bus:Director2 2022-01-01 2022-12-31 OC403646 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 OC403646 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 OC403646 core:PlantMachinery 2021-12-31 OC403646 core:FurnitureFittings 2021-12-31 OC403646 core:FurnitureFittings 2022-12-31 OC403646 core:WithinOneYear 2022-12-31 OC403646 core:WithinOneYear 2021-12-31 OC403646 core:AfterOneYear 2021-12-31 OC403646 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 OC403646 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-12-31 OC403646 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 OC403646 core:Non-currentFinancialInstruments 2022-12-31 OC403646 core:PlantMachinery 2021-12-31 OC403646 core:FurnitureFittings 2021-12-31 OC403646 bus:SmallEntities 2022-01-01 2022-12-31 OC403646 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 OC403646 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 OC403646 bus:LimitedLiabilityPartnershipLLP 2022-01-01 2022-12-31 OC403646 bus:FullAccounts 2022-01-01 2022-12-31
REGISTERED NUMBER: OC403646
MGAP London LLP
Filleted Unaudited Financial Statements
31 December 2022
MGAP London LLP
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
21,781
Tangible assets
6
32,379
Investments
7
100
----
--------
100
54,160
Current assets
Debtors
8
631,917
572,968
Cash at bank and in hand
253,663
---------
---------
631,917
826,631
Creditors: amounts falling due within one year
9
631,616
805,529
---------
---------
Net current assets
301
21,102
----
--------
Total assets less current liabilities
401
75,262
Creditors: amounts falling due after more than one year
10
71,805
----
--------
Net assets
401
3,457
----
--------
Represented by:
Loans and other debts due to members
Other amounts
11
401
3,457
----
-------
Members' other interests
Other reserves
----
-------
401
3,457
----
-------
Total members' interests
Amounts due from members
(522,510)
(313,121)
Loans and other debts due to members
11
401
3,457
Members' other interests
---------
---------
(522,109)
(309,664)
---------
---------
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 statement of comprehensive income has not been delivered.
MGAP London LLP
Statement of Financial Position (continued)
31 December 2022
For the year ending 31 December 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 .
These financial statements were approved by the members and authorised for issue on 26 June 2023 , and are signed on their behalf by:
Mr S Grachev
Mrs V N Nassipova
Designated Member
Designated Member
Registered number: OC403646
MGAP London LLP
Notes to the Financial Statements
Year ended 31 December 2022
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 8 Devonshire Square, London, EC2M 4PL.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of comprehensive income and are equity appropriations in the statement of financial position.
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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
10% straight line
Equipment
-
33 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2021: Nil).
5.
Intangible assets
Development costs
£
Cost
At 1 January 2022 and 31 December 2022
30,565
--------
Amortisation
At 1 January 2022
8,784
Charge for the year
Impairment losses
21,781
--------
At 31 December 2022
30,565
--------
Carrying amount
At 31 December 2022
--------
At 31 December 2021
21,781
--------
6.
Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
57,126
23,634
841
81,601
Disposals
( 57,126)
( 57,126)
--------
--------
----
--------
At 31 December 2022
23,634
841
24,475
--------
--------
----
--------
Depreciation
At 1 January 2022
38,929
9,452
841
49,222
Disposals
( 38,929)
( 38,929)
Impairment losses
14,182
14,182
--------
--------
----
--------
At 31 December 2022
23,634
841
24,475
--------
--------
----
--------
Carrying amount
At 31 December 2022
--------
--------
----
--------
At 31 December 2021
18,197
14,182
32,379
--------
--------
----
--------
7.
Investments
Shares in group undertakings
£
Cost
At 1 January 2022
Additions
100
----
At 31 December 2022
100
----
Impairment
At 1 January 2022 and 31 December 2022
----
Carrying amount
At 31 December 2022
100
----
At 31 December 2021
----
8.
Debtors
2022
2021
£
£
Trade debtors
27,038
Other debtors
631,917
545,930
---------
---------
631,917
572,968
---------
---------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
74,555
25,441
Trade creditors
427,616
139,732
Amounts owed to group undertakings and undertakings in which the LLP has a participating interest
28,881
Other creditors
100,564
640,356
---------
---------
631,616
805,529
---------
---------
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
44,158
Other creditors
27,647
----
--------
71,805
----
--------
11.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
401
3,457
----
-------
12.
Related party transactions
During the year the LLP received services totalling £39,451 (2021 - £74,156) from Cucumber Cow Limited, a company controlled by S Grachev. The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group.