REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 January 2023 |
for |
Nick Merryfield LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 January 2023 |
for |
Nick Merryfield LLP |
Nick Merryfield LLP (Registered number: OC381897) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Profit and Loss Account | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Nick Merryfield LLP |
General Information |
for the Year Ended 31 January 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Nick Merryfield LLP (Registered number: OC381897) |
Report of the Members |
for the Year Ended 31 January 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 January 2023. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £248,924 (2022 - £167,779 profit). |
MEMBERS' INTERESTS |
Initial capital was provided by the members. A member's share of the profits or losses of the LLP shall be credited or debited as the case may be to that member's own current account. In the event that the LLP is unable to pay its debts then the members will contribute further funds. |
ON BEHALF OF THE MEMBERS: |
Nick Merryfield LLP (Registered number: OC381897) |
Profit and Loss Account |
for the Year Ended 31 January 2023 |
2023 | 2022 |
£ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT |
Gain/loss on revaluation of investment property |
160,000 |
85,000 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Nick Merryfield LLP (Registered number: OC381897) |
Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
1,531,354 |
1,369,818 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
540,687 |
539,151 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 435,513 | 435,513 |
Fair value reserve | 9 |
1,531,354 | 1,369,818 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 540,687 | 539,151 |
Members' other interests | 990,667 | 830,667 |
1,531,354 | 1,369,818 |
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. |
Nick Merryfield LLP (Registered number: OC381897) |
Balance Sheet - continued |
31 January 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Nick Merryfield LLP (Registered number: OC381897) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Nick Merryfield 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 as modified by the revaluation of certain assets. |
Turnover |
Turnover represents rental income, net sales of services provided during the year and share of partnership profits for the period, excluding value added tax where applicable. |
Investment property |
Investment property is not depreciated but is revalued annually at its fair value, in accordance with the Financial Reporting Standard 102 (Section 1A), with any surplus or deficit reflected in the profit and loss account. Any aggregate surplus or deficit arising from changes in fair value is transferred to a fair value reserve. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
and 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Nick Merryfield LLP (Registered number: OC381897) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2022 |
Revaluations | 160,000 |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Fair value at 31 January 2023 is represented by: |
£ |
Valuation in 2023 | 1,520,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 964,846 | 964,846 |
Aggregate depreciation | (125,992 | ) | (106,695 | ) |
Investment property was valued on a fair value basis on 31 January 2023 by N P Merryfield . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 540,687 | 539,151 |
Falling due within one year | 540,687 | 539,151 |
. |
Nick Merryfield LLP (Registered number: OC381897) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2022 |
Property revaluation |
At 31 January 2023 |