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REGISTERED NUMBER: OC381897 (England and Wales)



















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: N P Merryfield
Mrs R Merryfield
T P Merryfield





REGISTERED OFFICE: 18 Regent Street
Nottingham
NG1 5BQ





REGISTERED NUMBER: OC381897 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
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:

N P Merryfield
Mrs R Merryfield
T P Merryfield

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:





N P Merryfield - Designated member


31 October 2023

Nick Merryfield LLP (Registered number: OC381897)

Profit and Loss Account
for the Year Ended 31 January 2023

2023 2022
£    £   

TURNOVER 134,292 128,724

Administrative expenses 45,368 45,945
OPERATING PROFIT 88,924 82,779

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




248,924




167,779

Nick Merryfield LLP (Registered number: OC381897)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,223 8,297
Investment property 5 1,520,000 1,360,000
1,526,223 1,368,297

CURRENT ASSETS
Debtors 6 2,407 3,938
Cash at bank 8,706 5,525
11,113 9,463
CREDITORS
Amounts falling due within one year 7 5,982 7,942
NET CURRENT ASSETS 5,131 1,521
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 9 555,154 395,154
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 January 2023.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 31 October 2023 and were signed by:





N P Merryfield - Designated member

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 8,787 6,967 15,754
DEPRECIATION
At 1 February 2022 4,821 2,636 7,457
Charge for year 992 1,082 2,074
At 31 January 2023 5,813 3,718 9,531
NET BOOK VALUE
At 31 January 2023 2,974 3,249 6,223
At 31 January 2022 3,966 4,331 8,297

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 1,360,000
Revaluations 160,000
At 31 January 2023 1,520,000
NET BOOK VALUE
At 31 January 2023 1,520,000
At 31 January 2022 1,360,000

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 2,407 3,938

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,944 1,081
Social security and other taxes 316 2,593
Accruals and deferred income 2,722 4,268
5,982 7,942

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 395,154
Property revaluation 160,000
At 31 January 2023 555,154