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REGISTERED NUMBER: OC381624 (England and Wales)










Millprint LLP

Members' Report and

Unaudited Financial Statements

for the Year Ended 30 April 2023






Millprint LLP (Registered number: OC381624)






Contents of the Financial Statements
for the year ended 30 April 2023




Page

General Information 1

Members' Report 2

Profit and Loss Account 3

Balance Sheet 4

Reconciliation of Members' Interests 6

Notes to the Financial Statements 8


Millprint LLP

General Information
for the year ended 30 April 2023







DESIGNATED MEMBERS: Mrs L E Bell
D S Bell
Mrs M Milsted
Raiseprint Limited





REGISTERED OFFICE: Units E1-E2
Royd Way
Keighley
BD21 3LG





REGISTERED NUMBER: OC381624 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

Millprint LLP (Registered number: OC381624)

Members' Report
for the year ended 30 April 2023

The members present their report with the financial statements of the LLP for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of commercial printing.

DESIGNATED MEMBERS
The designated members during the year under review were:

Mrs L E Bell
D S Bell
Mrs M Milsted
Raiseprint Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £284,619 (2022 - £177,350 profit).

MEMBERS' INTERESTS
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

ON BEHALF OF THE MEMBERS:





D S Bell - Designated member


3 November 2023

Millprint LLP (Registered number: OC381624)

Profit and Loss Account
for the year ended 30 April 2023

30.4.23 30.4.22
Notes £    £   

TURNOVER 1,282,716 1,275,520

Cost of sales (882,391 ) (995,652 )
GROSS PROFIT 400,325 279,868

Administrative expenses (115,706 ) (102,518 )
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




284,619




177,350

Millprint LLP (Registered number: OC381624)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 39,719 6,750

CURRENT ASSETS
Stocks 28,302 34,160
Debtors 6 171,854 205,537
Cash at bank 269,470 215,747
469,626 455,444
CREDITORS
Amounts falling due within one year 7 134,630 180,112
NET CURRENT ASSETS 334,996 275,332
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

374,715

282,082

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

324,715

232,082

MEMBERS' OTHER INTERESTS
Capital accounts 50,000 50,000
374,715 282,082

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 324,715 232,082
Members' other interests 50,000 50,000
Amounts due from members 6 - (13,252 )
374,715 268,830

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 30 April 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.

Millprint LLP (Registered number: OC381624)

Balance Sheet - continued
30 April 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 3 November 2023 and were signed by:





D S Bell - Designated member

Millprint LLP (Registered number: OC381624)

Reconciliation of Members' Interests
for the year ended 30 April 2023


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 May 2022 50,000 - 50,000
Profit for the financial year available for
discretionary division among members

-

284,619

284,619
Members' interests after profit for the year 50,000 284,619 334,619
Other divisions of profit - (284,619 ) (284,619 )
Drawings on account and distributions of profit - - -
Balance at 30 April 2023 50,000 - 50,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 218,830
Amount due from members -
Balance at 1 May 2022 218,830 268,830
Profit for the financial year available for
discretionary division among members

-

284,619

Members' interests after profit for the year 218,830 553,449
Other divisions of profit 284,619 -
Drawings on account and distributions of profit (178,734 ) (178,734 )
Amount due to members 324,715
Amount due from members -
Balance at 30 April 2023 324,715 374,715

Millprint LLP (Registered number: OC381624)

Reconciliation of Members' Interests
for the year ended 30 April 2023

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 May 2021 (239,346 ) - (239,346 )
Profit for the financial year available for
discretionary division among members

-

177,350

177,350
Members' interests after profit for the year (239,346 ) 177,350 (61,996 )
Other divisions of profit - (177,350 ) (177,350 )
Introduced by members 397,559 - 397,559
Repayments of capital (108,213 ) - (108,213 )
Drawings on account and distributions of profit - - -
Balance at 30 April 2022 50,000 - 50,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 439,039
Amount due from members -
Balance at 1 May 2021 439,039 199,693
Profit for the financial year available for
discretionary division among members

-

177,350

Members' interests after profit for the year 439,039 377,043
Other divisions of profit 177,350 -
Introduced by members 45,820 443,379
Repayments of capital - (108,213 )
Drawings on account and distributions of profit (443,379 ) (443,379 )
Amount due to members 232,082
Amount due from members (13,252 )
Balance at 30 April 2022 218,830 268,830

Millprint LLP (Registered number: OC381624)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

1. STATUTORY INFORMATION

Millprint LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Significant judgements and estimates
In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Millprint LLP (Registered number: OC381624)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Millprint LLP (Registered number: OC381624)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term, except for temporary rent concessions granted as a direct consequence of the Covid-19 pandemic, which are recognised on a systematic basis over the periods that the change in lease payments is intended to compensate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. OPERATING PROFIT

The operating profit is stated after charging:

30.4.23 30.4.22
£    £   
Depreciation - owned assets 1,547 750

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 7,500
Additions 34,516
At 30 April 2023 42,016
DEPRECIATION
At 1 May 2022 750
Charge for year 1,547
At 30 April 2023 2,297
NET BOOK VALUE
At 30 April 2023 39,719
At 30 April 2022 6,750

Millprint LLP (Registered number: OC381624)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 140,048 130,479
Amounts owed by participating interests 31,806 61,806
Other debtors - 13,252
171,854 205,537

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 30,021 37,715
Trade creditors 81,085 120,731
Taxation and social security 21,524 19,666
Other creditors 2,000 2,000
134,630 180,112

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.23 30.4.22
£    £   
Within one year 7,405 -
Between one and five years 20,981 -
28,386 -

9. 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 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'.