REGISTERED NUMBER: |
Millprint LLP |
Members' Report and |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
Millprint LLP (Registered number: OC381624) |
Profit and Loss Account |
for the year ended 30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Millprint LLP (Registered number: OC381624) |
Balance Sheet |
30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
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 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
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 |
Amounts owed by participating interests | 31,806 | 61,806 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.23 | 30.4.22 |
£ | £ |
Within one year |
Between one and five years |
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'. |