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Miller Commercial LLP

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2023

Registration number: OC373087

 

Miller Commercial LLP

Contents

Financial Statements

1 to 8

Balance Sheet

1

Notes to the Financial Statements

3

 

Miller Commercial LLP

Balance Sheet

30 April 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

3

150,690

164,740

Tangible assets

4

15,412

24,586

 

166,102

189,326

Current assets

 

Stocks

1,700

2,000

Debtors

5

72,540

315,703

Cash and short-term deposits

 

114,062

163,150

 

188,302

480,853

Creditors: Amounts falling due within one year

6

(282,279)

(329,576)

Net current (liabilities)/assets

 

(93,977)

151,277

Total assets less current liabilities

 

72,125

340,603

Creditors: Amounts falling due after more than one year

7

(43,333)

(66,667)

Net assets attributable to members

 

28,792

273,936

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

100,000

100,000

Other amounts

(71,208)

173,936

 

28,792

273,936

   

28,792

273,936

Total members' interests

 

Loans and other debts due to members

 

28,792

273,936

   

28,792

273,936

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

For the year ending 30 April 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

 

Miller Commercial LLP

Balance Sheet

30 April 2023 (continued)

These financial statements have been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

The financial statements of Miller Commercial LLP (registered number OC373087) were approved by the Board and authorised for issue on 26 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
M S Nightingale
Designated member

.........................................
B J Botting
Designated member

.........................................
T L Smith
Designated member

.........................................
N G Maffey
Designated member

 

Miller Commercial LLP

Notes to the Financial Statements

Year Ended 30 April 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and in accordance with the Statment of Recommended Practice 'Accounting for Limited Partnerships' issued in January 2017.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Miller Commercial LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The members have considered a period of 12 months from approval of these accounts, including appropriate forecasts and are satisfied that the going concern basis continues to be appropriate.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

Miller Commercial LLP

Notes to the Financial Statements (continued)

Year Ended 30 April 2023

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Website

Straight line over 3 to 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

 

Miller Commercial LLP

Notes to the Financial Statements (continued)

Year Ended 30 April 2023

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Motor vehicles

25% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

Pensions and other post retirement obligations

The LLP operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Recognition and Measurement

The LLP has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instruments and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments:

Basic financial assets comprise short term trade and other debtors and cash and bank balances.

Basic financial liabilities comprise short term trade and other creditors.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 16 (2022 - 16).

 

Miller Commercial LLP

Notes to the Financial Statements (continued)

Year Ended 30 April 2023

3

Intangible fixed assets

Goodwill
£

Website
£

Total
£

Cost

At 1 May 2022

180,000

15,358

195,358

Additions

-

7,821

7,821

Disposals

-

(5,834)

(5,834)

At 30 April 2023

180,000

17,345

197,345

Amortisation

At 1 May 2022

18,000

12,618

30,618

Charge for the year

18,000

3,414

21,414

Eliminated on disposals

-

(5,377)

(5,377)

At 30 April 2023

36,000

10,655

46,655

Net book value

At 30 April 2023

144,000

6,690

150,690

At 30 April 2022

162,000

2,740

164,740

4

Tangible fixed assets

Fixtures and fittings
£

Total
£

Cost

At 1 May 2022

276,342

276,342

Additions

5,593

5,593

At 30 April 2023

281,935

281,935

Depreciation

At 1 May 2022

251,756

251,756

Charge for the year

14,767

14,767

At 30 April 2023

266,523

266,523

Net book value

At 30 April 2023

15,412

15,412

At 30 April 2022

24,586

24,586

 

Miller Commercial LLP

Notes to the Financial Statements (continued)

Year Ended 30 April 2023

5

Debtors

2023
 £

2022
 £

Trade debtors

40,854

231,826

Other debtors

3,103

54,430

Prepayments and accrued income

28,583

29,447

72,540

315,703

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

20,000

16,667

Trade creditors

10,069

24,715

Taxation and social security

37,466

76,417

Other creditors

89,699

101,769

Accruals and deferred income

125,045

110,008

282,279

329,576

Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

2023
 £

2022
 £

Bank loan

20,000

16,667

The loan is secured by an unlimited debenture dated 19/02/2016 from the LLP.

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

43,333

66,667

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

 

Miller Commercial LLP

Notes to the Financial Statements (continued)

Year Ended 30 April 2023

2023
 £

2022
 £

Bank loan

43,333

66,667

The loan is secured by an unlimited debenture dated 19/02/2016 from the LLP.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,125 (2022 - £2,864).