Limited Liability Partnership registration number OC425554 (England and Wales)
NW MSK IMAGING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NW MSK IMAGING LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
A & C Mistry Limited
Tra Jain Limited
Andrew Dunn Medical Limited
Aniq and Ruby Limited
R & M Campbell Ltd
Blackrock Imaging Limited
Alpha RAD Limited
LLP registration number
OC425554
Registered office
10 Kingsmead Road North
Prenton
United Kingdom
CH43 6TB
Accountants
Robinson Rice Associates Limited
93 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RB
NW MSK IMAGING LLP
CONTENTS
Page
Members' report
1
Accountants' report
2
Balance sheet
5
Notes to the financial statements
6 - 12
NW MSK IMAGING LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2023.

Firm structure

The principal activity of the limited liability partnership is radiology

Members' drawings, contributions and repayments

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".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

A & C Mistry Limited
Tra Jain Limited
Andrew Dunn Medical Limited
Aniq and Ruby Limited
R & M Campbell Ltd
Blackrock Imaging Limited
Alpha RAD Limited
Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 2 November 2023 and signed on behalf by:
02 November 2023
R & M Campbell Ltd
Designated Member
NW MSK IMAGING LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NW MSK IMAGING LLP FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NW MSK Imaging LLP for the year ended 31 March 2023 which comprise, the balance sheet, the reconciliation of members' interests and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of NW MSK Imaging LLP, as a body, in accordance with the terms of our engagement letter dated 5 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of NW MSK Imaging LLP and state those matters that we have agreed to state to the limited liability partnership's members of NW MSK Imaging LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NW MSK Imaging LLP and its members as a body, for our work or for this report.

It is your duty to ensure that NW MSK Imaging LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NW MSK Imaging LLP. You consider that NW MSK Imaging LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NW MSK Imaging LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Robinson Rice Associates Limited
2 November 2023
Chartered Accountants
93 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RB
NW MSK IMAGING LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2023
£
£
£
Members' interests at 1 April 2022
-
606
606
606
Profit for the financial year available for discretionary division among members
1,908,905
-
-
1,908,905
Members' interests after profit for the year
1,908,905
606
606
1,909,511
Other divisions of profits
(1,908,905)
1,908,905
1,908,905
-
Repayment of debt (including members' capital classified as a liability)
-
(1,783,500)
(1,783,500)
(1,783,500)
Members' interests at 31 March 2023
-
126,011
126,011
126,011
NW MSK IMAGING LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2022
£
£
£
Members' interests at 1 April 2021
946,331
(913,400)
(913,400)
32,931
Profit for the financial year available for discretionary division among members
1,686,106
-
-
1,686,106
Members' interests after profit for the year
2,632,437
(913,400)
(913,400)
1,719,037
Other divisions of profits
(2,632,703)
2,632,703
2,632,703
-
Repayment of debt (including members' capital classified as a liability)
-
(1,718,431)
(1,718,431)
(1,718,431)
Members' interests at 31 March 2022
(266)
872
872
606
NW MSK IMAGING LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,184
-
Current assets
Debtors
5
44,938
23,823
Cash at bank and in hand
79,383
141,645
124,321
165,468
Creditors: amounts falling due within one year
6
(2,494)
(164,862)
Net current assets
121,827
606
Total assets less current liabilities and net assets attributable to members
126,011
606
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
126,011
872
Members' other interests
Other reserves classified as equity
-
(266)
126,011
606

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 2 November 2023 and are signed on their behalf by:
02 November 2023
R & M Campbell Ltd
Designated member
Limited Liability Partnership registration number OC425554 (England and Wales)
NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
1
Accounting policies
Limited liability partnership information

NW MSK Imaging LLP is a limited liability partnership incorporated in England and Wales. The registered office is 10 Kingsmead Road North, Prenton, United Kingdom, CH43 6TB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
33% straight line method
NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 9 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
2
Judgements and key sources of estimation uncertainty

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.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2022
24,345
Additions
6,276
At 31 March 2023
30,621
Depreciation and impairment
At 1 April 2022
24,345
Depreciation charged in the year
2,092
At 31 March 2023
26,437
Carrying amount
At 31 March 2023
4,184
At 31 March 2022
-
NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,673
23,628
Prepayments and accrued income
265
195
44,938
23,823
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
126
-
Other taxation and social security
151
455
Other creditors
40
163,040
Accruals and deferred income
2,177
1,367
2,494
164,862
NW MSK IMAGING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
7
Loans and other debts due to members as at 31 March 2023
Aniq and Ruby Limited
(£6,327)
Andrew Dunn Medical Limited
(£91,647)
A & C Mistry Limited
(£6,327)
Tra Jain Ltd
(£6,327)
Blackrock Imaging Ltd
(£4,528)
Alpha RAD Ltd
(£4,528)
Total
(£126,011)
Loans due to members
As at 1 April 2022
New loans
Other movement
At 31 March 2023
R & M Campbell Ltd
(£121)
(£231,206)
£225,000
(£6,327)
Aniq and Ruby Limited
(£121)
(£231,206)
£225,000
(£6,327)
Andrew Dunn Medical Limited
(£121)
(£921,025)
£829,500
(£91,647)
A & C Mistry Limited
(£121)
(£231,206)
£225,000
(£6,327)
Tra Jain Ltd
(£121)
(£231,206)
£225,000
(£6,327)
Blackrock Imaging Ltd
(£31,528)
£27,000
(£4,528)
Alpha RAD Ltd
(£31,528)
£27,000
(£4,528)
Total
(£606)
(£1,908,905)
£1,783,500
(£126,011)
Amounts due to members in respects of profits
As at 1 April 2022
Profit share
Other movement
Drawings
At 31 March 2023
R & M Campbell Ltd
£121
£231,206
(£6,327)
£225,000
-
Aniq and Ruby Limited
£121
£231,206
(£6,327)
£225,000
-
Andrew Dunn Medical Limited
£121
£921,025
(£91,647)
£829,500
-
A & C Mistry Limited
£121
£231,206
(£6,327)
£225,000
-
Tra Jain Ltd
£121
£231,206
(£6,327)
£225,000
-
Blackrock Imaging Ltd
£31,528
(£4,528)
£27,000
Alpha RAD Ltd
£31,528
(£4,528)
£27,000
Total
£606
£1,908,905
(£126,011)
£1,783,500
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