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REGISTERED NUMBER: OC343828
M & Z Partners LLP
Filleted Unaudited Financial Statements
31 March 2023
M & Z Partners LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
347,472
367,227
Current assets
Debtors
6
178,319
15,679
Cash at bank and in hand
130,483
16,950
---------
--------
308,802
32,629
Creditors: amounts falling due within one year
7
250,781
21,747
---------
--------
Net current assets
58,021
10,882
---------
---------
Total assets less current liabilities
405,493
378,109
Creditors: amounts falling due after more than one year
8
162,184
165,598
---------
---------
Net assets
243,309
212,511
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
246,998
Members' other interests
Members' capital classified as equity
243,309
(34,487)
Other reserves
---------
---------
243,309
212,511
---------
---------
Total members' interests
Amounts due from members
(170,802)
(8,200)
Loans and other debts due to members
9
246,998
Members' other interests
243,309
(34,487)
---------
---------
72,507
204,311
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
M & Z Partners LLP
Statement of Financial Position (continued)
31 March 2023
For the year ending 31 March 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 14 October 2023 , and are signed on their behalf by:
Mr G Y Michael
Designated Member
Registered number: OC343828
M & Z Partners LLP
Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4 Lyttelton Road, Edgbaston, Birmingham, B16 9JN, West Midlands.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the LLP will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the LLP recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 1 (2022: 2 ).
5.
Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
255,000
121,745
632
377,377
Additions
4,807
4,807
---------
---------
----
---------
At 31 March 2023
255,000
126,552
632
382,184
---------
---------
----
---------
Depreciation
At 1 April 2022
9,854
112
9,966
Charge for the year
24,625
121
24,746
---------
---------
----
---------
At 31 March 2023
34,479
233
34,712
---------
---------
----
---------
Carrying amount
At 31 March 2023
255,000
92,073
399
347,472
---------
---------
----
---------
At 31 March 2022
255,000
111,891
520
367,411
---------
---------
----
---------
6.
Debtors
2023
2022
£
£
Other debtors
178,319
15,679
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,000
4,000
Trade creditors
13,815
7,580
Social security and other taxes
5
Other creditors
232,966
10,162
---------
--------
250,781
21,747
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
162,184
165,598
---------
---------
9.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
246,998
----
---------
10.
Related party transactions
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".