REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 30th April 2023 |
for |
Spencer Munson LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 30th April 2023 |
for |
Spencer Munson LLP |
Spencer Munson LLP (Registered number: OC354589) |
Contents of the Financial Statements |
for the Year Ended 30th April 2023 |
Page |
Report of the Members | 1 |
Chartered Certified Accountants' Report | 2 |
Profit and Loss Account | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 5 |
Notes to the Financial Statements | 7 |
Spencer Munson LLP (Registered number: OC354589) |
Report of the Members |
for the Year Ended 30th April 2023 |
The members present their report with the financial statements of the LLP for the year ended 30th April 2023. |
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 £10,525 (2022 - £4,541 profit). |
MEMBERS' INTERESTS |
All members may be required to subscribe to the capital of the LLP from time to time depending upon the financing |
requirements of the business.The profits/losses are distributed equally to the members. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
Chartered Certified Accountants' Report to the Members |
on the Unaudited Financial Statements of |
Spencer Munson LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Spencer Munson LLP for the year ended 30th April 2023 which comprise the Profit and Loss Account, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the members of Spencer Munson LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Spencer Munson LLP and state those matters that we have agreed to state to the members of Spencer Munson LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Spencer Munson 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 Spencer Munson LLP. You consider that Spencer Munson 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 Spencer Munson 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. |
Chartered Certified Accountants |
Treviot House |
186-192 High Road |
Ilford |
Essex |
IG1 1LR |
Spencer Munson LLP (Registered number: OC354589) |
Profit and Loss Account |
for the Year Ended 30th April 2023 |
2023 | 2022 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
10,525 | 4,464 |
Other operating income |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Spencer Munson LLP (Registered number: OC354589) |
Balance Sheet |
30th April 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
10,795 |
270 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
10,795 |
270 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 10,795 | 270 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Spencer Munson LLP (Registered number: OC354589) |
Reconciliation of Members' Interests |
for the Year Ended 30th April 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 270 |
Amount due from members | - |
Balance at 1st May 2022 | - | 270 | 270 |
Profit for the financial year available for discretionary division among members |
10,525 |
- |
10,525 |
Members' interests after profit for the year |
10,525 |
270 |
10,795 |
Other divisions of profit | (10,525 | ) | 10,525 | - |
Amount due to members | 10,795 |
Amount due from members | - |
Balance at 30th April 2023 | - | 10,795 | 10,795 |
Spencer Munson LLP (Registered number: OC354589) |
Reconciliation of Members' Interests |
for the Year Ended 30th April 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 4,104 |
Amount due from members | - |
Balance at 1st May 2021 | - | 4,104 | 4,104 |
Profit for the financial year available for discretionary division among members |
4,541 |
- |
4,541 |
Members' interests after profit for the year |
4,541 |
4,104 |
8,645 |
Other divisions of profit | (4,541 | ) | 4,541 | - |
Introduced by members | - | 1,625 | 1,625 |
Drawings on account and distributions of profit |
- |
(10,000 |
) |
(10,000 |
) |
Amount due to members | 270 |
Amount due from members | - |
Balance at 30th April 2022 | - | 270 | 270 |
Spencer Munson LLP (Registered number: OC354589) |
Notes to the Financial Statements - continued |
for the Year Ended 30th April 2023 |
1. | STATUTORY INFORMATION |
Spencer Munson LLP is registered in England and Wales. The LLP's registered number and registered office address are as below: |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to related party |
Taxation and social security |
Other creditors |
6. | LEASING AGREEMENTS |
The company's car leasing commitments are £10,803 (2022: £16,907). |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and debts due to members rank behind with those in relation to other creditors. |