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REGISTERED NUMBER: OC313955
Majic (South East) LLP
Unaudited Financial Statements
5 April 2023
Majic (South East) LLP
Financial Statements
Year ended 5 April 2023
Contents
Page
Members' report
1
Statement of comprehensive income
2
Statement of financial position
3
Reconciliation of members' interests
5
Notes to the financial statements
7
Majic (South East) LLP
Members' Report
Year ended 5 April 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 5 April 2023 .
Principal activities
The principal activity of the limited liability partnership during the year was that of providing residential property lettings.
Designated members
The designated members who served the LLP during the year were as follows:
Mr Austen
Mrs Austen
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 27 July 2023 and signed on behalf of the members by:
Mr Austen
Designated Member
Registered office:
4 Bloors Lane
Rainham
Kent
ME8 7EG
Majic (South East) LLP
Statement of Comprehensive Income
Year ended 5 April 2023
2023
2022
Note
£
£
Turnover
26,133
31,085
--------
--------
Gross profit
26,133
31,085
Administrative expenses
23,133
14,601
--------
--------
Operating profit
4
3,000
16,484
Interest payable and similar expenses
16,469
11,984
--------
--------
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
(13,469)
4,500
--------
--------
All the activities of the LLP are from continuing operations.
Majic (South East) LLP
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
8,096
10,794
Investments
6
550,000
550,000
---------
---------
558,096
560,794
Current assets
Cash at bank and in hand
631
5,835
Creditors: amounts falling due within one year
7
773
897
----
-------
Net current (liabilities)/assets
( 142)
4,938
---------
---------
Total assets less current liabilities
557,954
565,732
Creditors: amounts falling due after more than one year
8
389,459
390,949
---------
---------
Net assets
168,495
174,783
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
9
60,894
53,713
Members' other interests
Revaluation reserve
303,004
303,004
Other reserves
(195,403)
(181,934)
---------
---------
168,495
174,783
---------
---------
Total members' interests
Loans and other debts due to members
9
60,894
53,713
Members' other interests
107,601
121,070
---------
---------
168,495
174,783
---------
---------
These financial statements have been prepared 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'.
For the year ending 5 April 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 .
Majic (South East) LLP
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the members and authorised for issue on 27 July 2023 , and are signed on their behalf by:
Mr Austen
Designated Member
Registered number: OC313955
Majic (South East) LLP
Reconciliation of Members' Interests
Year ended 5 April 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Revaluation reserve
Other reserves
Total
Other amounts
Total
Total 2023
£
£
£
£
£
£
Balance at 6 April 2022
303,004
(181,934)
121,070
53,713
53,713
174,783
Loss for the financial year available for discretionary division among members
(13,469)
(13,469)
(13,469)
---------
---------
---------
--------
--------
---------
Members' interests after loss for the year
303,004
(195,403)
107,601
53,713
53,713
161,314
Introduced by members
7,181
7,181
7,181
Repayments of debt
---------
---------
---------
--------
--------
---------
Balance at 5 April 2023
303,004
(195,403)
107,601
60,894
60,894
168,495
---------
---------
---------
--------
--------
---------
Majic (South East) LLP
Reconciliation of Members' Interests (continued)
Year ended 5 April 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Revaluation reserve
Other reserves
Total
Other amounts
Total
Total 2022
£
£
£
£
£
£
Balance at 6 April 2021
303,004
(186,434)
116,570
66,334
66,334
182,904
Profit for the financial year available for discretionary division among members
4,500
4,500
4,500
---------
---------
---------
--------
--------
---------
Members' interests after profit for the year
303,004
(181,934)
121,070
66,334
66,334
187,404
Introduced by members
Repayments of debt
(12,621)
(12,621)
(12,621)
---------
---------
---------
--------
--------
---------
Balance at 5 April 2022
303,004
(181,934)
121,070
53,713
53,713
174,783
---------
---------
---------
--------
--------
---------
Majic (South East) LLP
Notes to the Financial Statements
Year ended 5 April 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4 Bloors Lane, Rainham, Kent, ME8 7EG.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP.(b) Disclosures in respect of financial instruments have not been presented.(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Majic (South East) LLP
Notes to the Financial Statements (continued)
Year ended 5 April 2023
3. Accounting policies (continued)
Members' participation rights (continued)
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
2,698
3,416
-------
-------
5.
Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 6 April 2022 and 5 April 2023
1,868
21,990
23,858
-------
--------
--------
Depreciation
At 6 April 2022
1,519
11,545
13,064
Charge for the year
87
2,611
2,698
-------
--------
--------
At 5 April 2023
1,606
14,156
15,762
-------
--------
--------
Carrying amount
At 5 April 2023
262
7,834
8,096
-------
--------
--------
At 5 April 2022
349
10,445
10,794
-------
--------
--------
6.
Investments
Other investments other than loans
£
Cost
At 6 April 2022 and 5 April 2023
550,000
---------
Impairment
At 6 April 2022 and 5 April 2023
---------
Carrying amount
At 5 April 2023
550,000
---------
At 5 April 2022
550,000
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors - desc in a/cs
113
247
Other creditors
660
650
----
----
773
897
----
----
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
389,459
390,949
---------
---------
9.
Loans and other debts due to members
2023
2022
£
£
Loans from members
60,894
53,713
--------
--------