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REGISTERED NUMBER: OC354540 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st March 2023

for

MPI FS LLP

MPI FS LLP (Registered number: OC354540)






Contents of the Financial Statements
for the Year Ended 31st March 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


MPI FS LLP (Registered number: OC354540)

Abridged Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 246,948 317,790
Tangible assets 6 229 305
247,177 318,095

CURRENT ASSETS
Debtors 12,569 11,970
Cash at bank and in hand 48 3,706
12,617 15,676
CREDITORS
Amounts falling due within one year 178,175 178,545
NET CURRENT LIABILITIES (165,558 ) (162,869 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

81,619

155,226

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 81,619 155,226
81,619 155,226

TOTAL MEMBERS' INTERESTS
Members' other interests 81,619 155,226

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2023.

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.

MPI FS LLP (Registered number: OC354540)

Abridged Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26th December 2023 and were signed by:




Mr. P O'Connor - Designated member




Mr. S Evans - Designated member


MPI FS LLP (Registered number: OC354540)

Notes to the Financial Statements
for the Year Ended 31st March 2023

1. STATUTORY INFORMATION

MPI FS LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC354540

Registered office: Kings Lodge
London Road West
West Kingsdown
Kent
TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

MPI FS LLP (Registered number: OC354540)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

3. ACCOUNTING POLICIES - continued

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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

MPI FS LLP (Registered number: OC354540)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1st April 2022
and 31st March 2023 708,423
AMORTISATION
At 1st April 2022 390,633
Amortisation for year 70,842
At 31st March 2023 461,475
NET BOOK VALUE

At 31st March 2023 246,948
At 31st March 2022 317,790


6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2022
and 31st March 2023 6,642
DEPRECIATION
At 1st April 2022 6,337
Charge for year 76
At 31st March 2023 6,413
NET BOOK VALUE
At 31st March 2023 229
At 31st March 2022 305

MPI FS LLP (Registered number: OC354540)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

7. RELATED PARTY DISCLOSURES

During the year Gemdex Limited invoiced £57,104 (2022: £75,737) to MPI FS LLP for commissions. MPI Financial Services Ltd is under the control of Mr P O'Connor, a designated member of MPI FS LLP.

During the year Simon Evans Trading Limited invoiced £57,104 (2022: £75,737) to MPI FS LLP for commissions. Simon Evans Trading Ltd is under the control of Mr S Evans, a designated member of MPI FS LLP.

The amount of £65,787 (2022: £65,787) included within creditors relates to amounts due to MPI Financial Services Limited.

The amount of £46,909 (2022: £43,913) included within creditors relates to amounts due to Simon Evans Trading Limited.

The amount of £26,699 (2022: £31,467) included within creditors relates to amounts due to Gemdex Limited

8. ULTIMATE CONTROLLING PARTY

During the period, the ultimate controlling parties were Mr P O'Connor and Mr S Evans.