REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st March 2023 |
for |
MPI FS LLP |
REGISTERED NUMBER: |
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 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
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 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 |
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 |
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: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
AMORTISATION |
At 1st April 2022 |
Amortisation for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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. |