Registration number:
for the Year Ended
Mogers Drewett Investments LLP
Contents
Limited liability partnership information |
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Balance Sheet |
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Notes to the Financial Statements |
Mogers Drewett Investments LLP
Limited liability partnership information
Designated members |
F G Collins S K McDonough T J Webb |
Members |
R E Beresford M M England J B Hopkins R G McFarlane R J Silcock |
Registered office |
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Accountants |
Hazlewoods LLP |
Mogers Drewett Investments LLP
(Registration number: OC440318)
Balance Sheet as at 31 May 2023
Note |
31 May 2023 |
31 May 2022 |
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Fixed assets |
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Investments |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Members’ other interests |
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Members' capital classified as equity |
100 |
100 |
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100 |
100 |
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Total members' interests |
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Equity |
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100 |
100 |
For the year ending 31 May 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to LLPs, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to LLPs subject to the small LLPs regime within Part 15 of the Companies Act 2006, as applied to LLPs.
These financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime, as applied to LLPs, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying 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 with respect to accounting records and the preparation of accounts.
The financial statements of Mogers Drewett Investments LLP (registered number OC440318) were approved by the
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F G Collins
Designated member
Mogers Drewett Investments LLP
Notes to the Financial Statements for the Year Ended 31 May 2023
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
Spring House
East Mill Lane
Sherborne
DT9 3DP
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the LLP is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and Measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Mogers Drewett Investments LLP
Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)
2 |
Accounting policies (continued) |
Impairment of financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Particulars of employees |
The average number of persons employed by the LLP during the year was
Mogers Drewett Investments LLP
Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)
Investments held as fixed assets |
31 May 2023 |
31 May 2022 |
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Other investments |
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Other investments
Unlisted investments |
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Cost |
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At 1 June 2022 |
195,100 |
At 31 May 2023 |
195,100 |
Net book value |
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At 31 May 2023 |
195,100 |
At 31 May 2022 |
195,100 |
Creditors: Amounts falling due within one year |
31 May 2023 |
31 May 2022 |
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Other creditors |
195,000 |
195,000 |
Related party transactions |
Summary of transactions with other related parties
At 31 May 2023, the LLP owed £195,000 to Mogers Drewett LLP. This loan is interest free and repayable upon a share sale or should Mogers Drewett Investments LLP become insolvent. Both LLPs are controlled by the same members.