Registration number:
David Moran & Partners LLP
for the Year Ended 31 July 2023
David Moran & Partners LLP
Contents
Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
David Moran & Partners LLP
(Registration number: OC352776)
Balance Sheet as at 31 July 2023
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2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
73,189 |
90,643 |
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Members’ other interests |
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Members' capital classified as equity |
130,274 |
130,274 |
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203,463 |
220,917 |
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Total members' interests |
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Loans and other debts due to members |
73,189 |
90,643 |
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Equity |
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203,463 |
220,917 |
For the year ending 31 July 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
David Moran & Partners LLP
(Registration number: OC352776)
Balance Sheet as at 31 July 2023 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, 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 Act, as applied to limited liability partnerships 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 David Moran & Partners LLP (registered number OC352776) were approved by the
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David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023
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.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover represents the amounts recoverable for the services provided to clients under contractual obligations which are performed gradually over time.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members.
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Tangible fixed assets
Individual fixed assets are initially recorded at cost.
David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
1 |
Accounting policies (continued) |
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
15 years straight line |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Computers |
15% reducing balance |
Motor vehicles |
20% reducing balance |
Impairment of assets
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
Trade debtors
Trade debtors are amounts due from customers for services performed. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
1 |
Accounting policies (continued) |
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the scheme rules.
Financial instruments
Classification
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 finance 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.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
1 |
Accounting policies (continued) |
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
1 |
Accounting policies (continued) |
Impairment of financial assets
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Intangible fixed assets |
Goodwill |
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Cost |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Net book value |
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At 31 July 2023 |
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At 31 July 2022 |
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David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Tangible fixed assets |
Plant and machinery etc |
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Cost |
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At 1 August 2022 |
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Additions |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Net book value |
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At 31 July 2023 |
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At 31 July 2022 |
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Investments held as fixed assets |
2023 |
2022 |
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Other investments |
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David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
5 |
Investments held as fixed assets (continued) |
Other investments
Listed investments |
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Cost |
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At 1 August 2022 |
116,179 |
Revaluation |
(26,999) |
At 31 July 2023 |
89,180 |
Net book value |
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At 31 July 2023 |
89,180 |
At 31 July 2022 |
116,179 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments and accrued income |
- |
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Total current trade and other debtors |
29,237 |
25,755 |
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Other creditors |
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Taxation and social security |
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In the event of a winding up the amounts included in "Loans and other debts due to members", comprised entirely of money owed to members by the limited liability partnership in respect of profits, will rank equally with unsecured creditors.
David Moran & Partners LLP
Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
St. James's Place Partnership Services Limited holds guarantees dated 22 November 2016 in respect of Moran Partners Limited and David Moran & Partners LLP in respect of all indebtedness to St. James's Place Partnership Services Limited by Moran Partners Limited and David Moran & Partners LLP incorporating fixed charges over the assets of Moran Partners Limited and David Moran & Partners LLP.