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Registration number: OC416461

Modus RV LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Modus RV LLP

(Registration number: OC416461)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

3

1,189

253

Current assets

 

Debtors

4

143,742

129,036

Cash and short-term deposits

 

351,072

91,411

 

494,814

220,447

Creditors: Amounts falling due within one year

5

(209,532)

(193,826)

Net current assets

 

285,282

26,621

Net assets attributable to members

 

286,471

26,874

Represented by:

 

Members’ other interests

 

Other reserves

 

286,471

26,874

   

286,471

26,874

Total members' interests

 

Equity

 

286,471

26,874

   

286,471

26,874

For the year ending 31 March 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’.

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.

 

Modus RV LLP

(Registration number: OC416461)
Balance Sheet as at 31 March 2023 (continued)

The financial statements of Modus RV LLP (registered number OC416461) were approved by the Board and authorised for issue on 11 August 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Quanti-07 Limited
Designated member

   
 

Modus RV LLP

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

1

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.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Modus RV LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

Members' share of profits paid to them are treated as members' remuneration charged as an expense to the profit
and loss account in arriving at the profit available for discretionary division among members. The remainder of
profit shares, which have not been allocated at the balance sheet date, are treated in these financial statements as
unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Individual fixed assets are initially recorded at cost and stated at cost less accumulated depreciation.

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:

 

Modus RV LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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 rules of the scheme.

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.

 

Modus RV LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2022 - 1).

3

Tangible fixed assets

Fixtures and fittings
£

Total
£

Cost

At 1 April 2022

799

799

Additions

1,088

1,088

At 31 March 2023

1,887

1,887

Depreciation

At 1 April 2022

546

546

Charge for the year

152

152

At 31 March 2023

698

698

Net book value

At 31 March 2023

1,189

1,189

At 31 March 2022

253

253

4

Debtors

2023
 £

2022
 £

Trade debtors

143,742

80,012

Other debtors

-

45,941

Prepayments and accrued income

-

3,083

Total current trade and other debtors

143,742

129,036

 

Modus RV LLP

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

5

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

170,055

175,549

Other creditors

13,498

13,498

Accruals and deferred income

2,047

2,155

Taxation and social security

23,932

2,624

209,532

193,826

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.