Limited Liability Partnership registration number OC438639 (England and Wales)
MALVOLIO HOLDINGS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MALVOLIO HOLDINGS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MALVOLIO HOLDINGS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
17,577
23,436
Investment property
4
8,883,000
8,909,715
8,900,577
8,933,151
Current assets
Debtors
6
778
-
Cash at bank and in hand
52,357
-
53,135
-
Creditors: amounts falling due within one year
7
(26,146)
(9,644)
Net current assets/(liabilities)
26,989
(9,644)
Total assets less current liabilities and net assets attributable to members
8,927,566
8,923,507
Represented by:
Loans and other debts due to members within one year
8
Amounts due in respect of profits
(3,434)
93,864
Other amounts
8,929,000
8,820,075
8,925,566
8,913,939
Members' other interests
8
Members' capital classified as equity
2,000
2,000
Other reserves classified as equity
-
7,568
8,927,566
8,923,507
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
MALVOLIO HOLDINGS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 20 March 2024 and are signed on their behalf by:
20 March 2024
Mr A Kidd
Designated member
Limited Liability Partnership registration number OC438639 (England and Wales)
MALVOLIO HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information
Malvolio Holdings LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property rental services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MALVOLIO HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs . Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 0 (2022: 0).
3
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
4
Investment property
2023
£
Fair value
At 1 April 2022
8,909,715
Net gains or losses through fair value adjustments
(26,715)
At 31 March 2023
8,883,000
The investment properties have been revalued, based on the members' valuations, to reflect their open market value as at the balance sheet date. The valuations were made by reference to market evidence of transaction prices for similar properties.
MALVOLIO HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
26,000
Depreciation and impairment
At 1 April 2022
2,564
Depreciation charged in the year
5,859
At 31 March 2023
8,423
Carrying amount
At 31 March 2023
17,577
At 31 March 2022
23,436
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
778
-
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,872
-
Other creditors
23,274
9,644
26,146
9,644
MALVOLIO HOLDINGS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
2,000
7,568
9,568
8,913,939
8,913,939
8,923,507
Profit for the financial year available for discretionary division among members
-
280,262
280,262
-
-
280,262
Members' interests after profit for the year
2,000
287,830
289,830
8,913,939
8,913,939
9,203,769
Allocation of profit for the financial year
-
(280,262)
(280,262)
280,262
280,262
-
Other divisions of profits
-
(7,568)
(7,568)
7,568
7,568
-
Other movements
-
-
-
(276,203)
(276,203)
(276,203)
Members' interests at 31 March 2023
2,000
-
2,000
8,925,566
8,925,566
8,927,566