REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31st March 2023 |
for |
Mehmood Family Partnership LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements for the Year Ended 31st March 2023 |
for |
Mehmood Family Partnership LLP |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Reconciliation of Members' Interests | 6 |
Notes to the Financial Statements | 8 |
Mehmood Family Partnership LLP |
General Information |
for the Year Ended 31st March 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
54 Newberries Avenue |
Radlett |
WD7 7EP |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Report of the Members |
for the Year Ended 31st March 2023 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2023. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £32,875 (2022 - £700,454 profit). |
MEMBERS' INTERESTS |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Income Statement |
for the Year Ended 31st March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
226,227 | 334,487 |
Other operating income |
OPERATING PROFIT |
Profit/loss on disposal of tangible fixed assets |
4 |
339,140 | 956,047 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Balance Sheet |
31st March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
6,346,843 |
5,397,656 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
6,346,843 |
5,397,656 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 6,346,843 | 5,397,656 |
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. |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Balance Sheet - continued |
31st March 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 5,397,656 |
Amount due from members | - |
Balance at 1st April 2022 | - | 5,397,656 | 5,397,656 |
Profit for the financial year available for discretionary division among members |
32,875 |
- |
32,875 |
Members' interests after profit for the year |
32,875 |
5,397,656 |
5,430,531 |
Other divisions of profit | (32,875 | ) | 32,875 | - |
Introduced by members | - | 948,278 | 948,278 |
Drawings on account and distributions of profit |
- |
(31,966 |
) |
(31,966 |
) |
Amount due to members | 6,346,843 |
Amount due from members | - |
Balance at 31st March 2023 | - | 6,346,843 | 6,346,843 |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Reconciliation of Members' Interests |
for the Year Ended 31st March 2023 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 4,692,758 |
Amount due from members | - |
Balance at 1st April 2021 | - | 4,692,758 | 4,692,758 |
Profit for the financial year available for discretionary division among members |
700,454 |
- |
700,454 |
Members' interests after profit for the year |
700,454 |
4,692,758 |
5,393,212 |
Other divisions of profit | (700,454 | ) | 700,454 | - |
Introduced by members | - | 107,457 | 107,457 |
Drawings on account and distributions of profit |
- |
(103,013 |
) |
(103,013 |
) |
Amount due to members | 5,397,656 |
Amount due from members | - |
Balance at 31st March 2022 | - | 5,397,656 | 5,397,656 |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Mehmood Family Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | EXCEPTIONAL ITEMS |
31/3/23 | 31/3/22 |
£ | £ |
Profit/loss on disposal of tangible fixed assets |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
Additions |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Mehmood Family Partnership LLP (Registered number: OC425840) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2021 | (85,000 | ) |
Cost | 14,979,305 |
14,894,305 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans and overdrafts |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up, amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) would rank equally with other creditors. |