Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
16,188 | 18,353 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
32,344 | 28,015 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 22,622 | 18,065 | ||
Total assets less current liabilities | 38,810 | 36,418 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Members' capital classified as a liability | 99,567 | 71,540 | ||
99,567 | 71,540 | |||
Members' other interests | ||||
Members' capital classified as equity | (60,757) | (35,122) | ||
(60,757) | (35,122) | |||
38,810 | 36,418 | |||
Total members' interests | ||||
Loans and other debts due to members | 99,567 | 71,540 | ||
Members' other interests | (60,757) | (35,122) | ||
38,810 | 36,418 |
Members' responsibilities:
The financial statements of MK2AV LLP (registered number:
Mr M Harris
Designated member |
Mr C F Brack
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
MK2AV LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is C/O Francis Clark Llp Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is MK2AV LLP, The Old Orchard, Luxulyan, Bodmin, Cornwall, PL30 5EA.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Defined contribution schemes
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.
Plant and machinery |
|
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 the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
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 Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
|
|
Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 November 2022 |
|
|
|
Additions |
|
|
|
At 31 October 2023 |
|
|
|
Accumulated depreciation | |||
At 01 November 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 31 October 2023 |
|
|
|
Net book value | |||
At 31 October 2023 |
|
|
|
At 31 October 2022 |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals |
|
|
|
Other taxation and social security |
|
|
|
|
|
The members are the controlling party by virtue of their controlling interest in the limited liability partnership.