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Company No: OC388383 (England and Wales)

MK2AV LLP

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

MK2AV LLP

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

MK2AV LLP

BALANCE SHEET

As at 31 October 2023
MK2AV LLP

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 16,188 18,353
16,188 18,353
Current assets
Debtors 4 23,626 5,372
Cash at bank and in hand 8,718 22,643
32,344 28,015
Creditors: amounts falling due within one year 5 ( 9,722) ( 9,950)
Net current assets 22,622 18,065
Total assets less current liabilities 38,810 36,418
Net assets attributable to members 38,810 36,418
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

For the financial year ending 31 October 2023 the LLP 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.

Members' responsibilities:

The financial statements of MK2AV LLP (registered number: OC388383) were approved and authorised for issue by the Board of Directors on 12 July 2024. They were signed on its behalf by:

Mr M Harris
Designated member
Mr C F Brack
Designated member
MK2AV LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
MK2AV LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

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 consider received, excluding discounts, rebates, VAT and other sales tax or duty.

Employee benefits

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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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 instruments

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 November 2022 43,586 43,586
Additions 2,009 2,009
At 31 October 2023 45,595 45,595
Accumulated depreciation
At 01 November 2022 25,233 25,233
Charge for the financial year 4,174 4,174
At 31 October 2023 29,407 29,407
Net book value
At 31 October 2023 16,188 16,188
At 31 October 2022 18,353 18,353

4. Debtors

2023 2022
£ £
Trade debtors 23,361 4,787
Other debtors 265 585
23,626 5,372

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,247 4,336
Accruals 1,725 1,625
Other taxation and social security 6,750 3,989
9,722 9,950

6. Ultimate controlling party

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