Company No:
Contents
DESIGNATED MEMBERS | A P Brockman |
S B Gauntlett (Appointed 01 September 2023) | |
C T Jolly | |
J E Jolly | |
L E Mowbray (Appointed 01 September 2023) |
REGISTERED OFFICE | East Gate House |
94 East Street | |
Warminster | |
BA12 9BG | |
United Kingdom |
REGISTERED NUMBER | OC308993 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Hitchcock House | |
Hilltop Park | |
Devizes Road | |
Salisbury | |
Wiltshire SP3 4UF |
Note | 31.03.2024 | 31.08.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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54,207 | 31,969 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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876,519 | 917,508 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 517,043 | 427,230 | ||
Total assets less current liabilities | 571,250 | 459,199 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 550,250 | 431,574 | ||
550,250 | 431,574 | |||
Members' other interests | ||||
Members' capital classified as equity | 5,000 | 5,000 | ||
5,000 | 5,000 | |||
555,250 | 436,574 | |||
Total members' interests | ||||
Loans and other debts due to members | 550,250 | 431,574 | ||
Members' other interests | 5,000 | 5,000 | ||
555,250 | 436,574 |
Members' responsibilities:
The financial statements of Middleton and Upsall LLP (registered number:
C T Jolly
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |||
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Members' capital (classified as equity) | Other reserves | Total | Other amounts | Total | |
£ | £ | £ | £ | £ | |
Amounts due to members | 557,722 | ||||
Balance at 01 September 2022 | 10,000 | 0 | 10,000 | 557,722 | 567,722 |
Profit for the financial period/year available for discretionary division among members | 0 | 599,280 | 599,280 | 0 | 599,280 |
Members' interest after profit for the financial period/year | 10,000 | 599,280 | 609,280 | 557,722 | 1,167,002 |
Division of profit | 0 | (599,280) | (599,280) | 599,280 | 0 |
Drawings | 0 | 0 | 0 | (577,346) | (577,346) |
Movement in loans | 0 | 0 | 0 | (5,392) | (5,392) |
Transfers | (5,000) | 0 | (5,000) | (142,690) | (147,690) |
Amounts due to members | 431,574 | ||||
Balance at 31 August 2023 | 5,000 | 0 | 5,000 | 431,574 | 436,574 |
Profit for the financial period/year available for discretionary division among members | 0 | 388,287 | 388,287 | 0 | 388,287 |
Members' interest after profit for the financial period/year | 5,000 | 388,287 | 393,287 | 431,574 | 824,861 |
Division of profit | 0 | (388,287) | (388,287) | 388,287 | 0 |
Drawings | 0 | 0 | 0 | (257,668) | (257,668) |
Capital repayment | 0 | 0 | 0 | (20,000) | (20,000) |
Interest on current account | 0 | 0 | 0 | 8,057 | 8,057 |
Amounts due to members | 550,250 | ||||
Balance at 31 March 2024 | 5,000 | 0 | 5,000 | 550,250 | 555,250 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Middleton and Upsall 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 East Gate House, 94 East Street, Warminster, BA12 9BG, United Kingdom.
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 £.
The accounts are being prepared for a period of 7 months i.e. 1 September 2023 to 31 March 2024 to align the year with the tax year.
Services provided to clients which had not been billed at the balance sheet date are recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the service provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the firm's control.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Land and buildings |
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Plant and machinery etc. | 10 -
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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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
Period from 01.09.2023 to 31.03.2024 |
Year ended 31.08.2023 |
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Number | Number | ||
Monthly average number of persons employed by the LLP during the period |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 September 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 September 2023 |
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Charge for the financial period |
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Disposals |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 August 2023 |
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31.03.2024 | 31.08.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts recoverable on contracts |
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Prepayments |
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Other debtors |
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31.03.2024 | 31.08.2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Accruals |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | 31.08.2023 | ||
£ | £ | ||
Bank loans |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.03.2024 | 31.08.2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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