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Company No: OC308993 (England and Wales)

MIDDLETON AND UPSALL LLP

Unaudited Financial Statements
For the financial period from 01 September 2023 to 31 March 2024
Pages for filing with the registrar

MIDDLETON AND UPSALL LLP

Unaudited Financial Statements

For the financial period from 01 September 2023 to 31 March 2024

Contents

MIDDLETON AND UPSALL LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial period from 01 September 2023 to 31 March 2024
MIDDLETON AND UPSALL LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial period from 01 September 2023 to 31 March 2024
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
MIDDLETON AND UPSALL LLP

BALANCE SHEET

As at 31 March 2024
MIDDLETON AND UPSALL LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.08.2023
£ £
Fixed assets
Tangible assets 3 54,207 31,969
54,207 31,969
Current assets
Debtors 4 641,063 554,305
Cash at bank and in hand 235,456 363,203
876,519 917,508
Creditors: amounts falling due within one year 5 ( 359,476) ( 490,278)
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 ( 16,000) ( 22,625)
Net assets attributable to members 555,250 436,574
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

For the financial period ending 31 March 2024 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 Middleton and Upsall LLP (registered number: OC308993) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

C T Jolly
Designated member
MIDDLETON AND UPSALL LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial period from 01 September 2023 to 31 March 2024
MIDDLETON AND UPSALL LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial period from 01 September 2023 to 31 March 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
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

MIDDLETON AND UPSALL LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 March 2024
MIDDLETON AND UPSALL LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2023 to 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Reporting period length

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.

Turnover

Turnover represents the value of services provided net of Value Added Tax.

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.

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:

Land and buildings 3 years straight line
Plant and machinery etc. 10 - 25 % reducing balance
3 years straight line

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.

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

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'.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Pensions and other post retirement obligations

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.

2. Employees

Period from
01.09.2023 to
31.03.2024
Year ended
31.08.2023
Number Number
Monthly average number of persons employed by the LLP during the period 25 31

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2023 40,265 212,777 253,042
Additions 25,205 3,363 28,568
Disposals 0 ( 1,832) ( 1,832)
At 31 March 2024 65,470 214,308 279,778
Accumulated depreciation
At 01 September 2023 40,265 180,808 221,073
Charge for the financial period 0 6,176 6,176
Disposals 0 ( 1,678) ( 1,678)
At 31 March 2024 40,265 185,306 225,571
Net book value
At 31 March 2024 25,205 29,002 54,207
At 31 August 2023 0 31,969 31,969

4. Debtors

31.03.2024 31.08.2023
£ £
Trade debtors 339,628 298,397
Amounts recoverable on contracts 141,427 175,052
Prepayments 155,287 75,453
Other debtors 4,721 5,403
641,063 554,305

5. Creditors: amounts falling due within one year

31.03.2024 31.08.2023
£ £
Bank loans and overdrafts 257,028 188,436
Accruals 49,663 67,915
Other taxation and social security 17,739 84,412
Other creditors 35,046 149,515
359,476 490,278

Capital loans and other debts due to members rank pari-passu with creditors, in accordance with the member's agreement. There are no restrictions on the member's ability to reduce the amount of member's other interest.

6. Creditors: amounts falling due after more than one year

31.03.2024 31.08.2023
£ £
Bank loans 16,000 22,625

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.03.2024 31.08.2023
£ £
within one year 29,500 0
between one and five years 118,000 0
after five years 118,000 0
265,500 0