Limited Liability Partnership Registration No. OC311818 (England and Wales)
Moorcrofts LLP
Annual report and unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Moorcrofts LLP
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Moorcrofts LLP
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,890
21,405
Current assets
Debtors
4
1,155,595
1,049,818
Cash at bank and in hand
615,515
477,202
1,771,110
1,527,020
Creditors: amounts falling due within one year
5
(428,612)
(445,051)
Net current assets
1,342,498
1,081,969
Total assets less current liabilities and net assets attributable to members
1,361,388
1,103,374
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
661,388
603,374
Members' other interests
6
Members' capital classified as equity
700,000
500,000
1,361,388
1,103,374
Moorcrofts LLP
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
2

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 29 July 2024 and are signed on their behalf by:
29 July 2024
Theresa Hunter
Designated member
Limited Liability Partnership Registration No. OC311818
Moorcrofts LLP
Statement of changes in equity
For the year ended 31 March 2024
3
Members' capital
Other reserves
Total
Notes
£
£
£
Balance at 1 April 2022
500,000
-
500,000
Profit and total comprehensive income for the year
-
619,354
619,354
Other division of profits
-
(619,354)
(619,354)
Balance at 31 March 2023
500,000
-
500,000
Profit and total comprehensive income for the year
-
814,612
814,612
Members' capital introduced
6
200,000
-
200,000
Other division of profits
-
(814,612)
(814,612)
Balance at 31 March 2024
700,000
-
700,000
Moorcrofts LLP
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Limited liability partnership information

Moorcrofts LLP is a limited liability partnership incorporated in England and Wales. The registered office is Thames House, Mere Park, Dedmere Road, Marlow, Buckinghamshire, SL7 1PB.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents the right to consideration earned in respect of legal services performed, net of VAT and any discounts given to clients.

Services provided to clients during the accounting period which, at the balance sheet date, have not been invoiced to clients, have been recognised as turnover and included in debtors.

1.3
Members' participating interests

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within ‘Loans and other debts due to members’ and, where such an amount relates to current year profits, they are recognised within ‘Members’ remuneration charged as an expense’ in arriving at the relevant year’s results. Undivided amounts that are classified as equity are shown within ‘Members’ other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interest.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Moorcrofts LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5

Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Moorcrofts LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average monthly number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
33
33
Moorcrofts LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
313,928
Additions
8,241
At 31 March 2024
322,169
Depreciation and impairment
At 1 April 2023
292,523
Depreciation charged in the year
10,756
At 31 March 2024
303,279
Carrying amount
At 31 March 2024
18,890
At 31 March 2023
21,405
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
824,420
854,752
Other debtors
331,175
195,066
1,155,595
1,049,818
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,268
14,535
Taxation and social security
197,294
211,231
Other creditors
204,050
219,285
428,612
445,051
Moorcrofts LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
603,374
Members' interests at 1 April 2023
500,000
-
500,000
603,374
603,374
1,103,374
Profit for the financial year available for discretionary division among members
-
814,612
814,612
-
-
814,612
Members' interests after profit for the year
500,000
814,612
1,314,612
603,374
603,374
1,917,986
Other divisions of profits
-
(814,612)
(814,612)
814,612
814,612
-
Introduced by members
200,000
-
200,000
-
-
200,000
Drawings
-
-
-
(756,598)
(756,598)
(756,598)
Members' interests at 31 March 2024
700,000
-
700,000
661,388
661,388
1,361,388
Amounts due to members
661,388
Moorcrofts LLP
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

 

There are no restrictions on the ability of members to reduce the amount of "Members' other interests."

8
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
110,545
112,683
Between two and five years
16,872
127,417
127,417
240,100
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