Limited Liability Partnership registration number OC324886 (England and Wales)
THE MORTGAGE ADVICE CENTRE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE MORTGAGE ADVICE CENTRE LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 6
THE MORTGAGE ADVICE CENTRE LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
6,497
3,967
Cash at bank and in hand
11,719
39,603
18,216
43,570
Creditors: amounts falling due within one year
5
(32,514)
(32,514)
Net current (liabilities)/assets and net (liabilities)/assets attributable to members
(14,298)
11,056
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(14,298)
11,056

The members of the limited liability partnership have elected not to include a copy of the profit and loss account 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 6 August 2024 and are signed on their behalf by:
06 August 2024
Mrs A R Brain
Designated member
Limited Liability Partnership registration number OC324886 (England and Wales)
THE MORTGAGE ADVICE CENTRE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
-
11,056
11,056
11,056
Profit for the financial year available for discretionary division among members
66,646
-
-
66,646
Members' interests after profit for the year
66,646
11,056
11,056
77,702
Allocation of profit for the financial year
(66,646)
-
-
(66,646)
Other divisions of profits
-
66,646
66,646
66,646
Repayment of debt (including members' capital classified as a liability)
-
(92,000)
(92,000)
(92,000)
Members' interests at 31 March 2024
-
(14,298)
(14,298)
(14,298)
THE MORTGAGE ADVICE CENTRE LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Total
Total
2023
£
£
£
Members' interests at 1 April 2022
-
(20,210)
(20,210)
(20,210)
Profit for the financial year available for discretionary division among members
75,076
-
-
75,076
Members' interests after profit for the year
75,076
(20,210)
(20,210)
54,866
Allocation of profit for the financial year
(75,076)
-
-
(75,076)
Other divisions of profits
-
75,076
75,076
75,076
Repayment of debt (including members' capital classified as a liability)
-
(43,810)
(43,810)
(43,810)
Members' interests at 31 March 2023
-
11,056
11,056
11,056
THE MORTGAGE ADVICE CENTRE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

The Mortgage Advice Centre LLP is a limited liability partnership incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Derby, DE24 8HG.

 

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 amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

 

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.

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:

Plant and equipment
20% straight line

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 profit and loss account.

THE MORTGAGE ADVICE CENTRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

 

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
10,874
Depreciation and impairment
At 1 April 2023 and 31 March 2024
10,874
Carrying amount
At 31 March 2024
-
At 31 March 2023
-
THE MORTGAGE ADVICE CENTRE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,497
3,967
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
31,014
31,014
Accruals and deferred income
1,500
1,500
32,514
32,514
6
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.

7
Related Party Transactions

At 31 March 2024 the entity owed a company whereby the members are directors £31,014 (2023 : £31,014).

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