Limited Liability Partnership registration number OC371740 (England and Wales)
M & K Willings LLP
Annual report and unaudited financial statements
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
M & K Willings LLP
Contents
Page
Statement of financial position
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 6
M & K Willings LLP
Statement of financial position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
160,885
232,219
Current assets
Debtors
4
18,842
18,842
Cash at bank and in hand
12,785
10,020
31,627
28,862
Creditors: amounts falling due within one year
5
(100,847)
(112,455)
Net current liabilities
(69,220)
(83,593)
Total assets less current liabilities
91,665
148,626
Creditors: amounts falling due after more than one year
6
(94,567)
(136,951)
Net (liabilities)/assets attributable to members
(2,902)
11,675
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(2,902)
11,675
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 members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.
The financial statements were approved by the members and authorised for issue on 8 August 2024 and are signed on their behalf by:
08 August 2024
M V Willings
Designated member
Limited Liability Partnership registration number OC371740 (England and Wales)
M & K Willings 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
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 April 2023
-
11,675
11,675
11,675
Loss for the financial year available for discretionary division among members
(16,400)
-
-
(16,400)
Members' interests after loss for the year
(16,400)
11,675
11,675
(4,725)
Other divisions of losses
16,400
(16,400)
(16,400)
-
Introduced by members
-
1,823
1,823
1,823
Members' interests at 31 March 2024
-
(2,902)
(2,902)
(2,902)
M & K Willings 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
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 April 2022
-
10,351
10,351
10,351
Profit for the financial year available for discretionary division among members
1,324
-
-
1,324
Members' interests after profit for the year
1,324
10,351
10,351
11,675
Other divisions of profits
(1,324)
1,324
1,324
-
Members' interests at 31 March 2023
-
11,675
11,675
11,675
M & K WILLINGS LLP
M & K Willings LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
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.
Turnover
Turnover represents the amounts recoverable for the services provided to clients. Turnover is recognised on supply of services to the customer.
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise, 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.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
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.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on a straight line basis over the period of the lease.
M & K WILLINGS LLP
M & K Willings LLP
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023
328,671
Additions
24,504
Disposals
(87,271)
At 31 March 2024
265,904
Depreciation and impairment
At 1 April 2023
96,452
Depreciation charged in the year
71,677
Eliminated in respect of disposals
(63,110)
At 31 March 2024
105,019
Carrying amount
At 31 March 2024
160,885
At 31 March 2023
232,219
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by connected company
12,807
12,807
Prepayments and accrued income
6,035
6,035
18,842
18,842
M & K WILLINGS LLP
M & K Willings LLP
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,730
4,730
Obligations under finance leases
3,918
15,526
Amounts due to connected company
90,799
90,799
Accruals and deferred income
1,400
1,400
100,847
112,455
The obligations under hire purchases are secured against the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
6,446
10,642
Obligations under hire purchases
88,121
126,309
94,567
136,951
The obligations under hire purchases are secured against the assets to which they relate.
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.
8
Limited Liability Partnership Information
M & K Willings LLP is a limited liability partnership incorporated in England and Wales. The registered office is Vincent House, Queen Street, Horbury, Wakefield, West Yorkshire, WF4 6LP.
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