Registered number
NC001061
McConnell Financial Planning LLP
Unaudited Filleted Accounts
for the year ended
31 March 2024
McConnell Financial Planning LLP
Registered number: NC001061
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 - 1,061
Current assets
Cash at bank and in hand - 775
Creditors: amounts falling due within one year 3 (7,500) (15,752)
Net current liabilities (7,500) (14,977)
Total assets less current liabilities (7,500) (13,916)
Net liabilities attributable to members (7,500) (13,916)
Represented by:
Loans and other debts due to members 4 (7,500) (13,916)
(7,500) (13,916)
Total members' interests
Loans and other debts due to members 4 (7,500) (13,916)
(7,500) (13,916)
Number Number
Average number of employees - -
For the year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 13 August 2024 and signed on their behalf by:
Mr. P. McConnell
Designated member
McConnell Financial Planning LLP
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 5 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023 3,095
Disposals (3,095)
At 31 March 2024 -
Depreciation
At 1 April 2023 2,034
On disposals (2,034)
At 31 March 2024 -
Net book value
At 31 March 2024 -
At 31 March 2023 1,061
3 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 7,500 15,752
4 Loans and other debts due to members 2024 2023
£ £
Loans from members 1,332 1,332
Amounts due to members in respect of profits (8,832) (15,248)
(7,500) (13,916)
Amounts falling due within one year (7,500) (13,916)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
5 Controlling party
Mr. P. McConnell is the controlling party due to his interest in the partnership.
6 Other information
McConnell Financial Planning LLP is a limited liability partnership incorporated in Northern Ireland. Its registered office is:
Scottish Provident Building
7 Donegall Square West
Belfast
BT1 6JH
McConnell Financial Planning LLP NC001061 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr. P. McConnell No description of principal activity NC001061 2022-04-01 2023-03-31 NC001061 core:WithinOneYear 2023-03-31 NC001061 1 2023-03-31 NC001061 2023-04-01 2024-03-31 NC001061 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 NC001061 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NC001061 bus:PartnerLLP20 2023-04-01 2024-03-31 NC001061 3 2023-04-01 2024-03-31 NC001061 2 2023-04-01 2024-03-31 NC001061 4 2023-04-01 2024-03-31 NC001061 core:PlantMachinery 2023-04-01 2024-03-31 NC001061 countries:England 2023-04-01 2024-03-31 NC001061 bus:FRS102 2023-04-01 2024-03-31 NC001061 bus:FilletedAccounts 2023-04-01 2024-03-31 NC001061 2024-03-31 NC001061 core:WithinOneYear 2024-03-31 NC001061 1 2024-03-31 NC001061 core:PlantMachinery 2024-03-31 NC001061 2023-03-31 NC001061 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure