REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
MHG INVESTMENTS LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
MHG INVESTMENTS LLP |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MHG INVESTMENTS LLP |
General Information |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Lexicon |
10-12 Mount Street |
Manchester |
M2 5NT |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Balance Sheet |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
471,750 |
542,636 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
471,750 |
542,636 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | 471,750 | 542,636 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Balance Sheet - continued |
30 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
MHG Investments LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | 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 2018 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 modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
Turnover |
Turnover represents the rental income received within the period, net of any discounts. |
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 and fittings - 25% 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. |
Investment property |
Investment properties, which are properties held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. |
Going concern |
The members anticipate future funding support from Mr R J Peel as required and the members will not be taking repayment on their loan accounts while other creditors remain unpaid. As a result of this, the members are confident that the LLP will be able to pay its debts due for at least 12 months from the date of approval of these accounts. |
Having regard to the above, the members believe it appropriate to adopt the going concern basis of accounting in preparing these financial statements. |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Members' participating interest |
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 result. 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’ interests. |
Cash at bank and in hand |
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. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The members consider the fair values of investment properties at the year end to be as stated above. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 33,267 | 6,298 |
Other creditors |
Accruals and deferred income |
Included within bank loans is an amount of £2,524 which is secured by fixed charges over investment properties. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 2-5 years |
Included within bank loans is an amount of £1,254,603 secured by fixed charges over the investment properties (2022: £1,255,550). |
Bank loans include a Bounce Back Loan of £11,254 (2022: £16,923). |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 471,750 | 542,636 |
Falling due within one year | 471,750 | 542,636 |
In the event of a winding up the above amounts will rank equally with unsecured creditors. |
MHG INVESTMENTS LLP (REGISTERED NUMBER: OC420014) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
9. | RELATED PARTY TRANSACTIONS |
During the year MHG Investments LLP received funds from MHG Commercial Investments LLP, a company in which Mr R J E Peel is a member, totalling £27,000 (2022: £6,713) and provided funds totalling £31 (2022: £352). The balance outstanding at the year end was £33,267 (2022: £6,298) which is included within other creditors. |