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Registration number: OC416533

Fitzpatrick Midgley LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Fitzpatrick Midgley LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

5

 

Fitzpatrick Midgley LLP

Limited liability partnership information

Designated members

Mr Harry Midgley

Mrs L Midgley
 

Registered office

Woodbury House
Green Lane
Exton
EXETER
EX3 0PW

Accountants

M J Smith & Co Ltd
Chartered Accountants
11 Yeo Business Park
Axehayes Farm Clyst St Mary
Exeter
Devon
EX5 1DP

 

Fitzpatrick Midgley LLP

(Registration number: OC416533)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

36,396

43,066

Current assets

 

Cash and short-term deposits

 

6,424

30,993

Creditors: Amounts falling due within one year

4

(35,323)

(62,566)

Net current liabilities

 

(28,899)

(31,573)

Net assets attributable to members

 

7,497

11,493

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

7,497

11,493

   

7,497

11,493

Total members' interests

 

Loans and other debts due to members

 

7,497

11,493

   

7,497

11,493

For the year ending 31 August 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Fitzpatrick Midgley LLP (registered number OC416533) were approved by the Board and authorised for issue on 29 August 2024. They were signed on behalf of the limited liability partnership by:

 

Fitzpatrick Midgley LLP

(Registration number: OC416533)
Balance Sheet as at 31 August 2023

.........................................
Mrs L Midgley
Designated member

 

Fitzpatrick Midgley LLP

Statement of Changes in Members’ Interests
At 31 August 2023

 

Loans and other debts due to/(from) members

   

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2023
£

Members' interest at 1 September 2022

11,493

-

11,493

11,493

Members' remuneration charged as an expense

-

116,400

116,400

116,400

At 31 August 2023

11,493

116,400

127,893

127,893

 

Loans and other debts due to/(from) members

   

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2022
£

Members' interest at 1 September 2021

51,103

-

51,103

51,103

Members' remuneration charged as an expense

-

113,792

113,792

113,792

At 31 August 2022

51,103

113,792

164,895

164,895

 

Fitzpatrick Midgley LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Fitzpatrick Midgley LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Fitzpatrick Midgley LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Moror vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Fitzpatrick Midgley LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

Recognition and Measurement

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2022 - 2).

 

Fitzpatrick Midgley LLP

Notes to the Financial Statements for the Year Ended 31 August 2023

3

Tangible fixed assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2022

11,050

59,899

70,949

Additions

2,906

-

2,906

At 31 August 2023

13,956

59,899

73,855

Depreciation

At 1 September 2022

6,320

21,563

27,883

Charge for the year

1,909

7,667

9,576

At 31 August 2023

8,229

29,230

37,459

Net book value

At 31 August 2023

5,727

30,669

36,396

At 31 August 2022

4,730

38,336

43,066

4

Creditors: Amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

7,539

23,766

Accruals and deferred income

4,100

4,730

Taxation and social security

23,684

34,070

35,323

62,566

5

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.