Limited Liability Partnership registration number OC423317 (England and Wales)
BEAVIS MORGAN 360 LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
BEAVIS MORGAN 360 LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 12
BEAVIS MORGAN 360 LLP
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
304,152
Tangible assets
5
-
2,319
Investments
6
-
1
-
306,472
Current assets
Debtors
7
24,929
269,432
Cash at bank and in hand
1,804
-
26,733
269,432
Creditors: amounts falling due within one year
8
(10,000)
(270,346)
Net current assets/(liabilities)
16,733
(914)
Total assets less current liabilities
16,733
305,558
Creditors: amounts falling due after more than one year
9
(500,656)
(323,968)
Net liabilities attributable to members
(483,923)
(18,410)
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
50,000
50,000
Other amounts
-
8,582
50,000
58,582
Members' other interests
Members' capital classified as equity
(180,418)
-
Other reserves classified as equity
(353,505)
(76,992)
(483,923)
(18,410)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

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.

BEAVIS MORGAN 360 LLP
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 30 August 2024 and are signed on their behalf by:
30 August 2024
Beavis Morgan 360 Holdings Limited
Designated member
Limited Liability Partnership Registration No. OC423317
BEAVIS MORGAN 360 LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
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
Members' capital (classified as equity)
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total
2023
£
£
£
£
£
£
Amounts due to members
8,582
Members' interests at 1 September 2022
-
(76,992)
(76,992)
50,000
8,582
58,582
(18,410)
Loss for the financial year available for discretionary division among members
-
(276,513)
(276,513)
-
-
-
(276,513)
Members' interests after loss for the year
-
(353,505)
(353,505)
50,000
8,582
58,582
(294,923)
Other movements
(180,418)
-
(180,418)
-
(8,582)
(8,582)
(189,000)
Members' interests at 31 August 2023
(180,418)
(353,505)
(533,923)
50,000
-
50,000
(483,923)
BEAVIS MORGAN 360 LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
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 (classified as debt)
Other amounts
Total
Total
2022
£
£
£
£
Amounts due to members
8,582
Members' interests at 1 September 2021
(11,679)
50,000
8,582
58,582
46,903
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
98,000
98,000
98,000
Loss for the financial year available for discretionary division among members
(65,313)
-
-
-
(65,313)
Members' interests after loss and remuneration for the year
(76,992)
50,000
106,582
156,582
79,590
Drawings
-
-
(98,000)
(98,000)
(98,000)
Members' interests at 31 August 2022
(76,992)
50,000
8,582
58,582
(18,410)
BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
1
Accounting policies
Limited liability partnership information

Beavis Morgan 360 LLP is a limited liability partnership incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

 

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
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements. Beavis Morgan LLP have guaranteed and assured their full support of the entity.

1.3
Turnover

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

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
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.

BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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, fittings and equipment
Straight line over 4 years
Computer equipment
Straight line over 4 years

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.

1.7
Fixed asset investments

Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
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.

BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 7 -
1.10
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances and amounts owed by fellow group members, 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.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and amounts due to fellow group members 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 8 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fair value of fixed asset investments

In arriving at the fair value of investments, the members have had regard to observable market data and projected financial performance of the entities concerned.

Recoverabe amount of trade debtors and amounts recoverable under contract

The members have considered both historical experience and objective evidence in determining the carrying value of contracts in progress and the recoverability of debtors.

Useful lives of intangible assets

The members have applied their knowledge and experience of the sector in determining the useful lives of intangible assets.

BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
3
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022
414,752
Disposals
(386,062)
Revaluation
(28,690)
At 31 August 2023
-
Amortisation and impairment
At 1 September 2022
110,600
Amortisation charged for the year
38,606
Disposals
(149,206)
At 31 August 2023
-
Carrying amount
At 31 August 2023
-
At 31 August 2022
304,152
BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
4,743
Disposals
(4,743)
At 31 August 2023
-
Depreciation and impairment
At 1 September 2022
2,424
Depreciation charged in the year
1,186
Eliminated in respect of disposals
(3,610)
At 31 August 2023
-
Carrying amount
At 31 August 2023
-
At 31 August 2022
2,319
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
-
1
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,648
-
Amounts owed by group undertakings
-
80,432
Amounts owed by members
-
189,000
Other debtors
12,281
-
24,929
269,432
BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
45,140
Trade creditors
-
31,666
Taxation and social security
-
56,763
Other creditors
-
136,777
10,000
270,346
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,820
29,558
Amounts owed to group undertakings
480,836
294,410
500,656
323,968
10
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.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Crean
Statutory Auditor:
Crean & Co Accountants Limited
Date of audit report:
30 August 2024
BEAVIS MORGAN 360 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
12
Related party transactions

Beavis Morgan 360 Holdings Limited

Beavis Morgan 360 Holdings Limited is a related party by virtue of common control.

 

At the year end, the company owed £229,999 (2022: £230,000) to Beavis Morgan 360 Holdings Limited.

 

BM Estate Planning Limited

BM Estate Planning Limited is a related party by virtue of common control.

 

At the year end, the company was owed £6,467 (2022: £2,035) by BM Estate Planning Limited.

 

BM Advisory LLP

BM Advisory LLP is a related party by virtue of common control.

 

At the year end, the company owed £60,000 (2022: £60,000) to BM Advisory LLP.

 

Beavis Morgan LLP

Beavis Morgan LLP is a related party by virtue of common control.

 

At the year end, the company owed £185,807 (2022: £78,397 debit balance) to Beavis Morgan LLP.

 

BM Connect Limited

BM Connect Limited is a related party by virtue of common control.

 

At the year end, the company owed £687 (2022: £600) to BM Connect Limited.

 

Beavis Morgan Audit Limited

Beavis Morgan Audit Limited is a related party by virtue of common control.

 

At the year end, the company owed £10,810 (2022: £3,810) to Beavis Morgan Audit Limited.

 

 

 

 

 

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