33 false false false false false false false false false false false false false true false true true 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,000 5,000 xbrli:pure xbrli:shares iso4217:GBP OC368615 2023-05-01 2024-03-31 OC368615 2024-03-31 OC368615 2023-04-30 OC368615 2022-05-01 2023-04-30 OC368615 2023-04-30 OC368615 2022-04-30 OC368615 core:NetGoodwill 2023-05-01 2024-03-31 OC368615 core:PlantMachinery 2023-05-01 2024-03-31 OC368615 core:FurnitureFittings 2023-05-01 2024-03-31 OC368615 core:MotorVehicles 2023-05-01 2024-03-31 OC368615 bus:RegisteredOffice 2023-05-01 2024-03-31 OC368615 bus:Director1 2023-05-01 2024-03-31 OC368615 bus:Director3 2023-05-01 2024-03-31 OC368615 core:NetGoodwill 2024-03-31 OC368615 core:LandBuildings 2023-04-30 OC368615 core:PlantMachinery 2023-04-30 OC368615 core:FurnitureFittings 2023-04-30 OC368615 core:MotorVehicles 2023-04-30 OC368615 core:LandBuildings 2024-03-31 OC368615 core:PlantMachinery 2024-03-31 OC368615 core:FurnitureFittings 2024-03-31 OC368615 core:MotorVehicles 2024-03-31 OC368615 core:LandBuildings 2023-05-01 2024-03-31 OC368615 core:WithinOneYear 2024-03-31 OC368615 core:WithinOneYear 2023-04-30 OC368615 core:AfterOneYear 2024-03-31 OC368615 core:AfterOneYear 2023-04-30 OC368615 core:LandBuildings 2023-04-30 OC368615 core:PlantMachinery 2023-04-30 OC368615 core:FurnitureFittings 2023-04-30 OC368615 core:MotorVehicles 2023-04-30 OC368615 bus:SmallEntities 2023-05-01 2024-03-31 OC368615 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-03-31 OC368615 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-03-31 OC368615 bus:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC368615 bus:FullAccounts 2023-05-01 2024-03-31 OC368615 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC368615 core:OfficeEquipment 2023-05-01 2024-03-31 OC368615 core:OfficeEquipment 2023-04-30 OC368615 core:OfficeEquipment 2024-03-31
REGISTERED NUMBER: OC368615
J C Morrison LLP
Filleted Unaudited Financial Statements
31 March 2024
J C Morrison LLP
Financial Statements
Period from 1 May 2023 to 31 March 2024
Contents
Page
Members' report
1
Statement of financial position
2
Notes to the financial statements
4
J C Morrison LLP
Members' Report
Period from 1 May 2023 to 31 March 2024
The members present their report and the unaudited financial statements of the LLP for the period ended 31 March 2024 .
Principal activities
The principal activity of the LLP during the year was the operation of petrol filling stations and associated retail activities.
Designated members
The designated members who served the LLP during the period were as follows:
A J Du Plessis
C A Morrison
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated on the basis set out in the partnership agreement. Members are permitted to make drawings in anticipation of profits which will be allocated to them, subject to the cash requirements of the LLP.
Each member's subscription to the capital of the LLP is determined by their agreed share of the profit and is repayable on retirement from the LLP.
This report was approved by the members on 9 September 2024 and signed on behalf of the members by:
A J Du Plessis
Designated Member
Registered office:
Broadway Garage
Broadstairs
Kent
CT10 2AY
J C Morrison LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
6
3,376,032
3,298,060
Current assets
Stocks
185,133
193,340
Debtors
7
173,758
146,233
Cash at bank and in hand
1,103,232
886,649
------------
------------
1,462,123
1,226,222
Creditors: amounts falling due within one year
8
693,193
753,070
------------
------------
Net current assets
768,930
473,152
------------
------------
Total assets less current liabilities
4,144,962
3,771,212
Creditors: amounts falling due after more than one year
9
421,645
467,741
------------
------------
Net assets
3,723,317
3,303,471
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
10
1,498,162
1,065,238
Members' other interests
Members' capital classified as equity
1,562,317
1,575,395
Revaluation reserve
662,838
662,838
Other reserves
------------
------------
3,723,317
3,303,471
------------
------------
Total members' interests
Loans and other debts due to members
10
1,498,162
1,065,238
Members' other interests
2,225,155
2,238,233
------------
------------
3,723,317
3,303,471
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
J C Morrison LLP
Statement of Financial Position (continued)
31 March 2024
For the period ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 9 September 2024 , and are signed on their behalf by:
A J Du Plessis
Designated Member
Registered number: OC368615
J C Morrison LLP
Notes to the Financial Statements
Period from 1 May 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Broadway Garage, Broadstairs, Kent, CT10 2AY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and freehold properties measured at fair value through other comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the LLP. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the statement of comprehensive income represents income earned from the operation of petrol filling stations along with associated retail activities, stated exclusive of Value Added Tax and trade discounts.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise as under the partnership 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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, and profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'. Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% - 6% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell, using the first in first out method. Cost includes all costs of purchase and those incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 33 (2023: 33 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 31 March 2024
5,000
-------
Amortisation
At 1 May 2023 and 31 March 2024
5,000
-------
Carrying amount
At 31 March 2024
-------
At 30 April 2023
-------
6.
Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
3,115,292
628,758
574,372
75,066
38,329
4,431,817
Additions
998
201,883
65,974
4,996
4,553
278,404
Disposals
( 159,414)
( 370,827)
( 9,876)
( 540,117)
------------
---------
---------
--------
--------
------------
At 31 Mar 2024
3,116,290
671,227
269,519
70,186
42,882
4,170,104
------------
---------
---------
--------
--------
------------
Depreciation
At 1 May 2023
318,148
343,070
413,014
45,383
14,142
1,133,757
Charge for the period
35,036
75,656
37,321
11,589
8,242
167,844
Disposals
( 141,218)
( 355,942)
( 10,369)
( 507,529)
------------
---------
---------
--------
--------
------------
At 31 Mar 2024
353,184
277,508
94,393
46,603
22,384
794,072
------------
---------
---------
--------
--------
------------
Carrying amount
At 31 Mar 2024
2,763,106
393,719
175,126
23,583
20,498
3,376,032
------------
---------
---------
--------
--------
------------
At 30 Apr 2023
2,797,144
285,688
161,358
29,683
24,187
3,298,060
------------
---------
---------
--------
--------
------------
Included in land and buildings is land at valuation of £1,987,197 (2022: £1,987,197) which is not depreciated.
7.
Debtors
31 Mar 24
30 Apr 23
£
£
Trade debtors
17,441
13,960
Other debtors
156,317
132,273
---------
---------
173,758
146,233
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
50,687
51,813
Trade creditors
486,293
516,603
Social security and other taxes
63,208
88,240
Wages liability
47,214
47,888
Other creditors
45,791
48,526
---------
---------
693,193
753,070
---------
---------
Bank loans amounting to £40,687 (2022: £41,813) are secured by a debenture with a fixed and floating charge over the business and the mortgage deeds which are secured over the freehold property.
The LLP bank loans are repayable by instalments ending May 2032, at an interest rate of 5.615%.
9. Creditors: amounts falling due after more than one year
31 Mar 24
30 Apr 23
£
£
Bank loans and overdrafts
421,645
467,741
---------
---------
Bank loans amounting to £402,377 (2022: £439,365) are secured by a debenture with a fixed and floating charge over the business and the mortgage deeds which are secured over the freehold property.
The LLP bank loans are repayable by instalments ending May 2032, at an interest rate of 5.615%.
10.
Loans and other debts due to members
31 Mar 24
30 Apr 23
£
£
Amounts owed to members in respect of profits
1,498,162
1,065,238
------------
------------