Registered number
OC419217
MAST Developments LLP
Filleted Accounts
1 March 2024
MAST Developments LLP
Registered number: OC419217
Balance Sheet
as at 1 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,682 8,352
Current assets
Cash at bank and in hand 58,926 25,683
Creditors: amounts falling due within one year 4 (880) (880)
Net current assets 58,046 24,803
Total assets less current liabilities 64,728 33,155
Net assets attributable to members 64,728 33,155
Represented by:
Loans and other debts due to members 5 (48,243) 250,770
Members' other interests
Other reserves 112,971 (217,615)
64,728 33,155
Total members' interests
Loans and other debts due to members 5 (48,243) 250,770
Members' other interests 112,971 (217,615)
64,728 33,155
For the year ended 1 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 12 July 2024 and signed on their behalf by:
M. Burrows
Designated member
MAST Developments LLP
Notes to the Accounts
for the year ended 1 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.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
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:
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 0 0
3 Tangible fixed assets
Motor vehicles
£
Cost
At 2 March 2023 21,750
At 1 March 2024 21,750
Depreciation
At 2 March 2023 13,398
Charge for the year 1,670
At 1 March 2024 15,068
Net book value
At 1 March 2024 6,682
At 1 March 2023 8,352
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 380 380
Other creditors 500 500
880 880
5 Loans and other debts due to members 2024 2023
£ £
Loans from members (48,243) 250,770
Amounts falling due within one year (48,243) 250,770
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
6 Other information
MAST Developments LLP is a limited liability partnership incorporated in England. Its registered office is:
Rose Farm House
Coxes Farm Road
Billericay
CM11 2UA
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