Limited Liability Partnership registration number OC404519 (England and Wales)
METCALFE ADVISORY LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
METCALFE ADVISORY LLP
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
4 - 7
METCALFE ADVISORY LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
- 1 -

The members present their annual report and financial statements for the year ended 5 April 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of consultancy

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

Members' capital and interests

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

C Metcalfe
R Metcalfe
Energy and carbon report

[Amend this as an introductory paragraph or use as an explanation concerning lower user status] As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the members on 12 September 2024 and signed on behalf by:
12 September 2024
C Metcalfe
R Metcalfe
Designated Member
Designated Member
METCALFE ADVISORY LLP
BALANCE SHEET
AS AT 5 APRIL 2024
05 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,345
14,363
Current assets
Cash at bank and in hand
36,444
18,459
Creditors: amounts falling due within one year
4
(8,465)
(14,041)
Net current assets
27,979
4,418
Total assets less current liabilities and net assets attributable to members
39,324
18,781
Represented by:
Loans and other debts due to members within one year
5
Members' capital classified as a liability
39,324
18,781

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

For the financial year ended 5 April 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

The financial statements were approved by the members and authorised for issue on 12 September 2024 and are signed on their behalf by:
12 September 2024
R Metcalfe
Designated member
Limited Liability Partnership registration number OC404519 (England and Wales)
METCALFE ADVISORY LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
Other reserves
£
Balance at 6 April 2022
-
Year ended 5 April 2023:
Profit and total comprehensive income for the year
276,134
Other division of profits
(276,134)
Balance at 5 April 2023
-
Year ended 5 April 2024:
Profit and total comprehensive income for the year
94,796
Other division of profits
(94,796)
Balance at 5 April 2024
-
METCALFE ADVISORY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Metcalfe Advisory LLP is a limited liability partnership incorporated in England and Wales. The registered office is Wayside Cottage, Main Street, Epperstone, Nottingham, Nottinghamshire, NG14 6AG.

 

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 January 2017, 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 preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. There are no such estimates or judgements applicable to the company

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
Turnover

Turnover represents the amounts recoverable 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.

1.3
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.

1.4
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.

METCALFE ADVISORY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

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:

Property improvements
not depreciated
Fixtures and fittings
20% straight line basis
Computers
33.33% straight line basis

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.

1.5
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge..

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.6
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

METCALFE ADVISORY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Property improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 6 April 2023 and 5 April 2024
4,048
13,053
4,233
21,334
Depreciation and impairment
At 6 April 2023
-
3,178
3,793
6,971
Depreciation charged in the year
-
2,611
407
3,018
At 5 April 2024
-
5,789
4,200
9,989
Carrying amount
At 5 April 2024
4,048
7,264
33
11,345
At 5 April 2023
4,048
9,875
440
14,363
4
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
3,771
9,480
Other creditors
4,694
4,561
8,465
14,041
METCALFE ADVISORY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 7 -
5
Reconciliation of Members' Interests
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
Total
Total
2024
£
£
£
Members' interests at 6 April 2023
-
18,781
18,781
18,781
Profit for the financial year available for discretionary division among members
94,796
-
-
94,796
Members' interests after profit for the year
94,796
18,781
18,781
113,577
Other divisions of profits
(94,796)
94,796
94,796
-
Repayment of debt (including members' capital classified as a liability)
-
(74,253)
(74,253)
(74,253)
Members' interests at 5 April 2024
-
39,324
39,324
39,324
6
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.

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